Minerva Capital Research Solutions

Omara Ventures India

ListedListed 8 Oct 2026BSE SMENSE: OMARACheck allotment
Current price₹ 312+0.32% since issue
Listing day+2.57%
Issue price
₹ 311
Issue size
₹ 41.99 Cr.
Min. investment
₹ 1,24,400
Listing price
₹ 319
Subscribed
1.06x
Lot size
400 shares
P/E
14.48
RoNW
74.78%
RoCE
85.38%
Debt / Equity
1.79
PAT margin
20.42%
EBITDA margin
31.45%
RoE
74.78%
EPS
₹ 21.48
NAV
₹ 41.61
Promoter stake
69.03%

About

Omara Ventures India Limited was started in October 2020. It is a retail jewellery company selling diamond jewellery made with natural diamonds and precious and semi-precious gemstones, set in gold, platinum and silver. It sells under the brand name Omara and serves individual customers directly through its retail boutique rather than supplying other jewellers. Its range covers necklaces, earrings, rings, bracelets and other pieces, across wedding jewellery, special occasion jewellery, festive jewellery and contemporary daily wear, at different price points and for different age groups. The company describes its approach as combining traditional elegance with contemporary design. Its business is built around conceptualising products in house, developing designs, studying customer preferences and curating collections.

Timeline

  1. Opens
    30 Sep
    done
  2. Closes
    5 Oct
    done
  3. Allotment
    6 Oct
    done
  4. Refunds
    7 Oct
    done
  5. Demat credit
    7 Oct
    done
  6. Listing
    8 Oct
    done

Subscription

How many times each investor group bid for its share, as of 08 Oct 2026, 06:30 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)1400₹ 1,24,400
Retail (Max)1400₹ 1,24,400
HNI (Min)2800₹ 2,48,800

Company overview

Financials

Financials by year
Assets47.2529.4626.44
Total Income45.8723.5223.19
Profit After Tax9.372.730.31
EBITDA14.434.871.84
NET Worth12.523.160.43
Reserves and Surplus9.513.150.42
Total Borrowing22.4313.9511.25

Strengths

  • Sales nearly doubled in FY2026, from Rs 23.52 crore to Rs 45.87 crore.
  • Profit has grown very sharply, from Rs 0.31 crore in FY2024 to Rs 2.73 crore in FY2025 and Rs 9.37 crore in FY2026.
  • The margin is high for jewellery retail, with a PAT margin of 20.42%.
  • Return ratios are very high, with RoCE of 85.38% and RoNW of 74.78%, largely because the capital base is still small.
  • The issue is priced at about 14.48 times earnings on an EPS of Rs 21.48.
  • Designing its own collections in house lets it earn a design premium rather than competing only on gold price.
  • It sells directly to customers under its own brand, so it keeps the retail margin rather than supplying other jewellers.
  • The whole issue is fresh capital.

Risks

  • The growth is from a very small base. Profit rose about thirty times in two years, and such growth cannot be assumed to continue.
  • The business runs essentially from a single boutique, so the whole company depends on one location and its footfall.
  • Debt is high. Total borrowing was Rs 22.43 crore against a net worth of Rs 12.52 crore, a debt to equity ratio of 1.79.
  • The company is young, having been started in October 2020.
  • Diamond jewellery is a discretionary purchase that falls quickly when consumer sentiment weakens, and lab-grown diamonds are putting pressure on natural diamond prices.
  • Established national jewellery chains have far greater brand recognition, trust and buying power.
  • A part of the money goes to marketing and promotion, which is a running cost rather than an asset.
  • Promoter holding will come down from 99.99% to 69.03% after the issue.
  • This is an SME issue. One lot is 400 shares, which is about Rs 1.24 lakh at the upper band of Rs 311, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding capital expenditure requirements towards Renovation and Expansion of the Jewellery Boutique2
Marketing and promotional expenses aimed at enhancing local brand awareness and visibility of the flagship brand, “OMARA”2
Funding towards repayment or prepayment, in full or in part, of borrowings availed by the Company from bank and financial institutions18
Funding the long-term working capital requirements of the Company10
General Corporate Purpose—

Promoters

  • Samarth Jaiswal
  • Ishani Mehta Jaiswal
Promoter holding99.99%→69.03%before → after the issue · down 30.96 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Bigshare Services Private Limited
Lead managers
Wealth Mine Networks Pvt.Ltd.
Basis of allotment
Open

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.