15-Sep-2023
2 mins read
The initial public offering (IPO) for Manoj Vaibhav Gems ‘N’ Jewellers is set to go live on September 22 and conclude on September 26. The company aims to generate approximately Rs 270 crores through the IPO, which will consist of a fresh issue worth Rs 210 crores and an offer for sale of up to 4.3 million equity shares at Rs 10 each. The allocation for retail investors is set at 35%, while qualified institutional buyers (QIB) have a 50% quota, and high-net-worth individuals (HNI) are allotted 15%.
Company Profile of Manoj Vaibhav Gems ‘N’ Jewellers Ltd
Incepted in 2003 and formally known as Manoj Vaibhav Gems ‘N’ Jewellers Limited, Vaibhav Jewellers has carved out a significant presence in the jewellery market, predominantly in the southern regions of India. The brand boasts an expansive collection that includes gold, silver, diamond jewellery, and other valuable gemstones. Shoppers can visit any of their physical outlets or browse their offerings online.
With a customer base that cuts across various economic strata, Vaibhav Jewellers has successfully established its footprint in rural and urban locales within Andhra Pradesh and Telangana.
Operating under the core ethos of ‘Relationships by Design,’ Vaibhav Jewellers highly emphasises exceptional craftsmanship, business transparency, and outstanding customer experience.
Currently, the firm runs 13 showrooms, among which franchisees operate two. These outlets are strategically located across two cities and eight towns within Andhra Pradesh and Telangana.
About Manoj Vaibhav Gems ‘N’ Jewellers Ltd IPO
The Initial Public Offering (IPO) for Manoj Vaibhav Gems ‘N’ Jewellers is structured as a book-built issue valued at Rs 270.20 crores. This capital raising venture includes a fresh issuance of 0.98 crore shares amounting to Rs 210 crores, as well as an offer for the sale of 0.28 crore shares totalling Rs 60.20 crores. Subscriptions for the IPO will be open from September 22 to September 26, 2023. The share allotment is slated to be finalised on October 3, 2023, and the company plans to list its shares on both BSE and NSE by October 6, 2023.
The pricing for the shares in this IPO ranges between Rs 204 and Rs 215 per share. Retail investors can apply for a minimum lot of 69 shares, requiring a minimum investment of Rs 14,835. For sub-NII (sNII) categories, the minimum investment involves 14 lots, equivalent to 966 shares, and requires an investment of Rs 207,690. For business-NII (bNII), the minimum lot size is 68 lots, translating to 4,692 shares and necessitating an investment of Rs 1,008,780.
The IPO is managed by Bajaj Capital Limited and Elara Capital (India) Private Limited as the book-running lead managers. Bigshare Services Pvt Ltd has been appointed as the registrar for the offering.
Objectives of Manoj Vaibhav Gems ‘N’ Jewellers Ltd IPO
The funds raised from the fresh issuance in the IPO are planned to be allocated for specific purposes. These include financing the setup of eight upcoming showrooms, covering both the capital expenditure and inventory costs for these new locations. Additionally, a portion of the net proceeds will be earmarked for general corporate objectives.
