Manoj Jewellers IPO: Price Band, Subscription Status, GMP and Other Key Details About 

₹16 Crore SME Issue

India’s bustling SME IPO space continues to buzz with investor interest, and the latest entrant to ride the wave is Manoj Jewellers Limited, a well-established player in the gold and diamond retail space. With a ₹16.05 crore issue size and a modest price band, this IPO has attracted eyeballs among retail and HNI segments alike.

Let’s deep dive into every key aspect of the Manoj Jewellers IPO — from its price band and grey market premium (GMP) to subscription details, financials, and whether it’s worth considering in your investment strategy.

About Manoj Jewellers Limited

Manoj Jewellers, based in Bhayandar, Maharashtra, has been in the jewellery retail business for over a decade. The company specializes in:

• 22-karat gold jewellery

• Diamond-studded ornaments

• Customized bridal collections

• Jewellery designing and repair services

Their physical presence includes a flagship store in Bhayandar and a recently launched online sales channel. The brand has built a loyal local customer base and now aims to expand by strengthening its retail footprint and backend operations — the primary reason behind this IPO raise.

IPO Details at a Glance

The issue comprises only a fresh equity offering of 26.75 lakh shares and does not include any Offer for Sale (OFS), which means the proceeds will directly support business expansion.

Objectives of the Issue

The company has clearly earmarked the funds raised through the IPO for the following purposes:

1. Expansion of Retail Outlets in Tier-II and Tier-III cities

2. Purchase of Inventory, especially wedding and bridal jewellery collections

3. Repayment of Working Capital Loans

4. Upgradation of In-house Design Capabilities

5. General corporate purposes

These objectives reflect a growth-driven mindset rather than a liquidity exit for existing stakeholders — a positive sign for prospective investors.

Financial Performance Snapshot

Manoj Jewellers has shown stable revenue growth over the past few years with improving profitability metrics:

• Revenue CAGR (2 years): 14.3%

• Net Profit CAGR (2 years): 22.1%

While the topline growth is moderate, the consistent rise in margins and PAT suggests strong cost controls and pricing power — key metrics in the highly competitive jewellery retail space.

Valuation Metrics

At the issue price of ₹60 per share, here's how the valuation stacks up:

• EPS (FY23): ₹2.91

• P/E Ratio: ~20.6x

• NAV per share: ₹20.5

• Post-issue P/BV: ~2.9x

While the valuation seems slightly on the higher side for an SME IPO, it may be justified given the branded retail presence, strong operating cash flows, and high-margin product mix.

GMP (Grey Market Premium) and Investor Sentiment

As of the latest update (May 5, 2025):

• GMP: ₹15

• Expected Listing Price: ₹75 (25% premium over issue price)

The premium reflects positive grey market sentiment, likely driven by the brand’s solid reputation in its region and clean fundamentals.

Subscription Status (Live Updates)

Subscription figures as of Day 1 (May 6):

With two more days left, the IPO is already fully subscribed, which may push allotment chances lower for retail applicants.

Expert Opinion: Should You Subscribe?

 Strengths:

• Solid brand presence in Bhayandar and Mumbai suburbs

• Clean financials with rising margins and profits

• Efficient inventory management and high turnaround

• Online push showing early traction

• SME segment with retail consumption tailwinds

 Risks:

• Regional concentration — dependent heavily on one geography

• Jewellery business faces seasonality and gold price volatility

• SME stocks can be illiquid post-listing

• Higher issue pricing compared to sector peers

Analyst Verdict:

“If you’re a long-term investor looking for exposure to regional retail brands with strong local recall and improving financials, Manoj Jewellers makes a compelling case. The IPO is clean, use of funds is growth-oriented, and the GMP is healthy,”
— Market Analyst, ASJ Research Desk

How to Apply for Manoj Jewellers IPO?

Retail investors can apply through:

• ASBA facility via net banking (e.g., SBI, HDFC, ICICI)

• UPI-enabled brokers like Zerodha, Upstox, Angel One

• SME IPOs generally require minimum ₹1.2 lakh per lot

Ensure you check your UPI limits before applying since the required investment is on the higher side for an average retail investor.

Post-IPO Outlook: What to Expect?

Once listed, the stock’s performance will depend on:

1. Actual revenue growth from expansion

2. Festive and wedding season sales

3. Gold price stability

4. Overall investor sentiment in SME space

Many SME IPOs have given multi-bagger returns post-listing — recent examples include Konstelec Engineers, Plaza Wires, and Zeal Global. Manoj Jewellers may join this club if post-listing delivery matches IPO narrative.

Final Thoughts

In an SME IPO market that’s getting increasingly crowded, Manoj Jewellers has managed to stand out for all the right reasons — brand strength, retail traction, clean financials, and a focused expansion strategy.

While there are inherent risks in the SME space such as lower liquidity and higher volatility, investors with a long-term horizon and appetite for risk may find value in this glittering opportunity.

Verdict: Subscribe for Listing Gains + Long-Term Potential