Manoj Vaibhav Gems 'N' Jewellers
Mainboard₹270 Cr issue
0.00%
Listing gain over issue price
Issue size
₹270 Cr
1 lot at cut-off
₹14,835
Lot size
69shares
Open
22 Sep 2023
Close
26 Sep 2023
Allotment
27 Sep 2023
Listing
03 Oct 2023
Listing performance
Issue price
₹215
Listed at
₹215
Listing-day close
₹215.65
Latest price
₹196.56
Close on 23 Oct 2026
Listing gain
0.00%
Return since issue
-8.58%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 22 Sep 2023 – 26 Sep 2023
- Listing date
- 03 Oct 2023
- Face value
- ₹10 per share
- Issue price
- ₹215 per share
- Lot size
- 69 shares
- Total issue size
- ₹270 Cr
- Market cap at offer price
- ₹1,050 Cr
- Promoter holding
- 100.00% → 74.27% pre-issue → post-issue
- ISIN
- INE0KNT01012
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Bajaj Capital Ltd.
- Registered office
- 47-15-8, V Square, Zone-A, Opp: TSR Complex, Station Road, Dwarakanagar, Andhra Pradesh
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 | 37,70,160 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 69 shares per lot, in multiples, at ₹215
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 69 | ₹14,835 |
| Retail (max) | 13 | 897 | ₹1,92,855 |
| S-HNI (min) | 14 | 966 | ₹2,07,690 |
| S-HNI (max) | 67 | 4,623 | ₹9,93,945 |
| B-HNI (min) | 68 | 4,692 | ₹10,08,780 |
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.
Shares allocated
37,70,160
Anchor portion
₹81.06 Cr
at ₹215 per share
Valuation and performance
Valuation at offer price
₹215 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 18.32 | — |
| P/E (×) | 11.74 | — |
| Market cap | — | ₹1,050 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.78%
- ROCE
- 17.71%
- Debt / equity
- 1.34
- PAT margin
- 3.53%
- NAV per share
- ₹88.17
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Manoj Vaibhav Gems 'N' Jewellers
Vaibhav Jewellers, led by first-generation woman entrepreneur Bharata Mallika Ratna Kumari Grandhi and her daughter Grandhi Sai Keerthana, is a hyperlocal jewellery retail chain with 13 showrooms (including 2 franchisee locations) across 8 towns and 2 cities in Andhra Pradesh and Telangana. The company was established in 1994 as a proprietorship by founder Late Mr. Manoj Kumar Grandhi and is known for its flagship V Square showroom in Visakhapatnam, one of the largest ISO-certified jewellery showrooms in India with 29,946 sq.ft of retail space. Vaibhav Jewellers operates under the brand 'Vaibhav Jewellers' with sub-brand 'Visesha', positioned as a retailer focused on 'Relationships, by Design' emphasizing quality, transparency and customer service with strong rural market focus. The company holds approximately 4% market share of the overall Andhra Pradesh and Telangana jewellery market and ~10% of the organised market in these states as of FY2023.
Company Analysis
from RHPVaibhav Jewellers is a leading regional jewellery retail chain operating in Andhra Pradesh and Telangana, offering gold, diamond, gems, platinum and silver jewellery through branded showrooms.
Vaibhav Jewellers, led by first-generation woman entrepreneur Bharata Mallika Ratna Kumari Grandhi and her daughter Grandhi Sai Keerthana, is a hyperlocal jewellery retail chain with 13 showrooms (including 2 franchisee locations) across 8 towns and 2 cities in Andhra Pradesh and Telangana. The company was established in 1994 as a proprietorship by founder Late Mr. Manoj Kumar Grandhi and is known for its flagship V Square showroom in Visakhapatnam, one of the largest ISO-certified jewellery showrooms in India with 29,946 sq.ft of retail space. Vaibhav Jewellers operates under the brand 'Vaibhav Jewellers' with sub-brand 'Visesha', positioned as a retailer focused on 'Relationships, by Design' emphasizing quality, transparency and customer service with strong rural market focus. The company holds approximately 4% market share of the overall Andhra Pradesh and Telangana jewellery market and ~10% of the organised market in these states as of FY2023.
