Vaibhav Jewellers has made a significant announcement by introducing its Initial Public Offering (IPO) to the market. The price range for this IPO has been set at ₹204 to ₹215 per Equity Share.

Investors keen to participate can start subscribing to the IPO on September 22, 2023, with the subscription window closing on September 26, 2023.

Investors interested in this offering can place bids for a minimum of 69 Equity Shares, with the option to bid in multiples of 69 Equity Shares thereafter. The Floor Price for the Equity Share is set at 20.4 times its face value, while the Cap Price stands at 21.5 times the face value of the Equity Share.

The Public Issue, featuring Equity Shares with a face value of ₹10 each, consists of a fresh issuance of equity shares valued at up to ₹210 crore and an Offer for Sale (OFS) of up to 2.8 million equity shares, as per the company's statement.

Vaibhav Jewellers boasts a substantial presence, with 13 showrooms across eight towns and two cities. In the financial year 2023, the company captured 4% of the overall jewellery market in Andhra Pradesh and Telangana, along with a 10% share in the organized market within these two states.

A landmark achievement for the company was the launch of its flagship showroom in Visakhapatnam, spanning an impressive 29,946 sq. ft., back in 2007.

Notably, approximately 77% of the company's retail showrooms are located in Tier-2 and Tier-3 cities, offering a diverse and extensive range of products, including gold, diamond, gems, platinum, and silver jewellery.

Vaibhav Jewellers also caters to the premium segment of the market through its sub-brand, Visesha, which specializes in gold and diamond jewellery.

In terms of financial performance, for the three months ending June 30, 2023, the company reported revenue from operations amounting to ₹508.90 crore, with a net profit of ₹19.24 crore.

For the entire fiscal year 2023, its revenue from operations totaled ₹2,027.34 crore, predominantly stemming from the sale of gold jewellery.

During FY-2023, the company achieved an average revenue per retail showroom ranging from ₹150 crore to ₹160 crore, and its EBITDA per store stood at ₹11.3

crore between FY21-23. Notably, the company witnessed impressive growth with a Compound Annual Growth Rate (CAGR) of 18.92% in revenue and 85.81% in net profit. Furthermore, its e-commerce sales soared from ₹4.16 crore in FY-19 to ₹36.40 crore in FY-23.

Bajaj Capital Limited and Elara Capital (India) Private Limited serve as the book-running lead managers for the IPO, while Bigshare Services Private Limited has been appointed as the Registrar to the Offer.

The Equity Shares are expected to be listed on both BSE and NSE, offering investors an exciting opportunity to be a part of Vaibhav Jewellers' growth journey.

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