Utssav CZ Gold Jewels
Book Building issueSME₹69.50 Cr issue
+0.05%
Listing gain over issue price
Issue size
₹69.50 Cr
1 lot at cut-off
₹1,32,000
Lot size
1,200shares
Open
31 Jul 2024
Close
02 Aug 2024
Allotment
05 Aug 2024
Listing
07 Aug 2024
Listing performance
Issue price
₹110
Listed at
₹110.05
Listing-day close
₹115.55
Latest price
₹1,014.25
Close on 23 Oct 2026
Listing gain
+0.05%
Return since issue
+822.05%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 31 Jul 2024 – 02 Aug 2024
- Listing date
- 07 Aug 2024
- Face value
- ₹10 per share
- Issue price
- ₹110 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹69.50 Cr
- Market cap at offer price
- ₹262 Cr
- Promoter holding
- 95.98% → 70.52% pre-issue → post-issue
- ISIN
- INE06IJ01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Choice Capital Advisors Pvt.Ltd.
- Registered office
- 2 nd Floor Hitech Plaza, Giriraj Indl Estate Mahakali Caves Road, Andheri (East), 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 |
|---|---|---|---|
| Anchor investor · within QIB | 18,00,000 | — | — |
| Market maker | 3,18,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹110
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,32,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,64,000 |
| S-HNI (max) | 7 | 8,400 | ₹9,24,000 |
| B-HNI (min) | 8 | 9,600 | ₹10,56,000 |
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.
Shares allocated
18,00,000
Anchor portion
₹19.80 Cr
at ₹110 per share
Valuation and performance
Valuation at offer price
₹110 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.09 | 5.41 |
| P/E (×) | 26.89 | 20.33 |
| Price to book (×) | 5.58 | — |
| Market cap | — | ₹262 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 38.71%
- ROCE
- 20.43%
- Debt / equity
- 2.33
- PAT margin
- 3.89%
- NAV per share
- ₹19.71
- Price to book
- 5.58
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Utssav CZ Gold Jewels
Utssav CZ Gold Jewels Limited, incorporated in 2007 and converted to public limited company in 2008, is engaged in the business of designing, manufacturing, wholesaling and exporting cubic zirconia (CZ) gold and rose gold casting jewellery. The company specializes in lightweight production of CZ casting gold jewellery and manufactures a wide collection of products such as Rings, Earrings, Pendants, Bracelets, Necklaces, Watches and Brooches. The company customizes designs to accommodate diverse regional preferences and caters to a wide range of customers by offering high-end, medium-range and affordable CZ gold jewellery, all hallmarked by the Bureau of Indian Standards (BIS). The company's key strengths lie in its focus on design and innovation, deep understanding of consumer preferences and market dynamics, and quality of products.
Company Analysis
from RHPUtssav CZ Gold Jewels Limited designs, manufactures, wholesales and exports 18K, 20K, and 22K cubic zirconia (CZ) gold jewelry including rings, earrings, pendants, bracelets, necklaces, watches and brooches for the Indian jewelry market.
Utssav CZ Gold Jewels Limited, incorporated in 2007 and converted to public limited company in 2008, is engaged in the business of designing, manufacturing, wholesaling and exporting cubic zirconia (CZ) gold and rose gold casting jewellery. The company specializes in lightweight production of CZ casting gold jewellery and manufactures a wide collection of products such as Rings, Earrings, Pendants, Bracelets, Necklaces, Watches and Brooches. The company customizes designs to accommodate diverse regional preferences and caters to a wide range of customers by offering high-end, medium-range and affordable CZ gold jewellery, all hallmarked by the Bureau of Indian Standards (BIS). The company's key strengths lie in its focus on design and innovation, deep understanding of consumer preferences and market dynamics, and quality of products.
