New Delhi: After Maharashtra-based PN Gadgil and Gujarat-based RBZ Jewellers, it’s now time for Chennai-based Manoj Jewellers to hit the capital markets. It comes with an issue price of Rs.54 and an IPO size of Rs.16.2 crore. All the proceeds will go directly to the company as there was no Offer for Sale here.The IPO closes on 7th May, with a fresh issue of 30 lakh shares on offer. The listing will be done on 12th May.
Manoj Jewellers has demonstrated a strong revenue growth over the years, with revenue reaching Rs.43 crore in 2024 from just Rs.6 crore in 2022. Even though the EBITDA margins have shown some volatility, dropping to 13.19% in 2024 from 24.42% in 2022, the company’s net profit has also shown shown a steady rise from 0.36 crore in 2022 to Rs.3.77 crore in 2024.
About Manoj Jewellers
Manoj Jewellers is a Chennai-based jewellery brand with a showroom at Sowcarpet, Chennai. It offers BIS-hallmarked gold, diamond and silver jewellery for a diverse clientele. Though its numbers show promising results, it has a limited presence in Chennai. The company aims to use the IPO proceeds to reduce its debt burden, which currently stands at Rs.17.1 crore.
Should you Invest?
Though the company has a limited geographical reach, it’s strong financial fundamentals make this an attractive investment. After RBZ Jewellers listed in December 2023, it’s shares rose 79% by January, hitting the upper circuit in 2 trading sessions.
PN Gadgil Jewellers too saw a strong response to its September IPO, where its shares traded at a 73.75% premium after listing. Both companies have shown great promise, and investors are hopeful of the same returns from this IPO as well.
However, experts believe only those with a greater risk appetite should invest here, as strong fundamentals may not always mean consistent returns.