jewellery retailluxury goods retail
Objects of the Issue
- Estimated capital expenditure cost for the proposed eight (8) new showrooms ₹120.00 million p.28
- Estimated inventory cost for New Showrooms proposed to be opened ₹1600.15 million p.28
- General corporate purposes p.28
- Capital expenditure for establishment of eight new showrooms ₹ 120.00 million p.100
- Inventory cost for eight new showrooms ₹ 1,600.15 million p.100
- General corporate purposes p.100
- Capital expenditure for 8 new retail showrooms in Tier 2 and Tier 3 cities ₹120.00 million p.104
- Inventory cost for 8 new retail showrooms ₹1,600.15 million p.104
- General corporate purposes p.105
- Expansion of retail showrooms in Tier 2 and Tier 3 cities of Andhra Pradesh and Telangana p.185
- Fresh Issue of Equity Shares ₹2100.00 million p.362
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹2100.00 million
- Offer for Sale
- Up to 2,800,000 Equity Shares aggregating up to ₹[●] million
- Price Band
- ₹[●] to ₹[●] per Equity Share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company operates as a jewellery retail business, generating revenue through the sale of gold, diamond, gems, platinum and silver jewellery at branded showrooms. Products are manufactured through a network of job workers and raw materials (primarily gold) are sourced from nominated banks and bullion dealers. The company also operates an online e-commerce platform. Customers purchase through dedicated branded showrooms with varied inventory across economic segments.
Business Segments
Retail sale of gold, diamond, gems, platinum and silver jewellery through branded showrooms
Sale of jewellery products through branded retail showrooms in Andhra Pradesh and Telangana
Retail sale of plain and studded gold jewellery in 22-karat, 18-karat and 14-karat purity to customers across rural, semi-urban and urban markets in Andhra Pradesh and Telangana
Retail sale of silver jewellery and articles
Sale of gold jewellery products across various designs and occasions
Sale of diamond and studded jewellery
Sale of silver jewellery and articles
Sale of precious gemstones
Sale of platinum jewellery
Retail sales of gold ornaments
Retail sales of exchange gold; old gold ornaments received from customers on exchange basis are sent for refining purpose on sales/purchases mode
Retail sales of silver articles
Retail sales of platinum ornaments
Retail sales of diamonds
Retail sales of stones
SWOT Analysis
Strengths
- • Leading regional jewellery brand with significant market share in organized segment(p.26)
- • Established brand with strong customer loyalty and three decades of goodwill(p.26)
- • One of India's largest ISO certified jewellery showroom with significant retail space(p.26)
- • Strategic positioning in high-growth rural markets with agri-customer exposure(p.26)
- • Hyperlocal operational model with diverse product offerings across precious metals(p.26)
- • COVID-19 accelerated shift to organized jewellery retail chains from unorganized players(p.47)
- • Leading regional jewellery brand in South India with strong market position(p.101)
- • Early mover advantage and established regional brand in South India(p.109)
- • Strong market position and efficiency in Andhra Pradesh and Telangana micro-markets(p.159)
- • High revenue per store and strong unit economics(p.165)
- • Strong focus on rural and semi-urban markets with significant growth potential(p.150)
- • Experienced and committed promoter leadership(p.109)
- • High ROCE and improving profitability metrics(p.165)
- • Established regional brand with 28+ years presence in Andhra Pradesh & Telangana(p.173)
- • Early mover advantage in organized jewellery retail in Andhra Pradesh since 1994(p.174)
- • Strong revenue growth with CAGR of 18.92% from FY 2021 to FY 2023(p.171)
- • High market share in organized sector: ~10% of organized jewellery market in AP & Telangana(p.169)
- • Strategic focus on rural markets which contribute 50-52% of regional jewellery market(p.169)
- • Robust e-commerce platform with 71.92% CAGR in e-commerce revenue (FY 2018-19 to FY 2022-23)(p.187)
- • Experienced first-generation woman entrepreneur leadership with brand recognition(p.169)
- • Established corporate governance framework with independent board oversight(p.220)
- • Structured committees with defined roles and responsibilities for audit, compliance, and risk management(p.220)
- • Strong promoter commitment with significant equity ownership providing stability(p.235)
- • Experienced management team with long tenure and continuity(p.231)
- • Comprehensive financial controls and audit mechanisms in place(p.221)
Weaknesses
- • Geographic concentration risk with all operations confined to Andhra Pradesh and Telangana(p.37)
- • High dependence on Promoter and senior management with significant attrition risks(p.40)
- • High employee attrition rate affecting operational continuity(p.40)
- • Significant working capital requirements with loan facilities repayable on demand(p.38)
- • Promoter personal guarantees on loan facilities creating contingent liability risk(p.38)
