The Jaipur-based Motisons Jewellers Limited is set to launch its Initial Public Offering (IPO) on 18th December 2023. According to the RHP filed with SEBI, the the IPO consists entirely of a fresh issue of 2.75 crore equity shares. The mainline IPO has set 26th December as a tentative listing date on BSE and NSE.
Established in 1997, the company sells jewellery made of gold, diamonds and other metals as well with a strong presence in Jaipur with its four flagship showrooms. Mr. Sandeep Chhabra, Mr. Sanjay Chhabra, Ms. Namita Chhabra, Ms. Kajal Chhabra, Moti Lal Sandeep Chhabra HUF, Sandeep Chhabra HUF and Sanjay Chhabra HUF are the current promoters of the company. The share holding pre issue stood at 91.54%.
According to the red-herring prospectus, the company proposes to use the capital raised via IPO towards repayment of existing borrowings, funding the working capital requirements and general corporate expenses.
Issue details:
- Holani Consultants Private Limited is the book running lead manager for this IPO whereas Link Intime India Pvt Ltd is the registrar.
- The IPO is a fresh issue of up to 2,74,71,000 equity shares of face value of ₹ 10/-each and there is no offer-for-sale component.
- The price band and lot size details remain to be announced.
- According to the reservation details in RHP, QIBs portion should not be more than 50% of the net offer, NIIs portion not less than 15% and retail portion not less than 35% of the net issue.
Important dates:
With SEBI’s T+3 directive becoming mandatory from December, the Motisons Jewellers IPO events will also follow the same. T+3 rule means that a company must be listed on the exchanges within 3 working days after it closes for subscription.
- The issue will open on 18th December 2023 for subscription and will close on 20th December 2023.
- The basis of allotment will be finalised on 21st December 2023.
- The initiation of refunds as well credit of shares to the Demat accounts of the successful allottees will be done on 22nd December 2023.
- The listing date is 26th December 2023.
Financials:
- Revenue: The revenue of the company was reported to be Rs 366.81 crore in FY23, up from 306.53 crore in FY22.
- Profit After Tax: The company recorded a PAT of Rs 22.20 crore in FY23 compared to Rs 14.75 crore in FY22.
- Assets: The company’s total assets were worth Rs 336.51 crore in FY23 against Rs 306.53 crore in FY22.
- Net Worth: The net worth increased to Rs 137.40 crore in FY23 compared to Rs 115.45 crore in FY22.
- Total Borrowings: Company’s total borrowings from commercial banks stood at Rs 164.54 crore by the end of FY23.
Motisons Jewellers is the third jewellery company to come up with IPO this year after Senco Gold and Vaibhav Jewellers.
