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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Financing new showroom expansion and general corporate purposes
Funds the capital expenditure and inventory cost of eight new showrooms planned within the company's existing regional markets, plus general corporate purposes.
(₹ in Crore)
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Manoj Vaibhav Gems N Jewellers Limited, operating under the brand Vaibhav Jewellers, is a regional jewellery retail chain concentrated in Andhra Pradesh and Telangana. Its roots trace back to a proprietorship started in 1994, before the current corporate entity was incorporated in 2003. The company sells gold, silver and diamond jewellery along with other precious gemstone products, both through its physical showrooms and its website. As of the IPO, the retailer ran 13 showrooms, including two operated by franchisees, spread across eight towns and two cities in its home markets. Its flagship outlet, V Square in Visakhapatnam, opened in 2007 and is one of the larger single jewellery showrooms in the country at close to 30,000 square feet, with ISO certification. The company estimates it held roughly a 4 percent share of the combined Andhra Pradesh and Telangana jewellery market and close to a 10 percent share of the organized segment in these two states in FY2023. The business is led by first generation entrepreneur Bharata Mallika Ratna Kumari Grandhi together with her daughter Grandhi Sai Keerthana. Revenue rose from about Rs 1,443 crore in FY2021 to Rs 1,698 crore in FY2022 and Rs 2,031 crore in FY2023, with profit after tax climbing from roughly Rs 21 crore to Rs 44 crore and then Rs 72 crore over the same period. Part of the IPO proceeds were earmarked to fund eight additional showrooms in smaller Tier 2 and Tier 3 towns as the company looks to widen its regional footprint.
Ahead of the issue opening, the company allotted about 37.7 lakh equity shares to anchor investors at the issue price of Rs 215 per share, raising close to Rs 81.06 crore. Participating anchor investors included Quantum-State Investment Fund, Tano Investment Opportunities Fund, Nexus Global Opportunities Fund, Coeus Global Opportunities Fund, Neomile Growth Fund, AG Dynamic Funds, Chhatisgarh Investments and Eminence Global Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 18 July 2026, 5:30 AM
Regional market leadership
Holds an estimated 4 percent share of the overall Andhra Pradesh and Telangana jewellery market and about 10 percent of the organized segment in these states, reflecting a strong regional foothold.
Flagship showroom scale
Its V Square showroom in Visakhapatnam, opened in 2007, is among the country's larger ISO-certified jewellery retail spaces at nearly 30,000 square feet, reinforcing brand visibility in its home market.
Early mover in regional expansion
As one of the earlier organized jewellery retailers in Andhra Pradesh, the company continues to expand into under-served micro-markets within its home region.
Working capital intensity
The business depends heavily on continuous working capital to fund inventory, and any tightening in short-term funding availability could constrain operations.
High inventory concentration
A large share of the company's resources is tied up in inventory, a relatively less liquid asset class, which limits balance sheet flexibility.
Manoj Vaibhav Gems N Jewellers Limited
47-15-8, V Square, Zone-A, Opp: TSR Complex, Station Road, Dwarakanagar, Visakhapatnam 530016, Andhra Pradesh, India
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