MUMBAI, DECEMBER 6, 2022 (GPN): Visakhapatnam-headquartered Manoj Vaibhav Gems ‘N’ Jewellers Ltd, a leading regional jeweller brand in South India having a presence in the micro markets of Andhra Pradesh and Telangana across 8 towns and 2 cities has received SEBIs final observation from to raise funds through an initial public offering (IPO).
The public issue with a face value of equity shares of Rs. 10 each is a fresh issue of equity shares aggregating up to Rs 210 cr and an Offer for Sale of 43,00,000 equity shares by Grandhi Bharata Mallika Ratna Kumari (HUF), the Promoter Selling Shareholder.
The utilisation of the net proceeds is to finance the establishment of 8 new showrooms costing Rs 12 crs and the purchase of inventory worth Rs 160 crs over FY23 and FY24 besides general corporate purposes.
Vaibhav Jewellers was founded by the Late Mr Manoj Kumar Grandhi in 1994 and is currently being led by a first-generation woman entrepreneur Mrs Bharata Mallika Ratna Kumari Grandhi along with her daughter Grandhi Sai Keerthana.
The jewellery brand was one of the earlier entrants in the organised jewellery market in Andhra Pradesh and Telangana. It operates a hub and spoke model with small-sized showrooms operating around the larger showrooms and addresses to the requirements across all economic segments. Its flagship showroom in Visakhapatnam is spread across 29,946 sq ft and four different floors of shopping experience.
In FY 22 its revenue from operations stood at Rs 1693.9 crs, majorly from the sale of gold jewellery. The Jewellery brands per retail showroom revenue and EBITA metrics stood at Rs 141.16 crs and Rs 8.7 crs respectively. Between FY20-22 the Revenue and PAT grew a CAGR of 15.08% and 33.83%. Its e-commerce sales grew from Rs 4.16 cr in FY 19 to Rs 28.6 crs in FY 22.
Bajaj Capital Ltd and Elara Capital (India) Pvt Ltd are the book running lead managers and Bigshare Services Pvt Ltd is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.Ends
Sebi Link: https://www.sebi.gov.in/
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