22-carat gold jewellery designer and marketer Divine Hira Jewellers Limited is poised for its market debut, offering a fresh issue of 35.38 lakh shares valued at ₹31.84 crores. The subscription period commences on 17 March 2025 and concludes on 19 March 2025, with the company scheduled to list on the NSE SME platform on Monday, 24 March 2025. This milestone represents a significant step in the firm's growth trajectory, providing investors an opportunity to participate in the evolving Indian jewellery sector.
The public offering features equity shares with a face value of ₹10, priced at ₹90 per share, with a lot size of 1,600 shares. Retail investors can engage with a minimum investment of ₹144,000 for a single lot, whilst High Net-worth Individuals must commit at least ₹288,000 for two lots. Following the subscription closure, the company has established an efficient timeline, with share allotment notifications expected by 20 March 2025, preceding its NSE SME platform debut. As this distinguished jewellery designer embarks upon its public market journey, interested parties stand before a potential opportunity in India's prestigious jewellery market.
Divine Hira Jewellers Limited IPO is a fundraise worth ₹31.84 crores comprising purely of a fresh issue with 177,600 shares reserved for the market maker Giriraj Stock Broking Private Limited. Retail investors are being offered 50% of the net issue while other investors are being offered the remaining issue. The IPO will be available for subscription from March 17, 2025, to March 19, 2025, providing an opportunity for investors looking to gain a stake in the jewellery sector.
| Divine Hira Jewellers IPO date | March 17, 2025 - March 19, 2025 |
| Fixed price | ₹90 per share |
| Face value | ₹10 per share |
| Lot size | 1600 shares |
| Issue type | Fixed Price IPO |
| Fresh issue size | 35,37,600 shares amounting to ₹31.84 crores |
| Total issue size | 35,37,600 shares amounting to ₹31.84 crores |
| Listing at | NSE SME |
| Market maker portion | 177,600 - Giriraj Stock Broking Pvt Ltd |
| Shareholding post-issue | 1,30,47,100 shares |
| Shareholding pre-issue | 95,09,500 shares |
The Divine Hira Jewellers Limited IPO opens for subscription on March 17, 2025, and closes on March 19, 2025, with allotment scheduled for March 20, 2025.
| IPO open date | March 17, 2025 (Monday) |
| IPO close date | March 19, 2025 (Wednesday) |
| Basis of allotment | March 20, 2025 (Thursday) |
| Initiation of refunds | March 21, 2025 (Friday) |
| Credit of shares to Demat account | March 21, 2025 (Friday) |
| Listing date on NSE SME | March 24, 2025 (Monday) |
| Cut-off time for UPI mandate confirmation | 5 PM on March 19, 2025 (Wednesday) |
Divine Hira Jewellers Limited, established in July 2022, has rapidly positioned itself as a specialist in the design and marketing of premium 22 carat gold jewelry. Operating primarily as a wholesaler in Mumbai, Maharashtra, the company serves a diverse clientele of wholesalers, showrooms, and retailers with an extensive product portfolio that seamlessly blends traditional craftsmanship with contemporary elegance. Their comprehensive collection encompasses everything from necklaces, mangalsutras, and chains to rings, pendants, and wedding jewelry, all thoughtfully designed to accommodate regional preferences and diverse consumer tastes.
Despite its relatively recent inception, the company has built a structured operation supported by nine employees across various departments as of October 31, 2024. Beyond gold jewelry, Divine Hira has extended its wholesale offerings to include silver articles, bullions, and coins, demonstrating its commitment to providing a comprehensive range of precious metal products to the Mumbai market. This strategic diversification, coupled with their emphasis on locally resonant designs, has enabled the company to carve out a distinctive position in the competitive jewelry wholesale sector.
Divine Hira Jewellers plans to utilize the net proceeds from its IPO for prepayment or repayment of certain loans (₹30 million), funding its working capital requirements (₹190 million), and general corporate purposes (₹61.91 million). These allocations aim to strengthen the company's financial position, support operational growth, and enhance overall business efficiency.
