Lloyds Luxuries SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 Sep 2022 – 30 Sep 2022
- Listing date
- 11 Oct 2022
- Face value
- ₹10 per share
- Issue price
- ₹40 per share
- Lot size
- 3,000 shares
- Total issue size
- ₹24 Cr
- Market cap at offer price
- ₹90 Cr
- Promoter holding
- 100.00% → 73.33% pre-issue → post-issue
- ISIN
- INE0DTQ01028
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Trade World, 'C' Wing, 16th Floor, Kamala City, Senapati Bapat Marg, Lower Parel (W), Maharashtra
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 | 3,00,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹40
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 24,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 27,000 | ₹10,80,000 |
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 (₹) | −35.54 | — |
| Market cap | — | ₹90 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
- Return on net worth
- −67.86%
- ROCE
- −61.30%
- Debt / equity
- 0.96
- PAT margin
- −44.38%
- NAV per share
- ₹8.19
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Lloyds Luxuries SME
Lloyds Luxuries Limited was incorporated in 2013 as a Private Limited Company and converted to a Public Limited Company in 2014. The company operates as the exclusive master franchisee of Truefitt & Hill (Gentlemen's Grooming) Limited, a UK-based international luxury grooming brand, and Mary Cohr, a beauty brand. The company commenced operations in 2013 with a luxury barbershop in Mumbai and has expanded to operate 27 stores (including owned and sub-franchise stores) across India as of the prospectus date, plus 1 store in Bangladesh. The company earns revenue through retail sales of grooming and beauty products and provision of salon and barbershop services. The company has incurred net losses of Rs. 916.78 Lakhs, Rs. 303.07 Lakhs, and Rs. 323.80 Lakhs for the fiscal years ended March 31, 2022, 2021, and 2020 respectively. The company generated total income from operations of Rs. 2,065.62 Lakhs for FY 2021-22.
Company Analysis
from RHPLloyds Luxuries Limited is an organized salon services and beauty products company focused on men's grooming, operating luxury barbershops and retail salons under the international franchise brands Truefitt & Hill and Mary Cohr across India and select South Asian markets.
Lloyds Luxuries Limited was incorporated in 2013 as a Private Limited Company and converted to a Public Limited Company in 2014. The company operates as the exclusive master franchisee of Truefitt & Hill (Gentlemen's Grooming) Limited, a UK-based international luxury grooming brand, and Mary Cohr, a beauty brand. The company commenced operations in 2013 with a luxury barbershop in Mumbai and has expanded to operate 27 stores (including owned and sub-franchise stores) across India as of the prospectus date, plus 1 store in Bangladesh. The company earns revenue through retail sales of grooming and beauty products and provision of salon and barbershop services. The company has incurred net losses of Rs. 916.78 Lakhs, Rs. 303.07 Lakhs, and Rs. 323.80 Lakhs for the fiscal years ended March 31, 2022, 2021, and 2020 respectively. The company generated total income from operations of Rs. 2,065.62 Lakhs for FY 2021-22.
Objects of the Issue
- Financing the expenditure for Opening new stores ₹543.65 Lakhs p.20
- Repayment of short term borrowings ₹902.00 Lakhs p.20
- To meet Working Capital requirements ₹450.00 Lakhs p.20
- General Corporate Purpose ₹318.10 Lakhs p.20
- Issue Expense ₹186.25 Lakhs p.20
- Financing the expenditure for opening new stores ₹543.65 lakhs p.74
- Repayment of short term borrowings ₹902.00 lakhs p.74
- To meet Working Capital requirements ₹450.00 lakhs p.74
- General Corporate Purpose ₹318.10 lakhs p.74
- To meet issue expenses ₹186.25 lakhs p.74
Issue Structure
- Total Issue
- ₹2,400.00 Lakhs
- Fresh Issue
- ₹2,400.00 Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹40 per equity share
- Lot Size
- 3,000 Equity Shares
- Face Value
- ₹10 per equity share
Business Model
The company generates revenue through two primary channels: (1) Retail sales of grooming and beauty products from its owned and sub-franchise stores, as well as through online platforms and e-commerce partners; and (2) Provision of salon and barbershop services at its stores. The company sources all products exclusively from its master franchisors Truefitt & Hill and Mary Cohr. The company operates stores both as company-owned locations and through sub-franchise arrangements.
