Manoj Jewellers shares make flat debut, list at ₹53.95 — slight discount to IPO price of ₹54

Manoj Jewellers IPO listing: Shares of Manoj Jewellers IPO made a flat debut on the bourses on Monday, May 12, as they listed at ₹53.95 on BSE SME, a discount of 0.09 per cent to the issue price of ₹54.

The SME IPO, valued at ₹16.20 crore, was open for subscription from May 5 to May 7. The public offer was priced at ₹54 per share.

Following the three days of bidding, Manoj Jewellers' IPO closed with weak demand, garnering just 1.14 times bids. The IPO received bids for 32.44 lakh shares against 28.48 lakh shares on offer. The retail investor segment saw a subscription of 1.01 times, while the non-institutional investors (NII) category was booked 1.27 times.

About the IPO

Manoj Jewellers IPO was entirely a fresh issue of 30 lakh shares with no offer-for-sale (OFS) component. Retail investors could apply with a minimum lot size of 2,000 shares, requiring a minimum investment of ₹1.08 lakh.

The company, Manoj Jewellers, proposes to utilise the Net Proceeds from the Issue towards the following objects: establish a new showroom, expand inventory, and meet general corporate expenses.

Jawa Capital Services Private Limited acted as the book-running lead manager of the Manoj Jewellers IPO, while Skyline Financial Services Private Limited was the registrar for the issue. The market maker for Manoj Jewellers IPO was Shreni Shares Limited.

About the Company

Manoj Jewellers Limited, established in 2007, has been engaged in the retail trade of gold and diamond-studded jewellery featuring both precious and semiprecious stones.

The company has built a reputation for its extensive collection of gold ornaments, which includes rings, earrings, necklaces, bracelets, pendants, bangles, and wedding jewellery.

Known for its emphasis on quality, Manoj Jewellers follows stringent procedures to ensure the purity and craftsmanship of its products. It offers BIS hallmarked jewellery, maintains competitive pricing, and assures customers of timely delivery and regular design availability.

The company's operations are centred around its showroom located at No. 59, NSC Bose Road, Sowcarpet, Chennai.

On the financial front, Manoj Jewellers Limited reported a significant surge in performance for FY24. The company’s revenue from operations soared 218 percent year-on-year, rising from ₹13.63 crore in FY23 to ₹43.35 crore in FY24.

Profit after tax also witnessed a sharp jump, increasing multifold to ₹3.24 crore as of March 31, 2024, compared to ₹62 lakh in the previous financial year.

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