Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO Details

Manoj Vaibhav Gems ‘N’ Jewellers is a leading regional jewellery brand in South India and it is present in the micro markets of Andhra Pradesh & Telangana with 13 showrooms (inclusive of two franchisee showrooms) across eight towns and two cities. The company is led by a first generation woman entrepreneur Mrs. Bharata Mallika Ratna Kumari Grandhi along with her daughter Grandhi Sai Keerthana.

The company has a market share of about 4% of the overall Andhra Pradesh and Telangana jewellery market and 10% of the organised market in these two states in FY2023, according to its red herring prospectus. The company has 77% of its retail showrooms in Tier-2 and Tier-3 cities catering to semi-urban and rural demand of Andhra Pradesh and Telangana. About 15% of its retail showroom are located in mini-metro city of Hyderabad and 8% of their showroom is located in Tier-1 city of Visakhapatnam catering to urban consumers.

The company has positioned itself as a retailer focused on ‘Relationships, by Design’ where they focus on offering diverse designs and high quality jewellery along with complete transparency and top-notch customer service. Further, the company follows a hub & spoke model with small sized showrooms operating peripheral to the larger showrooms that allows them to offer new products to semi-urban and rural customers on a continuous basis and capture market share.

In fiscal 2023, revenue from operations was Rs 2027.34 crore, of which 89.23% was from sale of gold jewellery, 4.06% was from diamond jewellery, 3.96% from silver jewellery and 2.75% was from the sale of other jewellery.