Eighty Jewellers SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 31 Mar 2022 – 05 Apr 2022
- Listing date
- 13 Apr 2022
- Face value
- ₹10 per share
- Issue price
- ₹41 per share
- Lot size
- 3,000 shares
- Total issue size
- ₹11.07 Cr
- Market cap at offer price
- ₹41.82 Cr
- Promoter holding
- 100.00% → 73.53% pre-issue → post-issue
- ISIN
- INE0KSN01014
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Anup Plaza, Sadar Bazar, Chhattisgarh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 1,38,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹41
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,23,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,46,000 |
| S-HNI (max) | 8 | 24,000 | ₹9,84,000 |
| B-HNI (min) | 9 | 27,000 | ₹11,07,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.03 | — |
| P/E (×) | 8.15 | — |
| Market cap | — | ₹41.82 Cr |
Key performance indicators
- Return on net worth
- 40.58%
- ROCE
- 51.43%
- Debt / equity
- 1.33
- PAT margin
- 4.81%
- NAV per share
- ₹12.39
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Eighty Jewellers SME
Eighty Jewellers Limited was incorporated on September 15, 2010 and converted from private to public company on October 28, 2021. The company is part of the Anopchand Tilokchand group, a well-known and established brand in the jewellery sector in and around Chhattisgarh for many decades. The company operates as a franchisee of Anopchand Tilokchand Jewellers Private Limited, trading various jewelleries and ornaments made of gold, silver, diamonds and platinum studded with precious and semi-precious stones under a B2B model through its point of sale opened under the name 'Anopchand Tilokchand Jewellers'. The company currently has one sub-franchisee store located in Korba, Chhattisgarh operated by Ms. Chhattisgarh Sales Corporation, and also sells goods to other B2B customers. The gems and jewellery sector in India contributes around 6-7% of the country's GDP and is one of the fastest growing sectors.
Company Analysis
from RHPEighty Jewellers Limited is a jewelry retailer operating as a franchisee of Anopchand Tilokchand Jewellers Private Limited, engaged in B2B trading of gold, silver, diamonds and platinum ornaments studded with precious and semi-precious stones through the SME Platform.
Eighty Jewellers Limited was incorporated on September 15, 2010 and converted from private to public company on October 28, 2021. The company is part of the Anopchand Tilokchand group, a well-known and established brand in the jewellery sector in and around Chhattisgarh for many decades. The company operates as a franchisee of Anopchand Tilokchand Jewellers Private Limited, trading various jewelleries and ornaments made of gold, silver, diamonds and platinum studded with precious and semi-precious stones under a B2B model through its point of sale opened under the name 'Anopchand Tilokchand Jewellers'. The company currently has one sub-franchisee store located in Korba, Chhattisgarh operated by Ms. Chhattisgarh Sales Corporation, and also sells goods to other B2B customers. The gems and jewellery sector in India contributes around 6-7% of the country's GDP and is one of the fastest growing sectors.
Objects of the Issue
- Working Capital Requirement ₹900.00 Lakhs p.17
- General Corporate Purpose ₹84.84 Lakhs p.17
- Issue Expenses ₹122.16 Lakhs p.17
- To meet Working Capital requirements ₹900.00 Lakhs p.63
- General Corporate Purpose ₹84.84 Lakhs p.63
- To meet issue expenses ₹122.16 Lakhs p.63
- Repayment of borrowings
- General corporate purposes
Issue Structure
- Total Issue
- ₹1107 Lakhs
- Fresh Issue
- ₹1107 Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹41 per Equity Share
- Face Value
- ₹10 per Equity Share
Business Model
The company operates under a B2B model, selling jewellery goods to other business enterprises as wholesalers or franchisees. It procures ornaments primarily from Anopchand Tilokchand Jewellers Private Limited under a Master Franchise Agreement and sells them through its sub-franchisee store and to B2B customers, who then sell to ultimate consumers.
