Luxury Time
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 11 Dec 2025 | ₹99 | +120.73% | ₹1,20,400 | ₹181 | ₹1,58,400 |
| 10 Dec 2025 | ₹99 | +120.73% | ₹1,20,400 | ₹181 | ₹1,58,400 |
| 09 Dec 2025 | ₹99 | +120.73% | ₹1,20,400 | ₹181 | ₹1,58,400 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 04 Dec 2025 – 08 Dec 2025
- Listing date
- 11 Dec 2025
- Face value
- ₹1 per share
- Issue price
- ₹82 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹18.74 Cr
- Market cap at offer price
- ₹67.69 Cr
- Promoter holding
- 95.00% → 68.43% pre-issue → post-issue
- ISIN
- INE1CJB01013
- Registrar
- MAS Services Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- 713, Pearls Omaxe Building, Tower-2, Wazirpur, Netaji Subhash Place, New Delhi
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 | 6,17,600 | — | — |
| Market maker | 2,14,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹82
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,31,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,62,400 |
| S-HNI (max) | 7 | 11,200 | ₹9,18,400 |
| B-HNI (min) | 8 | 12,800 | ₹10,49,600 |
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
₹82 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.52 | 5.08 |
| P/E (×) | 12.58 | 16.14 |
| Price to book (×) | 2.83 | — |
| Market cap | — | ₹67.69 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 22.49%
- ROCE
- 29.84%
- Debt / equity
- 0.08
- PAT margin
- 6.95%
- EBITDA margin
- 10.13%
- NAV per share
- ₹29
- Price to book
- 2.83
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Luxury Time
Luxury Time Limited was incorporated in 2008 and converted to a public company in 2025. Headquartered in New Delhi, the company serves as the exclusive authorized distributor in India for Swiss luxury watch brands TAG Heuer, Zenith, Bomberg, and Exaequo, and distributes watch service tools from Bergeon and Horotec. The company operates through five integrated verticals: Watch Distribution (B2B), Direct-to-Consumer & E-commerce Sales, After-Sales Services, Branding/PR & Marketing Support, and Tools & Machinery Distribution. It maintains a retail network of 70+ points of sale nationwide including mono-brand boutiques and multi-brand outlets, and operates two exclusive mono-brand boutiques through a joint venture. The company makes revenue primarily from B2B watch distribution (76.45% in H1 FY2026), with diversified contributions from D2C/e-commerce sales, after-sales services, and branding support.
Company Analysis
from RHPLuxury Time Limited is an exclusive authorized distributor and retailer of Swiss luxury watches (TAG Heuer, Zenith, Bomberg, Exaequo) and precision watch tools and equipment in India, operating across distribution, direct-to-consumer, after-sales services, and branding.
Luxury Time Limited was incorporated in 2008 and converted to a public company in 2025. Headquartered in New Delhi, the company serves as the exclusive authorized distributor in India for Swiss luxury watch brands TAG Heuer, Zenith, Bomberg, and Exaequo, and distributes watch service tools from Bergeon and Horotec. The company operates through five integrated verticals: Watch Distribution (B2B), Direct-to-Consumer & E-commerce Sales, After-Sales Services, Branding/PR & Marketing Support, and Tools & Machinery Distribution. It maintains a retail network of 70+ points of sale nationwide including mono-brand boutiques and multi-brand outlets, and operates two exclusive mono-brand boutiques through a joint venture. The company makes revenue primarily from B2B watch distribution (76.45% in H1 FY2026), with diversified contributions from D2C/e-commerce sales, after-sales services, and branding support.
Objects of the Issue
- Funding capital expenditure towards setting-up of 04 New Retail Stores Up to ₹281.76 lakhs p.24
- Funding working capital requirements of our company Up to ₹900.00 lakhs p.24
- General Corporate Purpose Not exceeding 15% of Gross Proceeds or ₹10 crore, whichever is lower p.24
- Funding capital expenditure towards setting-up of 04 New Retail Stores ₹281.76 Lakhs p.94
- Funding working capital requirements of our company ₹900.00 Lakhs p.94
- General Corporate Purpose p.94
Issue Structure
- Total Issue
- Up to 22,84,800 equity shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 18,28,800 equity shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- Up to 4,56,000 equity shares (3,04,000 by Mr. Ashok Goel and 1,52,000 by Mr. Pawan Chohan) aggregating to ₹[●] Lakhs
- Price Band
- To be decided by the Company in consultation with the Book Running Lead Manager
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10 per equity share
Business Model
The company earns revenue through five segments: (1) B2B watch distribution to retailers (76.45% of revenue), (2) Direct-to-Consumer and e-commerce sales including operation of the authorized TAG Heuer e-commerce platform in India (11.42%), (3) After-sales services and warranty through service centers in Delhi and Mumbai (10.01%), (4) Branding, PR and marketing support services (1.45%), and (5) Tools and machinery distribution (0.66%). The company procures watches and tools from a single major Swiss supplier (49-65% of purchases) and distributes through a network of authorized retailers maintaining brand-compliant pricing and positioning.
