Chennai-based gold jewellery retailer Manoj Jewellers will open its maiden public issue for subscription next week on May 5. This will be the third IPO for the month of May, after Srigee DLM, and Wagons Learning.
The company with only two showrooms in Chennai plans to raise Rs 16.20 crore via initial public offering (IPO) at a price of Rs 54 per share.
The fixed price issue will close on May 7. The IPO share allotment will be finalised by May 8, and the trading in Manoj Jewellers shares will commence on the BSE SME effective May 12.
The company operates the retail and wholesale business of jewellery and ornaments made from gold and diamonds, embellished with precious and semiprecious stones.
Manoj Jewellers intends to utilise Rs 13.23 crore out of net IPO proceeds (excluding offer expenses) for repayment of debt, and the remainder Rs 1.67 crore for general corporate purposes.
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The IPO funds will help the company significantly reduce the debt burden on its books, which as of November 2024 stood at Rs 17.1 crore.
The financial performance reported in the draft papers was strong. Profit in FY24 soared sharply to Rs 3.2 crore, increasing from Rs 0.62 crore in previous financial year and revenue grew by 218 percent to Rs 43.35 crore in the same period. The company already achieved last full year profit in the nine months period of FY25, coming in at Rs 3.8 crore on revenue of Rs 42.9 crore.
Jawa Capital Services is acting as the book running lead manager to the issue.
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