Kabra Jewels
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 15 Jan 2025 – 17 Jan 2025
- Listing date
- 22 Jan 2025
- Face value
- ₹10 per share
- Issue price
- ₹128 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹40 Cr
- Market cap at offer price
- ₹134 Cr
- Promoter holding
- 89.12% → 62.55% pre-issue → post-issue
- ISIN
- INE0XOW01017
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
- Registered office
- Shop no.6, Ground Floor, Iscon Center, Besides Tanishq, Shivranjani Cross Road, Satellite, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,49,000 | — | — |
| Market maker | 2,90,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹128
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,28,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,56,000 |
| S-HNI (max) | 7 | 7,000 | ₹8,96,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,24,000 |
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.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.77 | 12.60 |
| P/E (×) | 10.02 | 10.16 |
| Price to book (×) | 3.03 | — |
| Market cap | — | ₹134 Cr |
Key performance indicators
- Return on net worth
- 30.25%
- ROCE
- 18.23%
- Debt / equity
- 2.90
- PAT margin
- 5.73%
- NAV per share
- ₹42.20
- Price to book
- 3.03
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Kabra Jewels
Kabra Jewels Limited was founded in 2010 by Mr. Kailash Kabra as KK Jewels, a proprietorship firm, and was later incorporated as a private limited company in 2010, eventually converting to a public limited company in 2024. The company operates in the retail jewellery sector, offering a diverse range of gold, diamond, and silver ornaments, along with coins, utensils, and other artifacts. The company designs and markets exclusive creations under the brand name 'KK Jewels' and operates 6 showrooms, 3 offices, and 1 exhibition centre in Ahmedabad, all on a rental basis. The company's business is focused on design and innovation, understanding consumer preferences and creating designs to meet customer needs. As of the prospectus date, the company has a diverse product portfolio including rings, earrings, pendants, bracelets, chains, necklaces, bangles, and wedding jewellery.
Company Analysis
from RHPKabra Jewels Limited is a retail jewellery company offering gold, diamond, and silver ornaments through the KK Jewels brand across multiple showrooms in Ahmedabad, Gujarat.
Kabra Jewels Limited was founded in 2010 by Mr. Kailash Kabra as KK Jewels, a proprietorship firm, and was later incorporated as a private limited company in 2010, eventually converting to a public limited company in 2024. The company operates in the retail jewellery sector, offering a diverse range of gold, diamond, and silver ornaments, along with coins, utensils, and other artifacts. The company designs and markets exclusive creations under the brand name 'KK Jewels' and operates 6 showrooms, 3 offices, and 1 exhibition centre in Ahmedabad, all on a rental basis. The company's business is focused on design and innovation, understanding consumer preferences and creating designs to meet customer needs. As of the prospectus date, the company has a diverse product portfolio including rings, earrings, pendants, bracelets, chains, necklaces, bangles, and wedding jewellery.
Objects of the Issue
- Repayment of certain borrowing availed by our Company, in part or full ₹1,000.00 lakhs p.25
- To meet Working Capital requirements ₹2,200.00 lakhs p.25
- General Corporate Purpose ₹398.68 lakhs p.25
- Repayment of certain borrowings availed by our Company, in part or full ₹1,000.00 lakhs p.81
- To meet Working Capital requirements ₹2,200.00 lakhs p.85
- General Corporate Purpose ₹398.68 lakhs p.88
- Funding capex
Issue Structure
- Total Issue
- ₹4,000.00 lakhs
- Fresh Issue
- 31,25,000 Equity Shares of face value of ₹10 each aggregating up to ₹4,000.00 lakhs
- Offer for Sale
- N.A.
- Price Band
- Floor Price ₹121 and Cap Price ₹128 (subject to revisions)
- Lot Size
- 1000 shares and in multiples of 1000 thereafter; subject to a minimum allotment of 1000 Equity Shares
- Face Value
- ₹10 per equity share
Business Model
The company operates on a retail jewellery model, designing products and outsourcing manufacturing to vendors and job workers on a job-work basis. Revenues are generated through direct sales at multiple showrooms across Ahmedabad, with a mix of cash and credit sales to retail customers and select corporate clients.