Gems and JewelleryGold Jewellery ManufacturingCubic Zirconia (CZ) Jewelry
Objects of the Issue
- Funding Working Capital Requirements of our Company ₹6,050.00 lakhs p.24
- General Corporate Purposes p.24
- Funding Working Capital requirements of our Company ₹6,050.00 lakhs p.76
- General corporate purposes [●] (not to exceed 25% of Gross Proceeds) p.76
- Working capital requirement p.118
Issue Structure
- Total Issue
- Up to 63,18,000 Equity Shares of face value of ₹10 each aggregating to ₹[●] lakhs
- Fresh Issue
- Up to 63,18,000 Equity Shares of face value of ₹10 each at ₹[●] per share
- Offer for Sale
- Nil
- Price Band
- ₹104 (Floor Price) to ₹110 (Cap Price)
- Lot Size
- 1200 equity shares and in multiples of 1200 equity shares thereafter
- Face Value
- ₹10 per equity share
Business Model
The company earns revenue from designing, manufacturing, wholesaling and exporting cubic zirconia (CZ) gold jewelry. The company manufactures jewelry products and sells them through wholesale channels to jewellery retailers.
Business Segments
The company designs, manufactures and wholesales cubic zirconia gold and rose gold casting jewellery including rings, earrings, pendants, bracelets, necklaces, watches and brooches
Manufactures and supplies lightweight CZ gold jewellery across 18K, 20K and 22K gold and rose gold categories for daily wear and fashion wear segments, sold to established jewelry retail brands
18K gold jewellery products studded with cubic zirconia stones, lighter weight pieces for daily and fashion wear
22K gold jewellery products studded with cubic zirconia stones, heavier weight pieces for bridal and special occasions wear
20K gold jewellery products, a mid-range variant between 18K and 22K
Studded watches with CZ stones and gold/rose gold material
The Company specializes in light weight production of cubic zirconia (CZ) casting gold and rose gold jewellery. The Company manufactures and offers collection of products such as Rings, Earrings, Pendants, Bracelets, Necklaces, Watches and Broches. Products are hallmarked by Bureau of Indian Standards (BIS).
SWOT Analysis
Strengths
- • Specialized lightweight CZ casting gold jewelry manufacturing with focus on design and innovation(p.23)
- • Wide product portfolio across multiple jewelry categories with BIS hallmarking(p.23)
- • Deep understanding of consumer preferences and market dynamics with regional customization capability(p.23)
- • Established market presence with 17+ years of operations and strong client relationships(p.86)
- • Long-standing relationships with established domestic jewellery retail brands(p.86)
- • Strong business growth with 93.18% revenue increase in FY2023(p.86)
- • Experienced management team with 12-16+ years of jewellery industry expertise(p.86)
- • High return on net worth of 38.17% in FY2023(p.89)
- • Skilled artisan workforce with diverse jewellery-making expertise(p.86)
- • Specialized expertise in lightweight CZ-studded gold jewelry production(p.114)
- • Strong design capabilities with 15 CAD designers producing ~400 designs monthly(p.114)
- • Significant exposure to fast-growing daily and fashion wear segment (40-50% of market)(p.117)
- • Established relationships with reputed jewellery retailers(p.114)
- • Strong financial performance with 40.75% revenue CAGR (FY21-FY23)(p.118)
- • Experienced promoters with 16+ years in jewellery business(p.115)
- • Experienced promoters with deep business expertise(p.159)
- • Strong promoter shareholding and control(p.158)
- • Stable management with no changes in last 5 years(p.158)
- • BIS-hallmarked quality products and design focus(p.206)
- • Established export presence and revenue growth(p.212)
- • Revenue and profit growth trajectory(p.212)
- • No proceedings for economic offences(p.224)
- • No statutory dues defaults or contingent liabilities(p.224)
- • No material frauds in past five years(p.224)
- • No wilful defaulter or fraudulent borrower status(p.224)
- • Regulatory compliance and necessary approvals obtained(p.225)
- • Multi-state GST registrations across India(p.225)
- • Established track record meeting NSE Emerge criteria(p.231)
