Manoj Jewellers Limited, established in 2007 in Chennai, is a boutique jewellery company specializing in the design and sale of gold ornaments and jewellery studded with precious and semi-precious stones. The Manoj Jewellers IPO, opening from May 5 to May 7, 2025, aims to raise ₹16.20 crores through a fixed price issue at ₹54 per share, listing on BSE SME. Proceeds will support business expansion and working capital needs.
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Expert Opinions
The Manoj Jewellers IPO arrives amid positive market sentiment for the jewellery sector, supported by recent robust financial performance and sectoral growth trends. The company’s strengths include a strong regional brand presence, a diverse product range blending traditional and modern designs, and a focus on quality with BIS hallmarked gold, all contributing to customer loyalty and operational efficiency.
However, risks persist due to geographic concentration in Andhra Pradesh and Telangana, exposure to gold price volatility, and a relatively high debt/equity ratio of 1.57, though IPO proceeds are earmarked for debt reduction. Valuation metrics for FY2024 are attractive, with a high ROE of 39.63%, ROCE of 30.57%, and NAV of ₹16.37, indicating efficient capital use and profitability. For long-term investors, Manoj Jewellers offers promising growth potential if it successfully manages regional concentration risks and executes its expansion and debt reduction plans.
Investor Considerations
Manoj Jewellers IPO has demonstrated robust financial performance, with FY2024 revenue surging to ₹43.38 crore and net profit reaching ₹3.24 crore, reflecting strong operational growth and efficiency. The Indian jewellery sector is experiencing rapid expansion, driven by rising consumer demand, formalisation, and a positive long-term outlook. The IPO’s FY2024 valuation shows a Price to Book Value of 3.3, PAT margin of 7.48%, and a debt/equity ratio of 1.57, highlighting both profitability and moderate leverage.
Growth prospects are supported by the company’s focus on quality, BIS hallmarked products, and plans to reduce debt using IPO proceeds. However, risks include geographic concentration in Chennai, exposure to gold price volatility, and competition from larger, established brands. Short-term investors may experience volatility post-listing, while long-term investors could benefit if Manoj Jewellers successfully expands and strengthens its market position in India’s evolving jewellery landscape.
| Date | GMP | Trend |
|---|---|---|
| 10 May 2025 11.12 | ₹00 | --- |
| 09 May 2025 10.57 | ₹00 | --- |
| 08 May 2025 10.55 | ₹00 | --- |
| 07 May 2025 11.16 | ₹00 | --- |
| 06 May 2025 11.46 | ₹00 | --- |
| 05 May 2025 18.26 | ₹00 | --- |
| 04 May 2025 12.06 | ₹00 | --- |
| 03 May 2025 15.09 | ₹00 | --- |
| 02 May 2025 11.04 | ₹00 | --- |
| 01 May 2025 11.21 | ₹00 | --- |
| 30 Apr 2025 10.30 | ₹00 | --- |
FAQs
The Grey Market Premium showed excellent accuracy in predicting Manoj Jewellers’ listing performance. The GMP of ₹0 predicted a flat listing at the issue price, and the stock listed with only a negligible discount of 0.09%. With a minimal prediction error of just 0.09%, the GMP perfectly captured the flat listing sentiment, demonstrating exceptional precision in this case.
Manoj Jewellers IPO Current GMP is ₹00.
Manoj Jewellers IPO Expected Returns is 0.00%.
Manoj Jewellers IPO estimated listing price is ₹54.