Business Segments
SWOT Analysis
- • Established brand with focus on design and innovation(p.24)
- • Diverse product portfolio catering to multiple customer segments(p.24)
- • Multiple retail showrooms with direct customer engagement(p.24)
- • First-generation jeweller with long-standing industry presence since 2010(p.24)
- • Established brand presence in Ahmedabad's retail jewellery market with 6 operational showrooms(p.114)
- • Proven profitability with strong ROE and improving EBITDA margins(p.96)
- • Focus on design-led, customised jewellery through in-house design team and artisan partnerships(p.114)
- • Diverse product portfolio targeting different customer segments across price points and occasions(p.114)
- • Established brand with proven track record in Ahmedabad jewellery market(p.138)
- • Stringent quality control with BIS hallmarking and certifications for all jewellery(p.138)
- • Experienced promoters with 12+ years of industry expertise(p.138)
- • Long-standing relationships with artisans and vendors ensuring timely delivery(p.138)
- • Diverse product portfolio spanning gold, diamond, silver, and specialty categories(p.138)
- • Unique Pagla Ceremony creating strong emotional connection and brand differentiation(p.118)
- • High debt-to-equity ratio limiting financial flexibility(p.40)
- • Recallable unsecured loans from promoters creating repayment uncertainty(p.42)
- • Negative operating cash flows in recent periods(p.42)
- • All retail operations concentrated in single city with rented premises(p.33)
- • No formal agreements with vendors and job workers creating operational risk(p.34)
- • Independent directors lack listed company experience(p.40)
- • Outstanding tax proceedings and RoC filing non-compliances(p.39)
- • High debt burden relative to equity with total outstanding debt of ₹10,307.06 lakhs as of November 30, 2024(p.85)
- • Heavy dependence on working capital financing with sanctioned working capital limits of ₹3,950.00 lakhs(p.85)
- • Geographic concentration of operations in Ahmedabad with limited regional presence(p.114)
- • Limited scale compared to listed peer companies in the jewellery sector(p.95)
- • High concentration of inventory in seven showrooms within same Ahmedabad vicinity(p.117)
- • Dependence on a limited number of key customers and suppliers(p.131)
- • Significant reliance on third-party job workers and vendors for manufacturing(p.138)
- • Single lead job worker managing all manufacturing operations and inventory risk(p.117)
- • Growing gems and jewellery industry contributing 7% to GDP with 5 million employment(p.24)
- • Major source of foreign exchange with 15% of total exports(p.24)
- • Expansion of retail showrooms across Ahmedabad and other cities(p.33)
- • Increasing organized sector presence in traditionally unorganized jewellery retail market(p.39)
- • India's gems and jewellery sector expected to reach US$ 100 billion by 2027 with strong growth trajectory(p.113)
- • Rising demand for organized retail jewellery brands with penetration of organized players providing product variety(p.113)
- • Expansion of antique gold jewellery product line targeting emerging market segment(p.87)
- • Potential for geographic expansion beyond Ahmedabad into other Indian cities(p.85)
- • Expansion of digital marketing and social media reach to millennial customers(p.139)
- • Increase participation in national and regional jewellery exhibitions(p.139)
- • Enhanced inventory management and product portfolio expansion(p.139)
- • Introduction of wider jewellery range across different cultural and regional preferences(p.139)
- • Growth in lab-grown diamond jewellery and emerging product categories(p.119)
- • Volatile gold prices and commodity cost fluctuations impacting profitability(p.35)
- • Seasonal revenue fluctuations with fixed costs remaining constant(p.35)
- • Intense competition from larger organized retailers and unorganized sector players(p.38)
- • Discretionary nature of jewellery purchases vulnerable to economic downturns(p.36)
- • Macroeconomic risks and inflation in Indian economy(p.50)
- • Geographic concentration risk in Ahmedabad vulnerable to regional disruptions(p.33)
- • Design infringement risks without patent protection(p.40)
- • Natural disasters and catastrophic events affecting operations(p.47)
- • Regulatory and compliance risks under stringent government regulations(p.47)
- • Volatile gold and precious metal prices impacting inventory valuation and margins(p.86)
- • Competition from large organized retail jewellery chains and e-commerce platforms(p.81)
- • Uncertainty in market price of equity shares post-listing affecting share value(p.51)
- • Daily circuit breaker restrictions limiting ability to sell shares at desired prices(p.51)
- • Regulatory and compliance burden including mandatory hallmarking and BIS certification requirements(p.112)
- • Intense competition from both organized and unorganized jewellery retailers(p.144)
- • Regulatory risk from hallmarking compliance and BIS certification requirements(p.150)
- • Fluctuations in precious metal prices impacting inventory valuation and margins(p.143)
- • Risk of intellectual property infringement and design copyright violations(p.133)
- • Dependence on monsoon and seasonal demand patterns in Indian jewellery market(p.141)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kailash Kabra | Promoter | 54.35% | 38.15% |
| Jyothi Kailash Kabra | Promoter | 19.57% | 13.73% |
| Kailash Kabra | Promoter | 54.35% | 38.15% |
| Jyothi Kailash Kabra | Promoter | 19.57% | 13.73% |
| Sarojdevi Kabra | Promoter Group | 8.70% | 6.10% |
| Satyanarayan Jagannath Kabra | Promoter Group | 6.47% | 4.54% |
| Kailash Kabra | Promoter/Managing Director | 54.35% | — |
| Jyothi Kailash Kabra | Promoter/Executive Director | 19.57% | — |
| Kailash Satyanarayan Kabra | Promoter and Managing Director | 54.35% | — |
| Jyothi Kailash Kabra | Promoter and Director | 19.57% | — |
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.