The IPO also saw a lukewarm response, being subscribed just 1.14 times overall. Retail investors subscribed 1.01 times, while the non-institutional investor (NII) segment saw a subscription of 1.27 times. Despite a broad market recovery, Manoj Jewellers’ offering struggled to generate significant interest.
Manoj Jewellers operates primarily in the retail sale of gold and silver jewellery, including rings, earrings, necklaces, pendants, and bangles.
The company prides itself on offering BIS-hallmarked products, ensuring quality and authenticity for its customers. Established in 2007, the company has built a reputation for traditional and modern designs, catering to a diverse customer base across Rajasthan.
The IPO proceeds will be utilized to establish a new showroom, expand inventory, and meet general corporate expenses. As a regional player in the competitive jewellery market, Manoj Jewellers aims to strengthen its retail presence and capitalize on rising consumer demand for quality jewellery.
The company’s business model primarily revolves around retail sales through its showroom, with a wide variety of products that appeal to both everyday buyers and those seeking special occasion pieces.As a regional player, Manoj Jewellers faces competition from larger, national jewellery brands, but its emphasis on quality and traditional designs helps it maintain a loyal customer base.In the fiscal year 2023–24 (FY24), Manoj Jewellers reported revenue from operations of Rs 43 crore, marking a 218% increase from Rs 13 crore in FY23. The company posted a profit after tax (PAT) of Rs 3.24 crore in FY24, up from Rs 0.62 crore in the previous fiscal.
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