Business Segments
SWOT Analysis
- • Exclusive franchise rights for international luxury brands(p.27)
- • Long-term franchise agreements providing business stability(p.27)
- • Established player in organized salon and beauty products sector(p.20)
- • Established international brand with 209-year heritage(p.95)
- • Exclusive master franchise rights across multiple countries until 2043(p.94)
- • Experienced promoter and management team with 7+ years in salon industry(p.95)
- • Strong online business growth with e-commerce and omni-channel presence(p.95)
- • Prime retail locations in metropolitan and tier-1 cities(p.95)
- • Standardized system-driven approach with SOPs across all stores(p.96)
- • Exclusive master franchise for international luxury brands(p.186)
- • Organized player in niche luxury men's grooming segment(p.186)
- • Multi-channel retail presence (direct stores, sub-franchisees, online)(p.186)
- • Growing online sales contribution(p.186)
- • Award recognition for brand excellence(p.118)
- • Diverse international expansion capability(p.186)
- • History of consistent net losses(p.26)
- • Statutory auditor qualifications on financial statements due to improper accounting(p.28)
- • Failure to maintain fixed assets register(p.21)
- • High dependence on unsecured borrowings(p.33)
- • Pending regulatory approvals for key store locations(p.30)
- • Outstanding litigation against group companies(p.30)
- • Significant accumulated losses and negative earnings per share(p.94)
- • High dependence on Truefitt & Hill brand and master franchisor(p.102)
- • Concentration of operations in few cities with 14 owned stores(p.96)
- • Negative return on net worth of -67.86% in FY 2021-22(p.82)
- • High debt burden with Rs. 902 Lakhs in unsecured loans outstanding(p.76)
- • Significant accumulated losses(p.189)
- • Negative net worth in multiple years(p.144)
- • Substantial short-term borrowings with few long-term debt cushion(p.144)
- • High employee benefits expense relative to revenue(p.187)
- • Audit qualifications on intangible asset accounting(p.154)
- • Weak current ratio indicating liquidity stress(p.177)
- • Operational losses and negative net worth in recent years(p.190)
- • Significant accumulated losses reducing shareholder equity(p.209)
- • Inconsistent operating profitability in recent years(p.209)
- • Debt obligations requiring management attention(p.192)
- • Pending regulatory compliance issues(p.194)
- • Pending consumer complaint litigation(p.194)
- • Expansion into new geographic regions and markets(p.29)
- • Growth in fast-growing cosmetics and personal care industry(p.20)
- • Expansion through sub-franchise model(p.28)
- • Growth in online and e-commerce channels(p.28)
- • Opening of new stores using IPO proceeds(p.20)
- • Expansion of store network in existing and new Indian cities(p.96)
- • Growing global wellness economy projected to reach $7.0 trillion by 2025(p.89)
- • Men's grooming market expected to grow at CAGR 12-16%(p.92)
- • Indian beauty and personal care market valued at $26.8 Bn, growing to $37.2 Bn by 2025(p.92)
- • Opportunity to leverage additional French beauty brand (MARY COHR)(p.94)
- • Expansion potential across authorized geographies(p.186)
- • Growth in e-commerce channel(p.186)
- • Additional international franchise partnership(p.186)
- • Revenue generation through sub-franchisee model(p.186)
- • Crossed Rs. 25 crore revenue milestone(p.118)
- • Geographic expansion through multiple GST registrations(p.200)
- • Multi-location salon service operations(p.201)
- • Capital market access through IPO for growth(p.224)
- • Established brand trademark registrations(p.203)
- • Dependence on single franchise brand for core business(p.27)
- • Vulnerability to termination of master franchise agreements(p.27)
- • Highly competitive market with low barriers to entry(p.31)
- • Exposure to foreign exchange fluctuations(p.34)
- • Economic and political volatility affecting demand(p.37)
- • Impact of COVID-19 and other communicable diseases(p.38)
- • Changes in regulatory framework and tax laws(p.37)
- • Volatility in financial markets and macroeconomic conditions(p.38)
- • Highly fragmented and competitive salon industry with both established and niche players(p.103)
- • Competition from established unisex salons catering to multiple demographics(p.103)
- • Dependence on master franchisor for product supply and brand standards(p.102)
- • Vulnerability to external disruptions affecting retail operations(p.106)
- • Geographic and economic cyclicality risks affecting Indian market(p.86)
- • Dependence on third-party manufacturers for all products(p.187)
- • Vulnerability to economic downturns affecting luxury discretionary spending(p.186)
- • COVID-19 impact on operations evidenced by revenue decline(p.189)
- • Store concentration and lease dependency(p.187)
- • Rent constitutes major operating expense(p.175)
- • Regulatory and compliance risks across multiple jurisdictions(p.187)
- • Contingent tax liabilities(p.183)
- • Tax demand notices from income tax authorities on group company(p.195)
- • Related party company involvement in shell company investigation(p.195)
- • Significant pending arbitration claims against related company(p.196)
- • Competitive pressures in salon services sector(p.191)
- • Multiple material creditors with significant outstanding dues(p.197)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Shree Krishna Mukesh Gupta | Promoter | 0.00% | 0.00% |
| M/s Plutus Trade & Commodities LLP | Promoter | 100.00% | 73.33% |
| M/s Plutus Trade & Commodities LLP | Promoter | 100.00% | 73.33% |
| Mr. Shree Krishna Mukesh Gupta | Promoter | 0.00% | 0.00% |
| Mr. Shree Krishna Mukesh Gupta | Promoter | 0.00% | — |
| Plutus Trade & Commodities LLP | Promoter | 99.39% | — |
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.