Weaknesses
- • High customer concentration with top 10 customers representing 55-62% of revenues(p.31)
- • No long-term contracts with customers creating revenue retention risk(p.31)
- • Single manufacturing plant exposure creates operational concentration risk(p.32)
- • Dependent on limited skilled labor and design talent for operations(p.37)
- • High financial leverage with Debt-to-Equity ratio of 2.33 as of January 31, 2024(p.37)
- • Unsecured demand loans from promoters and third parties totaling ₹264.97 lakhs(p.34)
- • Negative operating cash flows reported in prior years(p.34)
- • Outstanding litigation against promoters and directors including criminal proceedings(p.31)
- • High debt-to-equity ratio of 2.33 indicating significant leverage(p.89)
- • Short-term borrowings increased significantly to ₹6,946.35 lakhs as of January 31, 2024(p.77)
- • Heavy reliance on working capital financing with 109 days working capital cycle(p.89)
- • Operating at approximately 36% of expanded manufacturing capacity(p.77)
- • Minimal cash reserves with only ₹3.30 lakhs cash and equivalents as of January 31, 2024(p.51)
- • High debt-to-equity ratio at 2.33x, significantly above organized sector peers(p.119)
- • Trademark objection status unresolved(p.123)
- • All manufacturing facilities are leased rather than owned(p.124)
- • Limited export track record; resumed exports only recently(p.118)
- • Dependency on few key customer relationships for significant revenue(p.114)
- • High dependence on limited customer base(p.218)
- • Significant working capital requirements and negative operating cash flow(p.215)
- • High financial leverage and debt burden(p.201)
- • Pending tax disputes and liabilities(p.219)
- • Litigation involving directors and promoters(p.220)
- • Related party transactions and potential conflict of interest(p.162)
- • No formal dividend policy and no dividend history(p.165)
- • Small scale, SME-category issuer(p.230)
- • Post-issue capital limited to ₹25 crores(p.231)
- • High minimum subscription requirement relative to issue size(p.230)
- • Limited operational track record(p.231)
Opportunities
- • Growing studded ornaments segment driven by younger population preference for lighter gold jewelry(p.23)
- • Projected strong growth in domestic gold jewelry wholesale industry from 378 tonnes in 2022 to 475 tonnes by 2030(p.23)
- • Industry size expansion from ₹1,713 billion in 2022 to ₹2,340 billion by 2030(p.23)
- • Trend towards informal and everyday use of diamond-studded jewelry creating new demand(p.23)
- • Growing organized jewellery retail market expected to increase from 18% to 30-40% by FY2030(p.104)
- • Shift towards branded lightweight jewellery among urban millennials and younger consumers(p.106)
- • Rising per capita disposable income supporting higher jewellery consumption(p.103)
- • Urbanization creating new jewellery consumer base with growing purchasing power(p.102)
- • Resumption and expansion of export operations with potential for higher revenue contribution(p.77)
- • Potential to increase manufacturing capacity utilization from 36% to higher levels(p.77)
- • Domestic gold jewellery wholesale market projected to grow at 2.5% CAGR to ₹2,340 billion by 2030(p.116)
- • Bridal segment expected to grow ~3% CAGR; daily wear segment ~3.5% CAGR through 2030(p.116)
- • Rising number of working and financially independent women driving daily/fashion wear demand(p.116)
- • Expansion into organized retail segment; organized penetration in wholesale only 20-25%(p.111)
- • Growing preference for branded jewellery with transparency and quality assurance(p.116)
- • Export market expansion opportunity; USA already accounts for 35% of India's G&J exports(p.107)
- • Expansion of CZ gold jewelry market and product customization(p.206)
- • Export market growth and international expansion(p.212)
- • Diversification of product range and market segments(p.206)
- • Enhanced manufacturing capacity and technology investment(p.183)
- • Growing demand for lightweight designer jewelry(p.206)
- • Market maker support for liquidity(p.230)
- • Migration pathway to NSE Main Board(p.243)
