Jaipur-based Motisons Jewellers refiles DRHP

27 Mar 2023 , 09:05 AM

The Jaipur-based retail jewellary company Motisons Jewellers has refiled the draft papers to raise funds via initial public offer (IPO) with the markets regulator. The company had filed preliminary IPO papers in September 2022, but SEBI has returned the draft papers in December. 

As per refilled DRHP, the issue comprises fresh issuance of 3.34 crore equity shares with no portion for an offer for sale (OFS).

The company has plans to raise Rs 130 crore from the IPO and will use the funds towards repayment of loans availed by the company from scheduled commercial banks, and to fund working capital requirements alongwith basic general corporate purposes.

The issue has a face value of Rs 10 per equity share for the proposed share sale.

After consulting its lead managers, the company may consider a pre-IPO placement of up to 60,00,000 equity shares to anchor investors.

With a history of two decades, Motisons Jewellers has currently 4 showrooms network under the ‘Motisons’ brand. It is currently managed by second generation entrepreneurs, Sandeep Chhabra, who is Chairman and Whole Time Director; and Managing Director Sanjay Chhabra.

The company has a profit of Rs 14.7 crore for FY22, growing 52.5% over the FY21. Revenue from operations during the same period grew significantly by 47.5% 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.