Business Segments
SWOT Analysis
- • Exclusive authorized distributor of premium Swiss luxury watch brands with strong brand portfolio(p.22)
- • Diversified business model across five integrated verticals reducing single-point dependency(p.22)
- • Significant expansion of after-sales service capabilities from single to multi-city presence(p.43)
- • Improved profitability through strategic retailer network rationalization increasing ASP by >50%(p.45)
- • Strong financial performance with improving EBITDA margins and positive RoNW(p.25)
- • Established presence with 70+ point of sale network spanning major metro and key Indian cities(p.22)
- • Sole Swiss supplier concentration risk creates operational dependency(p.59)
- • Established track record of supplier reliability(p.59)
- • Established presence in Indian luxury watch market since 2008(p.141)
- • Exclusive distribution rights with multiple global luxury watch brands(p.141)
- • Wide retail and distribution network spanning 70+ points of sale across India(p.142)
- • Comprehensive after-sales service infrastructure with company-operated centers and authorized partner network(p.142)
- • Experienced promoter leadership with deep luxury watch sector expertise(p.143)
- • Exclusive authorized distributor for premium Swiss watch brands in India(p.225)
- • Established joint ventures with listed luxury retail company in premium locations(p.225)
- • Extensive nationwide retail network with 70+ points of sale(p.225)
- • Strong after-sales service infrastructure with owned and partner-operated centers(p.225)
- • Experienced promoter management with 27+ years in luxury and Swiss watch industry(p.225)
- • Multi-vertical business model reducing revenue concentration(p.225)
- • Strong revenue growth trajectory with 20.25% growth in FY2025(p.225)
- • Heavy dependence on single Swiss supplier for 49-65% of total purchases across years(p.42)
- • Extreme customer concentration with top 10 customers representing 68-79% of revenue(p.42)
- • B2B watch distribution segment generates 76-83% of revenue creating segment dependence risk(p.42)
- • History of negative cash flows from operating activities in recent years(p.43)
- • Significant geographic concentration with top 4 states representing 65-84% of revenue(p.45)
- • Past non-compliance with statutory filing requirements including late consolidated financial statements(p.44)
- • Pending trademark registrations with no assurance of successful grant or timeline(p.57)
- • No long-term binding agreements with primary supplier creating continuity risk(p.42)
- • Heavy reliance on single Swiss supplier creates supply chain vulnerability(p.59)
- • Limited alternate suppliers capable of meeting technical and brand requirements(p.59)
- • Significant foreign exchange exposure to INR-CHF depreciation(p.59)
- • Natural imbalance between rupee revenue and foreign currency liabilities(p.59)
- • History of statutory compliance delays and penalties(p.60)
- • Delays in lease execution for new retail store expansion(p.61)
- • Promoter concentration risk post-IPO(p.62)
- • Potential conflicts of interest with promoter board positions in competing entities(p.61)
- • High dependence on limited number of brand principals for revenue(p.146)
- • Revenue concentration in top customer segment(p.147)
- • Inventory and working capital intensity of business model(p.146)
- • Geographic concentration of operations in metro cities(p.146)
- • Limited international diversification(p.146)
- • Dependence on joint venture performance with risk of losses(p.181)
- • Significant outstanding liabilities related to contingent matter(p.220)
- • Mounting litigation exposure with promoter-related cases(p.176)
- • Trade payables include aging amounts over 3 years(p.205)
- • Rising middle class and increasing disposable income driving luxury watch demand in India(p.22)
- • Strong growth in metro cities with tech-savvy younger population favoring smartwatches and luxury brands(p.22)
- • Expansion into new segments including tools and machinery distribution launched in FY 24-25(p.43)
- • Strategic expansion into Tier II and Tier III cities to diversify geographic presence and reduce concentration(p.45)
- • Rising rural incomes and upbeat sentiments providing new market segments for expansion(p.22)
