New Delhi: Jaipur-based Motisons Jewellers on Friday has filed its draft red herring prospectus (DRHP) with the markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO) with a fresh issue of 3,34,71,000 equity shares, with no offer for sale component, according to a DRHP.
The company had filed preliminary IPO papers with Sebi in September last year.
As per the DRHP, Motison’s clocked a profit of Rs 14.75 crore in the financial year FY22 against Rs 9.67 crore in the previous year. Its profit for the six-month period ended September 2022 stood at Rs 10 crore on revenue of Rs 162.02 crore. The companies’ revenue from operations climbed 47.55 per cent from Rs 213.04 crore in fiscal 2021 to Rs 314.33 crore in fiscal 2022, attributable to an increase in sale of jewellery including gold and studded jewellery.
Managed by second generation entrepreneurs, Sandeep Chhabra, chairman & whole time director and Sanjay Chhabra, managing director, sons of Late Moti Lal Chhabra, who have over two decades’ years of expertise in the jewellery industry, it currently has a 4 showroom networks under the ‘Motisons’ brand, located across the city of Jaipur, with the most recent outlet, opened in the year 2021, at Vaishali Nagar.
Its manufacturing facilities are located at Sitapura Industrial area and Bapu Nagar, Jaipur.
It primarily sources finished jewellery from third party suppliers located across India and its business involves sale of jewellery made of gold, diamond, kundan and sale of other jewellery products that include pearl, silver, platinum, precious, semi-precious stones and other metals, gold and silver coins, utensils and other artifacts across multiple prominent locations in Jaipur, Rajasthan.
Also, the jeweller launched its website in 2011 and commenced online sales in 2018 to serve younger and tech-savvy customers.