- • Capital raise through rights/bonus issues(p.243)
Threats
- • Gold price volatility impacts raw material costs and profitability(p.36)
- • Changing consumer preferences and market trends requiring continuous product adaptation(p.33)
- • Intense competition from both organized and unorganized local players(p.34)
- • Economic slowdown and recession risk affecting jewelry demand(p.44)
- • COVID-19 pandemic and future public health emergencies causing operational disruptions(p.44)
- • Regulatory and compliance risks including changes to statutory permits and environmental regulations(p.37)
- • Political instability and policy changes affecting economic liberalization(p.44)
- • Global economic slowdown and financial instability could impact demand(p.46)
- • Fluctuations in gold and precious metal prices affecting raw material costs(p.46)
- • Indian Rupee exchange rate volatility impacting export competitiveness and repatriation(p.45)
- • Economic slowdown reducing consumer spending on jewellery(p.46)
- • Pandemic-related disruptions and lockdowns affecting operations(p.45)
- • Natural disasters and adverse weather conditions impacting economy(p.46)
- • Geopolitical instability and terrorist attacks affecting business sentiment(p.45)
- • Highly fragmented and unorganized market with ~90% family-owned firms(p.106)
- • Severe shortage of skilled labor and artisans(p.108)
- • Volatility in international gold prices; India imports 90%+ of gold requirement(p.108)
- • Rapid fashion and design changes creating unsold inventory risk(p.108)
- • Weak demand in China (2nd largest diamond consumer) due to zero-COVID and sluggish economy(p.109)
- • Global inflationary pressures impacting gold demand; 25% y-o-y dip in CPD exports in 10MFY24(p.109)
- • Gold demand seasonality tied to weddings, festivals, and agricultural cycles(p.107)
- • Loss of major customers would materially impact revenue(p.207)
- • Operational shutdown risk at manufacturing facility(p.207)
- • Intense competition in jewelry industry(p.207)
- • Vulnerability to commodity price fluctuations (gold, diamonds)(p.191)
- • Dependence on working capital financing and liquidity risk(p.207)
- • Exposure to foreign exchange volatility in export business(p.196)
- • Restrictive covenants limiting business flexibility(p.205)
- • Restricted access for retail investors above ₹2 lakh investment(p.240)
- • Contingency for non-listing leading to refund obligations(p.243)
- • Regulatory changes could require capital structure adjustments(p.262)
- • Dependence on market maker liquidity for minimum 3 years(p.244)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pankajkumar H. Jagawat | Promoter | 81.20% | — |
| Shashank Bhawarlal Jagawat | Promoter | 0.11% | — |
| Rakesh Shantilal Jagawat | Promoter | 0.23% | — |
| Pankajkumar H Jagawat | Promoter | 81.20% | — |
| Shashank Bhawarlal Jagawat | Promoter | 0.12% | — |
| Rakesh Shantilal Jagawat | Promoter | 0.23% | — |
| Bhawarlal Jagawat | Promoter Group | 4.00% | — |
| Suman Jagawat | Promoter Group | 4.00% | — |
| Krish Jagawat | Promoter Group | 3.09% | — |
| Mir Jagawat | Promoter Group | 2.86% | — |
| Mr. Pankajkumar H. Jagawat | Promoter | — | — |
| Mr. Shashank Bhawarlal Jagawat | Promoter | — | — |
| Mr. Rakesh Shantilal Jagawat | Promoter | — | — |
| Mr. Pankajkumar H Jagawat | Promoter | 99.14% | — |
| Mr. Shashank Bhawarlal Jagawat | Promoter | 0.12% | — |
| Mr. Rakesh Shantilal Jagawat | Promoter | 0.24% | — |
Leadership
Pankajkumar H. Jagawat · Managing Director
Rakesh Shantilal Jagawat · CFO
Harpreet Singh Guleria · CEO
Ms. Rachna Jajoo · Company Secretary & 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.
Utssav CZ Gold Jewels IPO FAQs
What is the lot size of Utssav CZ Gold Jewels IPO?
The minimum lot size of Utssav CZ Gold Jewels IPO is 1,200 shares. One lot costs ₹1,32,000 at the cut-off price.
When does Utssav CZ Gold Jewels IPO open and close?
Utssav CZ Gold Jewels IPO opened for subscription on 31 Jul 2024 and closed on 02 Aug 2024.
What is the listing date of Utssav CZ Gold Jewels IPO?
Utssav CZ Gold Jewels IPO listed on 07 Aug 2024.