- • Joint venture operations for exclusive mono-brand boutiques in premium malls demonstrating retail model success(p.22)
- • Growing organized luxury retail segment with government import duty measures promoting domestic distribution(p.22)
- • Expansion into four new dedicated retail stores(p.94)
- • Enhanced brand presence and corporate image through listing(p.93)
- • Liquidity creation for existing shareholders through listing(p.93)
- • Rising demand from metropolitan and Tier 1 cities with growing disposable income(p.146)
- • Expansion in after-sales service ecosystem across new cities(p.143)
- • Growth in online luxury retail and e-commerce platforms(p.146)
- • Entry into Tier II & III markets with bespoke outlets(p.143)
- • Portfolio diversification through strategic onboarding of new luxury and bridge-to-luxury brands(p.144)
- • Entry into adjacent luxury categories(p.146)
- • India's rising middle class and expanding luxury consumer base projected to grow significantly(p.123)
- • Rapidly expanding Indian middle class with rising disposable income(p.226)
- • Growing demand for luxury fashion accessories in urban markets(p.226)
- • Significant growth in millionaire households creating premium market segment(p.226)
- • Exclusive distributor positioning enables margin expansion and market consolidation(p.225)
- • Expansion opportunity through new retail formats and digital channels(p.225)
- • High import duties (20%) on luxury watches increasing procurement costs and affecting competitiveness vs grey-market(p.48)
- • Risk of import duty increases or new levies despite EFTA trade agreement reducing landed costs(p.48)
- • Brand owners may terminate or modify distribution rights creating competitive threat if granted to others(p.44)
- • Loss of authorized e-commerce platform rights for TAG Heuer impacting D2C revenue stream(p.44)
- • Selective distribution practices and limited Swiss manufacturers restricting alternative sourcing flexibility(p.42)
- • Competitive threats from retailers with greater financial and operational resources(p.57)
- • Economic slowdowns, natural disasters or regulatory changes in concentrated geographic markets affecting operations(p.45)
- • Risk of retailer channel conflicts and grey-market operators circumventing official distribution(p.18)
- • Supplier facility disruptions from multiple sources(p.59)
- • Quality failures by single supplier affecting reputation and sales(p.59)
- • INR depreciation against Swiss Franc increases procurement costs(p.59)
- • Currency volatility impacts inventory carrying costs and pricing competitiveness(p.60)
- • Hedging arrangements may not fully mitigate currency volatility(p.59)
- • Regulatory changes in GST and tax regime(p.64)
- • General anti-avoidance rules (GAAR) increase tax uncertainty(p.65)
- • Natural calamities and force majeure events(p.64)
- • Global economic slowdown impacts Indian economy and business(p.66)
- • Inflation may not be passable to customers(p.66)
- • Grey market and parallel imports undermining authorized distribution(p.146)
- • High import duty on luxury watches restricting market growth(p.125)
- • Counterfeit products damaging brand reputation and sales(p.125)
- • Risk of brand termination or non-renewal of distribution agreements(p.146)
- • Regulatory changes affecting imports and duties on luxury goods(p.146)
- • Macroeconomic slowdowns impacting luxury consumer spending(p.146)
- • Growing trend of second-hand and rental luxury products dampening original luxury sales(p.122)
- • Global economic volatility and consumer demand uncertainty(p.226)
- • Regulatory changes could impact business operations(p.226)
- • Competitive pressure from existing and potential competitors in luxury retail(p.238)
- • Risk from fluctuating foreign exchange rates on imports(p.180)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ashok Goel | Promoter | 40,69,807 equity shares (63.33%) | — |
| Mr. Pawan Chohan | Promoter | 20,34,900 equity shares (31.67%) | — |
| Ashok Goel | Promoter | 63.33% | — |
| Pawan Chohan | Promoter | 31.67% | — |
| Mr. Ashok Goel | Promoter | 63.33% | — |
| Mr. Pawan Chohan | Promoter | 31.67% | — |
| Ashok Goel | Promoter | 63.33% | — |
| Pawan Chohan | Promoter | 31.67% | — |
| Ashok Goel | Promoter, Selling Shareholder | — | — |
| Pawan Chohan | Promoter, Selling Shareholder | — | — |
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.