Minerva Capital Research Solutions

M.K.Sons Fine Jewels

Open nowBidding closes 30 Oct 2026Mainboard
GMP₹ 16(+9.88%)
Expected listing₹ 178
Subscribed0.65x
as of 28 Oct 2026

GMP is unofficial and unregulated (not verified by SEBI, NSE or BSE) and does not predict the listing price. Do not apply on the basis of GMP.

Price band
₹ 153 – 162
Issue size
₹ 275.4 Cr.
Min. investment
₹ 14,742
Listing date
4 Nov 2026
Issue type
Fresh capital cum OFS
Lot size
91 shares
P/E
16.1
RoNW
8.20%
RoCE
10.26%
Debt / Equity
0.39
PAT margin
14.80%
EBITDA margin
23.09%
RoE
8.20%
EPS
₹ 10.06
NAV
₹ 42.88
Promoter stake
69.8%

About

M. K. Sons Fine Jewels Limited was incorporated in 2012. It sells gold, diamond and CZ jewellery through its own retail showrooms in Mumbai and Ahmedabad. The company runs 5 showrooms across Maharashtra and Gujarat, in places such as Bandra, Andheri, Zaveri Bazaar, C.G. Road and Sindhu Bhavan Road. It does not make the jewellery itself. It buys finished pieces from third-party vendors across Western India. The range covers rings, necklaces, bangles, earrings, bracelets, mangalsutras, solitaires, bridal jewellery and customised jewellery. It is sold under 11 collections, including Pavitra, Rivaaz, Sitaare, NAQSH, Sunhere and One & Only. On 30 June 2026 the company offered over 19,442 designs, of which 14,582 were gold jewellery and 4,860 were diamond and precious stone jewellery. Its customers are bridal, festive, daily wear and premium buyers. The jewellery is BIS Hallmark certified. The company follows a cluster-based showroom plan, where new showrooms are opened close to existing ones in the same city. The company is promoted by Ramchand Murlidhar Raimalani, Neelam Ramchand Raimalani and Kush Ramchand Raimalani. The registered office is in Bandra West, Mumbai. The offer is a fresh issue plus an offer for sale of 34,00,000 shares by Ramchand Murlidhar Raimalani, and Aryaman Financial Services Limited is the lead manager.

Timeline

  1. Opens
    28 Oct
    done
  2. Closes
    30 Oct
    next
  3. Allotment
    2 Nov
    to come
  4. Refunds
    2 Nov
    to come
  5. Demat credit
    2 Nov
    to come
  6. Listing
    4 Nov
    to come

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 16 on 28 Oct 2026
Lowest
₹ 0 on 23 Oct 2026
First quoted
₹ 0 on 23 Oct 2026

Subscription

How many times each investor group bid for its share, as of 28 Oct 2026, 07:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)191₹ 14,742
Retail (Max)131,183₹ 1,91,646
S-HNI (Min)141,274₹ 2,06,388
B-HNI (Min)686,188₹ 10,02,456

Company overview

Financials

Financials by year
Assets305.68283.21219.6495.21
Total Income101.45538.86351.32217.4
Profit After Tax15.0251.823.268.17
EBITDA23.4282.9438.5712.87
NET Worth183.04168.01116.2122.27
Reserves and Surplus140.35125.32107.717.79
Total Borrowing70.5268.4468.9338.64

Strengths

  • Total income rose from Rs 217.40 crore in FY2024 to Rs 351.32 crore in FY2025 and Rs 538.86 crore in FY2026.
  • Profit after tax grew from Rs 8.17 crore in FY2024 to Rs 23.26 crore in FY2025 and Rs 51.80 crore in FY2026, up 123% in the last year.
  • EBITDA rose from Rs 12.87 crore in FY2024 to Rs 82.94 crore in FY2026. The EBITDA margin was 15.39% and the PAT margin 9.61% in FY2026.
  • Return on equity was 30.83% and return on capital employed 39.88% in FY2026, as per the source.
  • Debt to equity was 0.41 on 31 March 2026 and 0.39 on 30 June 2026, with net worth of Rs 183.04 crore on 30 June 2026.
  • The upper band of Rs 162 is 16.1 times post-issue EPS of Rs 10.06, which uses annualised earnings of the quarter ended 30 June 2026, and 13.36 times pre-issue EPS of Rs 12.13.
  • The company offers over 19,442 designs under 11 collections across 5 showrooms, all with BIS Hallmark certified jewellery.
  • Rs 152.84 crore of the net proceeds goes to a new showroom in Maharashtra and the expansion of an existing showroom in Gujarat, so the money is tied to the retail network.

Risks

  • Profit has risen very fast. PAT was Rs 8.17 crore in FY2024 and Rs 51.80 crore in FY2026, so the earnings base is recent and short.
  • Return on equity was 30.83% in FY2026 but 8.20% for the quarter ended 30 June 2026. The quarterly figure is not annualised, and the net worth rose from Rs 168.01 crore to Rs 183.04 crore in that quarter.
  • The whole business sits in 5 showrooms in Mumbai and Ahmedabad, so a problem in either city hits most of the sales.
  • The company does not make its own jewellery. It buys finished pieces from third-party vendors in Western India, so supply and price depend on them.
  • About 75% of the designs (14,582 of 19,442) are gold jewellery, so the business is exposed to gold price swings.
  • Promoter Ramchand Murlidhar Raimalani is selling 34,00,000 shares worth Rs 55.08 crore, which is 20% of the Rs 275.40 crore issue. This money does not go to the company.
  • Rs 30.00 crore of the net proceeds repays borrowings, and the general corporate purposes amount is not fixed. Total borrowings were Rs 68.44 crore on 31 March 2026.
  • Promoters hold 100% before the issue, so they keep control after it. The source shows their post-issue holding as 69.8%, and the source has shown a different figure for it earlier.
  • The issue is managed by a single lead manager, Aryaman Financial Services Limited.

What the money is for

Objects of the issue
Funding expenditure towards setting up of 1 new showroom in Maharashtra (“New Showroom”) and expansion of existing showroom in Gujarat (“Expansion”)152.84
Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company30
General Corporate Purposes—

Promoters

  • Ramchand Murlidhar Raimalani
  • Neelam Ramchand Raimalani
  • Kush Ramchand Raimalani
Promoter holding100%→69.8%before → after the issue · down 30.2 points

Anchor investors

9 anchors put in ₹ 82.61 Cr..

Anchor investors
GOLDMAN SACHS BANK EUROPE SE5,92,6839.611.62%
VENUS INVESTMENTS VCC-VENUS STELLAR FUND10,50,22717.0120.59%
ADVENT GLOBAL FUND PCC-ADVENT GLOBAL FUND-CELL 19,87,7141619.37%
KHANDELWAL FINANCE PVT.LTD.6,17,3441012.1%
TIGER STRATEGIES FUND 16,17,3441012.1%
ARNESTA GLOBAL OPPORTUNITIES FUND PCC-ARNESTA GLOBAL FUND 13,08,67256.05%
ZEAL GLOBAL OPPORTUNITIES FUND3,08,67256.05%
COMPACT STRUCTURE FUND3,08,67256.05%
NEXUS GLOBAL OPPORTUNITIES FUND3,08,67256.05%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 10 a share
Registrar
Bigshare Services Private Limited
Lead managers
Aryaman Financial Services Limited

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.