Business Segments
SWOT Analysis
- • Part of established Anopchand Tilokchand jewellery group with brand recognition(p.17)
- • Operating as franchisee under recognized brand name with established supply chain(p.17)
- • India positioned as global jewellery hub with skilled labour and government support(p.17)
- • Gems and Jewellery sector significant contributor to Indian economy with strong growth potential(p.17)
- • Established brand name in Central India with customer loyalty(p.85)
- • Strong promoter experience in gems and jewellery sector(p.84)
- • BIS hallmarked jewellery portfolio ensuring purity and consumer confidence(p.84)
- • Diverse product range catering to multiple customer segments(p.85)
- • Strategic franchisee model with established partner relationships(p.85)
- • Part of established Anopchand Tilokchand jewellery group with strong brand presence(p.151)
- • Experienced promoters with deep industry knowledge(p.119)
- • Low employee cost and capital intensity—KMPs mostly permanent employees without ESOPs or special benefits(p.114)
- • Broad product portfolio catering multiple market segments(p.151)
- • B2B model reduces direct market/consumer exposure(p.151)
- • Clean investor complaint history(p.182)
- • No default on statutory dues or borrowings(p.182)
- • Established investor grievance redressal mechanism(p.181)
- • Entire business dependent on single Master Franchisee relationship which could be terminated(p.22)
- • Limited customer base in B2B model with few major customers(p.24)
- • Single geographic location with operations concentrated in Chhattisgarh(p.27)
- • High inventory levels relative to sales creating working capital strain(p.27)
- • Significant debt burden with total borrowings of Rs. 1316.62 Lakhs(p.30)
- • Promoters have history of SEBI proceedings for securities law non-compliance(p.27)
- • Multiple statutory non-compliances under Companies Act 2013(p.26)
- • Trademark not yet registered and application for 'Oh my Silver' refused(p.28)
- • Dependence on limited franchisee outlets for revenue(p.84)
- • Small promotional team with limited marketing infrastructure(p.90)
- • Limited number of employees potentially constraining expansion(p.90)
- • Heavy reliance on group company for manufacturing and procurement(p.89)
- • Concentration risk in geographic presence and customer base(p.64)
- • Heavy dependence on few customers for revenue(p.156)
- • Significant borrowings relative to equity—debt-to-equity ratio of 1.30 pre-issue(p.158)
- • Large inventory relative to revenue—Rs. 2,153 lakhs inventory against Rs. 4,414 lakhs revenue (6 months)(p.142)
- • Promoters involved in multiple tax disputes and related party transactions(p.160)
- • Promotion group involved in struck-off company historically(p.118)
- • Group companies with negative net worth and loss-making operations(p.170)
- • Potential conflict of interest with promoter group and related party transactions dominate procurement(p.170)
- • Expand store network through planned geographic expansion into new regions(p.23)
- • Leverage online platforms and growing e-commerce channel for jewellery sales(p.23)
- • Government declared jewellery sector as focus area for export promotion(p.17)
- • Geographic expansion to nearby states and other cities(p.86)
- • E-commerce and online sales channel development(p.86)
- • Expansion into modern retail and discount chain segments(p.86)
- • Recover demand from pre-pandemic levels in gold and jewellery sector(p.82)
- • Working capital expansion to support business growth(p.64)
- • Growth through franchise expansion under master franchise agreement(p.151)
- • Expand B2B wholesale distribution model to new regions(p.151)
- • Scale wholesale division through sub-franchisee arrangements(p.151)
- • Capital from IPO to reduce leverage and fund growth(p.158)
- • Migration to main board(p.186)
- • Market making support for liquidity(p.187)
- • Changing consumer preferences and fashion trends away from physical jewellery(p.23)
- • Government promotion of gold bonds and ETFs shifting investment away from physical gold(p.24)
- • Jewellery purchases highly discretionary and sensitive to economic conditions(p.27)
- • Industry subject to seasonal fluctuations affecting results throughout year(p.26)
- • Fluctuations in gold and precious metal prices affecting business performance(p.26)
- • Regulatory changes and increased government scrutiny of jewellery industry(p.24)
- • Risk of natural disasters and localized disruptions in Chhattisgarh region(p.27)
- • Broader macroeconomic risks including recession and currency volatility(p.34)
- • Natural disasters, pandemics and other unforeseen events could disrupt operations(p.35)
- • Intense competition from large established and listed jewellery companies(p.90)
- • Gold import duty fluctuations affecting cost structure(p.82)
- • Vulnerability to global gold price volatility(p.82)
- • Risk from mandatory hallmarking regulations and compliance burden(p.82)
- • Exposure to gems and jewellery sector cyclicality and demand fluctuations(p.81)
- • Risk of inventory loss due to theft or natural calamities(p.90)
- • Seasonality of jewellery business tied to marriage and festival seasons(p.156)
- • Dependence on gold and silver prices—commodity-linked inputs(p.151)
- • Regulatory and compliance risks in gold/precious metals trading(p.152)
- • Intense competition in jewellery retail from established and modern players(p.156)
- • Economic recession and consumer spending volatility(p.152)
- • Risk of natural disasters impacting operations in Chhattisgarh(p.152)
- • Fashion/taste trends affecting demand for traditional designs(p.152)
- • Currency fluctuation risk if importing or exporting gems/jewellery(p.163)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Nikesh Bardia | Promoter | 55.85% | 41.07% |
| Mr. Nitin Kumar Bardia | Promoter | 32.87% | 24.18% |
| Mr. Tilok Chand Bardia | Promoter | 11.20% | 8.24% |
| Mr. Nikesh Bardia | Promoter | 55.85% | 41.06% |
| Mr. Nitin Kumar Bardia | Promoter | 32.87% | 24.17% |
| Mr. Tilok Chand Bardia | Promoter | 11.20% | 8.24% |
| Nikesh Bardia | Promoter | 55.85% | — |
| Nitin Kumar Bardia | Promoter | 32.87% | — |
| Tilok Chand Bardia | Promoter | 11.20% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.