Financial Performance of Manoj Vaibhav Gems ‘N’ Jewellers Ltd (In Rs Crore)
| IPO Date | September 22, 2023 to September 26, 2023 |
| Listing Date | Yet to be announced |
| Face Value | Rs 10 per share |
| Price Band | Rs 204 to Rs 215 per share |
| Lot Size | 69 Shares |
| Total Issue Size | 12,567,442 shares (aggregating up to Rs 270.20 Cr) |
| Fresh Issue | 9,767,442 shares (aggregating up to Rs 210.00 Cr) |
| Offer for Sale | 2,800,000 shares of Rs 10 (aggregating up to Rs 60.20 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Shareholding pre issue | 39,080,000 |
| Shareholding post issue | 48,847,442 |
Manoj Vaibhav Gems ‘N’ Jewellers IPO Timeline (Tentative)
| IPO Open Date | Friday, September 22, 2023 |
| IPO Close Date | Tuesday, September 26, 2023 |
| Basis of Allotment | Tuesday, October 3, 2023 |
| Initiation of Refunds | Wednesday, October 4, 2023 |
| Credit of Shares to Demat | Thursday, October 5, 2023 |
| Listing Date | Friday, October 6, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 26, 2023 |
Manoj Vaibhav Gems ‘N’ Jewellers Ltd IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 69 | Rs 14,835 |
| Retail (Max) | 13 | 897 | Rs 192,855 |
| S-HNI (Min) | 14 | 966 | Rs 207,690 |
| S-HNI (Max) | 67 | 4,623 | Rs 993,945 |
| B-HNI (Min) | 68 | 4,692 | Rs 1,008,780 |
Manoj Vaibhav Gems ‘N’ Jewellers Ltd IPO Promoter Holding
| Shareholding Pre Issue | 100.00% |
| Shareholding Post Issue | 74.27% |
Promoters of the Company
The promoters of the company are Grandhi Bharata Mallika Ratna Kumari (HUF), Bharata Mallika Ratna Kumari Grandhi,and Grandhi Sai Keerthana.
Manoj Vaibhav Gems ‘N’ Jewellers IPO Lead Manager(s)
Bajaj Capital Limited and Elara Capital (India) Private Limited are the lead managers for Manoj Vaibhav Gems ‘N’ Jewellers IPO.
How to Apply for Manoj Vaibhav Gems ‘N’ Jewellers IPO
Wait for the public issue to open for subscription, and then click on this link to apply for the Manoj Vaibhav Gems ‘N’ Jewellers IPO with Bigul https://ipo.bonanzaonline.com/.
How to Check the Allotment Status of Manoj Vaibhav Gems ‘N’ Jewellers IPO
The registrar for Manoj Vaibhav Gems ‘N’ Jewellers IPO is Bigshare Services Pvt Ltd. To check your allotment status, please click on this link https://ipo.bigshareonline.com/ipo_status.html
FAQs
- When is the Manoj Vaibhav Gems ‘N’ Jewellers IPO going live?
The IPO is scheduled to be open for subscription from September 22, 2023, to September 26, 2023.
- What is the financial goal of the IPO?
The company aims to raise approximately Rs 270 crores. This includes a fresh issue of Rs 210 crores and an offer for sale of up to 4.3 million equity shares at Rs 10 each.
- How is the allocation divided among different categories of investors?
The quota for retail investors is 35%, for Qualified Institutional Buyers (QIB), it’s 50%, and High-Net-Worth Individuals (HNI) have a 15% allocation.
- What is the price range for shares in this IPO?
The shares are priced between Rs 204 and Rs 215 per share.
- What is the minimum lot size for the application?
The minimum lot size for retail investors is 69 shares, amounting to Rs 14,835.
- Who are the lead managers for this IPO?
Bajaj Capital Limited and Elara Capital (India) Private Limited are managing the IPO.
- How will the funds be used?
The capital raised will finance the establishment of eight new showrooms, including capital and inventory costs, as well as for general corporate purposes.
- When is the share allotment and listing expected?
Allotment of shares is expected to be finalized on October 3, 2023. The tentative listing date is October 6, 2023.
- How do I apply for the Manoj Vaibhav Gems ‘N’ Jewellers IPO?
You can apply for the IPO through this link at Bigul: Apply for IPO
- How can I check the allotment status?
The allotment status can be checked through the website of the registrar for the IPO, Bigshare Services Pvt Ltd, at Check Allotment Status
- Who are the promoters of Manoj Vaibhav Gems ‘N’ Jewellers?
The company is promoted by Grandhi Bharata Mallika Ratna Kumari (HUF), Bharata Mallika Ratna Kumari Grandhi, and Grandhi Sai Keerthana.
- What will be the change in promoter holding post-IPO?
The promoter holding will reduce from 100% pre-issue to 74.27% post-issue.
- Where will the company be listed?
The shares will be listed on both the BSE and NSE.