- • Pending tax disputes and litigation liabilities against Company and Promoters(p.39)
- • High debt burden with restrictive covenants from financing agreements(p.48)
- • Geographic concentration of operations limited to two states in South India(p.56)
- • Negative cash flow in prior fiscal years(p.50)
- • Reliance on leased showroom properties with upcoming lease expirations(p.48)
- • Quality control risks and lack of design protection(p.56)
- • Past compliance issues and regulatory procedural non-compliances(p.54)
- • High debt-to-equity ratio limiting financial flexibility(p.111)
- • Significant inventory concentration and associated working capital requirements(p.141)
- • Substantial net debt position requiring financial management(p.111)
- • Geographic concentration primarily in Andhra Pradesh and Telangana(p.153)
- • Geographic concentration limited to Andhra Pradesh and Telangana only(p.169)
- • High dependence on gold jewellery: 89.23% of FY 2023 revenue from gold alone(p.183)
- • Relatively small scale with only 13 showrooms as of August 15, 2023(p.184)
- • E-commerce revenue is only 1.80% of total revenue as of FY 2023(p.177)
- • High concentration of financial leverage with debt levels significantly exceeding equity(p.270)
- • Heavy reliance on working capital borrowings from multiple banks creating funding dependency(p.270)
- • Unsecured related-party loan representing 12.2% of total debt creating governance risk(p.268)
- • Significant pending income tax contingent liability creating financial uncertainty(p.276)
- • Asset concentration risk with high inventory holding relative to total assets(p.256)
- • High reliance on related party transactions representing significant portion of revenue(p.284)
- • Significant unsecured borrowings from promoter(p.327)
- • High debt-to-equity ratio indicating significant leverage(p.290)
- • Pending litigation with contingent liability exposure(p.323)
- • Concentration of showrooms in specific geographic regions(p.296)
- • Pending litigation over property title issues and lease agreement disputes(p.332)
- • Founder's death created operational disruptions(p.334)
- • Ongoing income tax disputes with significant financial exposure(p.334)
- • Promoter facing substantial tax demand in multiple assessment years(p.334)
Opportunities
- • Significant growth potential in organized jewellery market across Andhra Pradesh and Telangana(p.27)
- • High growth in organized retail market with consolidation away from unorganized players(p.27)
- • Planned expansion into eight new showrooms in high-growth Tier 2 and 3 cities(p.34)
- • Rapid rural market expansion with 50-52% of state jewellery demand from rural areas(p.27)
- • E-commerce platform expansion to reach new customer segments and geographies(p.37)
- • Expansion into untapped Tier 2 and Tier 3 cities in Andhra Pradesh and Telangana(p.101)
- • Significant rural market opportunity in Andhra Pradesh and Telangana(p.101)
- • Growth in organized jewellery retail segment post-COVID(p.47)
- • Expansion of e-commerce platform to reach customers across the globe(p.54)
- • Development of high-value customer segment through VISESHA sub-brand(p.53)
- • Expansion into high-growth Tier 2 and Tier 3 markets across India(p.132)
- • Shift from unorganized to organized jewellery retail driven by regulatory reforms(p.149)
- • Rising rural income and gold demand post-harvest(p.147)
- • Growing e-commerce penetration in jewellery retail(p.153)
- • Strong projected growth in South India jewellery market(p.158)
- • Omnichannel retail strategy enabling digital-physical integration(p.153)
- • Significant market growth potential: AP market expected to grow at 18% CAGR to USD 6.3 Bn by FY 2027(p.169)
- • Expansion into 9 out of 26 districts in AP and 1 out of 33 in Telangana—significant untapped regional potential(p.177)
- • Planned expansion of 8 new showrooms in Tier 2 and Tier 3 cities as part of IPO objects(p.177)
- • E-commerce penetration in organized jewellery market expected to grow to 11% by FY 2027(p.179)
- • Rural market opportunity with 58% of Indian jewellery demand and inelastic demand patterns(p.174)
- • Potential to expand brand internationally through e-commerce to USA, Canada, and UK(p.179)
- • Expansion of e-commerce operations through dedicated team and digital capabilities(p.232)
- • Growth through franchisee store network as evidenced by credit to franchisee operations(p.265)
- • Investment property assets providing income generation and collateral potential(p.276)
- • Strategic business diversification into premium segments including diamonds and platinum(p.272)
- • Significant untapped market expansion potential in Andhra Pradesh and Telangana(p.298)
- • High growth potential in organized retail jewellery market(p.295)
- • E-commerce expansion opportunity with growing digital penetration(p.299)
- • Strong rural market demand with inelastic gold consumption(p.298)
- • Plans to open 8 new showrooms in untapped Tier 2 and Tier 3 locations(p.298)
Threats