The Divine Hira Jewellers Limited IPO’s key performance indicators reflect the company's financial health with a Return on Equity of 16.36%, Return on Capital Employed (ROCE) at 13.54% and a Debt-to-Equity ratio of 1.90. The Return on Net-Worth (RoNW) stands at 16.36%, and the PAT Margin was 0.81%.
| Period Ended | September 30, 2024 | March 31, 2024 | March 31, 2023 | March 31, 2022 |
| Assets | 28.54 | 28.97 | 23.26 | 19.78 |
| Revenue | 136.03 | 183.41 | 246.45 | 142.40 |
| Profit After Tax | 2.50 | 1.48 | 0.91 | 0.28 |
| Net Worth | 12.30 | 9.80 | 8.32 | 3.00 |
| Reserves & Surplus | 9.51 | 7.32 | 7.32 | - |
| Total Borrowing | 12.93 | 18.61 | 14.05 | 16.54 |
Amount in ₹ crores
Divine Hira Jewellers Limited has established itself as a recognized brand, attracting both wholesalers and retailers with its diverse portfolio of 22-carat gold jewellery. The company offers a wide range of jewellery, including necklaces, chains, bangles, rings, pendants, and customized wedding collections, catering to varied customer preferences. Its team of skilled artisans and in-house designers ensures the creation of unique, regionally inspired designs, giving the company a competitive edge. Furthermore, its commitment to BIS hallmarking and strict quality control measures enhances customer trust and ensures product authenticity.
The company benefits from an experienced leadership team with over 30 years of industry expertise, alongside a well-trained and trustworthy employee base. Its strong understanding of customer preferences allows it to innovate and adapt designs to market demand, making it a preferred choice for jewellery buyers. Additionally, Divine Hira Jewellers maintains long-standing relationships with wholesalers, retailers, and showrooms, ensuring consistent sales. The company’s network of skilled job workers with 10 to 15 years of experience helps maintain high-quality standards, further strengthening its position in the competitive jewellery market.
A key challenge for Divine Hira Jewellers is its heavy reliance on a few major customers, with the top 10 customers contributing 95.51% of total revenue in FY 2023-24. The loss of any major client could significantly impact financial performance. Similarly, the company depends on a limited number of suppliers for raw materials, and the absence of long-term agreements could lead to disruptions in the availability of gold and colored stones. Since gold prices fluctuate frequently, any sudden price surge or supply shortage could directly affect profit margins and business operations. Additionally, the company operates on a purchase-order basis, without long-term contracts with customers, making revenue streams less predictable.
The company also faces intense competition in the jewellery industry, where failure to innovate or maintain competitive pricing could impact its market position. Its business is seasonal, meaning lower-than-expected sales during peak seasons could disproportionately affect its financial results. Furthermore, the company does not register its jewellery designs under the Designs Act, 2000, making it vulnerable to competitors copying its designs, leading to potential revenue losses. Additionally, dependence on external job workers (karigars) for manufacturing introduces risks related to quality control and timely production, further impacting operational efficiency.
Investing early in Divine Hira Jewellers Limited offers a chance to be part of the company’s growth in the jewellery market. However, before making a decision, investors should evaluate key aspects such as the company's financial health, operational history, industry trends, and expansion plans, while aligning the investment with their own risk tolerance and financial goals. Reviewing the offer document and seeking professional guidance can help ensure an informed approach to participating in this IPO.
What is the Divine Hira Jewellers Limited IPO?
The Divine Hira Jewellers Limited IPO is an NSE SME offering consisting of 35.38 lakh equity shares with a face value of ₹10 per share, aiming to raise ₹31.84 crores. The fixed price has been set at ₹90 per share, with a minimum order quantity of 1,600 shares. This IPO will be open for subscription from March 17, 2025, to March 19, 2025. Horizon Financial Private Limited is the book-running lead manager, Bigshare Services Private Limited is the registrar while Giriraj Stock Broking Private Limited is the market maker.
When will the Divine Hira Jewellers IPO open?
The Divine Hira Jewellers Limited IPO will open for subscription on March 17, 2025, and will close on March 19, 2025.
When is the Divine Hira Jewellers IPO listing date?
The tentative listing date for the Divine Hira Jewellers Limited IPO is Monday, March 24, 2025.
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