Kolkata, 3rd October 2023: Manoj Vaibhav Gems ‘N’ Jewellers Limited, a leading regional jewellery brand in South India, with a presence in the micro markets of Andhra Pradesh & Telangana with 13 showrooms across 8 towns and 2 cities and a market share of ~4% of the overall Andhra Pradesh and Telangana jewellery market and ~10% of the organized market in these two states in FY2023. The company has successfully completed listing on NSE. The shares of the company listed at Rs. 215 per share.
The initial public offering (“IPO”) of the Company opened on Friday, September 22, 2023, for subscription and closed on Tuesday, September 26, 2023. The Public Issue of face value of ₹10 per Equity Share comprised of fresh issuance of equity shares worth up to Rs 210 crore and an Offer for Sale (OFS) of up to 2.8 million equity shares. Manoj Vaibhav Gems ‘N’ Jewellers sold its shares in the price band of Rs 204-215 apiece.
The jewellery brand is one of the earlier entrants in the organised jewellery retail market of Andhra Pradesh and continues to focus on regional expansion into the high-growth untapped regions within the micro-markets of Andhra Pradesh & Telangana thereby creating a market for branded jewellery in the area of operations. In 2007, it launched its flagship showroom in Visakhapatnam is spread across 29,946 sq ft and four different floors of shopping experience.
77% of its retail showrooms are in Tier 2 and Tier 3 cities and the rest are in Hyderabad and Vishakhapatnam catering to urban consumers. Each of its showroom houses has a varied exquisite and large inventory of designs across a wide range of products in Gold, Diamond, Gems, Platinum & Silver Jewellery or Articles. Its sub-brand Visesha caters to a premium segment of gold and diamond jewellery.
For the three months ended June 30, 2023, revenue from operations stood at Rs 508.90 crore and net profit was Rs 19.24 crore. In FY 23 its revenue from operations was Rs 2027.34 cr, majorly from the sale of gold jewellery. In 2005 it stood at Rs 50.9 cr. The Jewellery brands per retail showroom average revenue and EBITDA metrics for fiscal 2023 stood at Rs 155.95 cr and Rs 11.00 cr respectively. Between FY21-23 the Revenue and PAT grew a CAGR of 18.92% and 85.81%. Its e-commerce sales grew from Rs 4.16 cr in FY 19 to Rs 36.40 cr in FY 23.