- • High exposure to gold price volatility and raw material cost fluctuations(p.35)
- • Intense competition from larger organized and unorganized jewellery retailers(p.41)
- • Discretionary luxury purchase nature vulnerable to economic downturns and consumer sentiment(p.43)
- • Regional economic, political, and natural disaster risks concentrated in two states(p.37)
- • Dependence on non-exclusive job workers and suppliers with no contractual guarantees(p.41)
- • Ongoing impact and recurrence risks from COVID-19 and similar pandemics on retail operations(p.47)
- • Seasonal fluctuations in jewellery sales dependent on festival periods(p.52)
- • Volatility in raw material costs (gold, silver) and foreign exchange fluctuations(p.58)
- • Intense competition from unorganized and organized jewellery retailers(p.49)
- • Economic downturn and reduced consumer spending on discretionary items(p.59)
- • Regulatory changes in taxation and compliance requirements(p.57)
- • Natural disasters, pandemics, and external catastrophic events(p.56)
- • Risk of cyber-attacks and data breaches affecting customer information(p.53)
- • Changing consumer preferences and shifting demographic patterns(p.55)
- • Gold price volatility affecting consumer purchasing power and inventory valuation(p.137)
- • Intense competition from national and regional organized jewellery retailers(p.158)
- • Monsoon and harvest dependency affecting rural jewellery demand(p.147)
- • Currency and commodity price fluctuations impacting gold procurement costs(p.136)
- • Significant competition from organized national players: Tanishq (31 stores), Malabar Gold (34 stores), Joyalukkas (21 stores) in the region(p.187)
- • Hallmarking mandatory since June 16, 2021; only 6.5% of 4 lakh jewellers have BIS licenses creating compliance burden(p.167)
- • GST-related working capital strain: Inter-state stock transfers taxable under IGST with reclaim only after sale(p.166)
- • Commodity price volatility: Gold prices and procurement cost fluctuations directly impact margins(p.183)
- • Regulatory compliance costs increased for unorganized and small retailers following demonetization and KYC rules(p.166)
- • Dependence on agriculture income cycles in rural markets (50-52% of regional demand)(p.174)
- • Exposure to precious metals price volatility and foreign exchange risk(p.250)
- • Significant dependence on bank financing with restrictive covenants limiting operational flexibility(p.243)
- • Material litigation exposure from income tax authorities and unresolved civil suits(p.276)
- • High operating leverage through debt servicing obligations during revenue downturns(p.273)
- • No dividend payment history limiting shareholder returns despite profitability(p.243)
- • Volatility and cyclicality in jewellery market demand(p.325)
- • Exposure to gold price volatility and commodity price risk(p.286)
- • Competition from other organized and unorganized jewellery retailers(p.298)
- • Foreign exchange risk exposure(p.287)
- • Group company facing licensing and property tax litigation(p.333)
- • Promoter's family facing civil litigation over founder's death and financial damages(p.333)
- • Risk of loss from pending consumer dispute claim for ₹1.5 billion(p.333)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Grandhi Bharata Mallika Ratna Kumari (HUF) | Promoter and Promoter Selling Shareholder | 75.10% | — |
| Bharata Mallika Ratna Kumari Grandhi | Promoter | 13.70% | — |
| Grandhi Sai Keerthana | Promoter | 0.10% | — |
| Grandhi Bharata Mallika Ratna Kumari (HUF) | Promoter | 75.10% | [●]% |
| Bharata Mallika Ratna Kumari Grandhi | Promoter | 13.70% | [●]% |
| Grandhi Sai Keerthana | Promoter | 0.10% | [●]% |
| Harshil Enterprises (India) Private Limited | Promoter Group | 10.90% | [●]% |
| Ms Bharata Mallika Ratna Kumari Grandhi | Promoter | — | — |
| Grandhi Sai Keerthana | Promoter | — | — |
| Bharata Mallika Ratna Kumari Grandhi | Promoter | — | — |
| Grandhi Sai Keerthana | Promoter | — | — |
| Grandhi Bharata Mallika Ratna Kumari (HUF) | Promoter | 75.10% | — |
| Bharata Mallika Ratna Kumari Grandhi | Promoter | 13.70% | — |
| Grandhi Sai Keerthana | Promoter | 0.10% | — |
| Grandhi Bharata Mallika Ratna Kumari (HUF) | Promoter Selling Shareholder | — | — |
Leadership
Bharata Mallika Ratna Kumari Grandhi · Chairperson and Managing Director
Grandhi Sai Keerthana · Chief Financial Officer
G. Sekhar Reddy · Chartered Engineer
Bandari Shiva Krishna · Company Secretary and Compliance Officer
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.
Manoj Vaibhav Gems 'N' Jewellers IPO FAQs
What is the lot size of Manoj Vaibhav Gems 'N' Jewellers IPO?
The minimum lot size of Manoj Vaibhav Gems 'N' Jewellers IPO is 69 shares. One lot costs ₹14,835 at the cut-off price.
When does Manoj Vaibhav Gems 'N' Jewellers IPO open and close?
Manoj Vaibhav Gems 'N' Jewellers IPO opened for subscription on 22 Sep 2023 and closed on 26 Sep 2023.
What is the listing date of Manoj Vaibhav Gems 'N' Jewellers IPO?
Manoj Vaibhav Gems 'N' Jewellers IPO listed on 03 Oct 2023.