Motisons Jewellers refiles IPO papers with SEBI

Motisons Jewellers

Jaipur-based retail jewellery company Motisons Jewellers has filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise funds via initial public offering (IPO).

The offer comprises only a fresh issue of 3.34 crore equity shares and there is no offer for sale (OFS) portion.

The company had filed preliminary IPO papers with SEBI in September 2023. However, the capital markets regulator returned the draft papers in December.

The company may consider a pre-IPO placement of up to 60 lakh equity shares. If the company raises funds via pre-IPO placement, then accordingly the fresh issue size will be reduced.

The jewellery maker is going to utilise fresh issue proceeds for repaying debts (Rs 58 crore), and funding working capital requirement (Rs 71 crore), besides general corporate purposes.

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Motisons Jewellers, with a history of more than two decades in the jewellery industry, is managed by second generation entrepreneurs, Sandeep Chhabra, who is Chairman and Whole Time Director; and Managing Director Sanjay Chhabra. It currently it has a four-showroom networks under the 'Motisons' brand, located in Jaipur.

The company clocked a profit of Rs 14.7 crore for FY22, growing 52.5 percent over the previous year. Revenue from operations during the same period grew significantly by 47.5 percent to Rs 314.3 crore, led by increase in sale of jewellery.

Its profit in six-month period ended September FY23 stood at Rs 10 crore on revenue of Rs 162 crore.

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Holani Consultants is the sole merchant banker to the issue, while Link Intime India is the registrar to the offer.