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Manoj Vaibhav Gems N Jewellers Makes Steady Stock Market Debut, Shares List at Issue Price

3 Oct 2023 , 09:57 AM

Manoj Vaibhav Gems N Jewellers, recognized by its brand Vaibhav Jewellers in South India, made a steady stock market debut with its shares listing at the issue price of Rs 215 on both the NSE and BSE.

During its public issue from September 22 to 26, the company garnered 2.25 times subscription. High-net-worth individuals (HNIs) played a significant role in supporting the offering, subscribing 5.18 times their allotted quota. Qualified institutional buyers (QIBs) and retail investors also participated, subscribing 1.06 times and 1.66 times the reserved portion, respectively.

Vaibhav Jewellers, headquartered in Andhra Pradesh, achieved a notable 23% return on equity in FY23, making it an attractive option compared to its already listed peers.

The hyperlocal jewelry retail chain currently operates 13 showrooms in micro markets across Andhra Pradesh and Telangana. It intends to expand its footprint by opening eight additional stores, focusing on Tier-2 and Tier-3 markets. This expansion aligns with the growing potential of rural markets, which contributed 50-52% of the total jewelry market in FY23.

The company raised Rs 270.20 crore through its initial public offering, consisting of a fresh issue of Rs 210 crore of shares by the company and an offer-for-sale (OFS) of Rs 60.20 crore of shares by promoter Grandhi Bharata Mallika Ratna Kumari (HUF).

The net proceeds from the fresh issue will be utilized to establish eight new showrooms, with the remaining funds allocated for general corporate purposes.

Vaibhav Jewellers is led by first-generation woman entrepreneur Bharata Mallika Ratna Kumari Grandhi, along with her daughter Grandhi Sai Keerthana.

Manoj Vaibhav Gems N Jewellers

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  • Manoj Vaibhav Gems N Jewellers share price
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