Manoj Jewellers shares list flat on BSE SME, tumble 5% to hit lower circuit

Manoj Jewellers shares listed at ₹53.95 apiece on the BSE SME, reflecting a marginal discount of ₹0.05 or 0.09 per cent against the issue price of ₹54 per share

Manoj Jewellers IPO listing today: Shares of jewellery maker Manoj Jewellers were locked in the lower circuit on the BSE SME shortly after making their debut on May 12. The company’s shares had a muted debut, listing at ₹53.95 per share, reflecting a marginal discount of ₹0.05 or 0.09 per cent against the issue price of ₹54 per share.  Following the listing, the stock fell 5 per cent, reaching the lower circuit at ₹51.26 per share. By the time trading was halted, nearly 0.11 million shares, worth ₹0.59 crore, had been traded.

 

Manoj Jewellers' IPO listing aligned with grey market expectations. Ahead of the listing, the unlisted shares of the company were trading flat at ₹54 per share, according to sources tracking unofficial market activity.

 

 

Manoj Jewellers IPO details

Manoj Jewellers IPO was an entirely fresh issue of 3 million equity shares amounting to ₹16.20 crore. There was no offer-for-sale component. The company had fixed the price band at ₹54 per equity share. The issue closed for subscription on Wednesday, May 7, 2025. The basis of allotment of shares was finalised on Thursday, May 8, 2025. 

 

The issue received a muted response from investors. Manoj Jewellers IPO was subscribed only 1.14 times. The portion booked for retail investors was subscribed 1.01 times and the non-institutional investors (NIIs) quota was subscribed 1.27 times.  

 

Skyline Financial Services serves as the registrar of the issue. Jawa Capital Services is the sole book-running lead manager. 

 

The company, according to the RHP, aims to utilise ₹13.23 crore from the net issue proceeds for repayment or prepayment of certain borrowings availed by the company. The remaining ₹1.67 crore will be used for general corporate purposes. 

 

About Manoj Jewellers

Incorporated in 2007, Manoj Jewellers is the retailer and wholesaler of jewellery and ornaments made from gold and diamonds, embellished with precious and semi-precious stones. The product portfolio includes a variety of items including items such as rings, earrings, armlets, pendants, gajrahs, nose rings, bracelets, chains, necklaces, bangles, and other wedding jewellery pieces. The company runs two showrooms in Chennai. 

 

In the fiscal year 2023-24 (FY24), Manoj Jewellers reported revenue from operations of ₹43.35 crore, up 218 per cent growth year-on-year (Y-o-Y) from ₹13.63 crore in FY23. It reported a profit after tax (PAT) of ₹3.24 crore in FY24, up around four times from ₹62.36 lakh in the previous fiscal.