DRHP Filed, Co Awaits SEBI Nod
Motisons’ product portfolio comprises over 300,000+ jewellery designs including traditional and contemporary
MUMBAI, Oct 23 (The CONNECT) – Retail jeweller Motisons Jewellers has raised Rs 33 crore in its pre-IPO funding round.
The company has undertaken the Pre-IPO Placement of six million shares at an issue price of Rs 55 apiece (including premium of Rs 45 per equity share) by way of a private placement. Individual and institutional investors such as Sunil Kothari & Sons, Manish Parakh, Isha Parakh, Manish Parakh HUF, Rajesh Kumar Kabra, and Jagdamba Coal House, Prabhudas Lilladhar Advisory Services Private Ltd, Readiprint International LLP and Rajan Propcon Private Ltd participated in the round.
Motisons has filed its draft herring prospectus (DRHP) with the market regulator in March this year for its IPO. The issue with a face value of Rs 10 per equity is entirely a fresh issue of equity shares up to 33.47 million.
The proceeds from the issue will be utilized to the extent of Rs. 58 crore for repayment of existing borrowings availed by the company from scheduled banks, Rs 71 crore for funding the working capital requirement of the Company and general corporate purposes, Motisons said.
Motisons Jewellers is managed by second-generation entrepreneurs, Sandeep Chhabra, Chairman & Whole Time Director, and Sanjay Chhabra, Managing Director, sons of the Late Moti Lal Chhabra, who have over two decades of years of expertise in the jewellery industry.
It began operations in 1997 by opening a showroom in Johri Bazaar in Jaipur, Rajasthan, with approx. 304 sq. ft. in area and with growth in the business expanded it to 1355 sq. ft. by 2002. The flagship store ‘Motisons Tower’ is located at Tonk Road, Jaipur with an approx. 11,700 Sq Ft with 3 floors a floor each dedicated to silver, gold, and diamond jewellery respectively.
Its product portfolio comprises over 300,000+ jewellery designs that include traditional, contemporary and combination designs for special occasions such as weddings and festivals to daily wear jewellery for all ages, genders, and across various price points.
Currently, it has a 4-showroom network across Jaipur and manufacturing facilities are located at Sitapura Industrial area and Bapu Nagar in the same city.