Luxury Time Limited Makes Exceptional Debut with 90.00% Premium, Lists at ₹155.80 Against Outstanding Subscription

Luxury Time Limited, established in 2008 engaged in distribution, marketing, retailing, and after-sales servicing of Swiss luxury watches along with distribution of watch service-related tools and equipment operating across five business verticals including watch distribution, direct-to-consumer and e-commerce sales, after-sales services, branding and marketing support, and tools distribution maintaining over 70 points of sale across major metropolitan cities and tier-one and tier-two locations, made an exceptional debut on BSE SME on December 11, 2025. After closing its IPO bidding between December 4-8, 2025, the company commenced trading with a premium of 90.00% opening at ₹155.80 and touched upper circuit of ₹163.59 (up 99.50%).

Luxury Time Limited Listing Details

Luxury Time launched its IPO at ₹82 per share with minimum investment of 3,200 shares costing ₹2,62,400. The IPO received outstanding response with subscription of 635.53 times - individual investors at 860.53 times, QIB at 205.58 times, NII at 676.95 times.

First-Day Trading Performance

Listing Price: Luxury Time opened at ₹155.80 representing premium of 90.00% from issue price of ₹82.00, touched upper circuit high of ₹163.59 (up 99.50%) and low of ₹155.80 (up 90.00%), with VWAP at ₹161.86, reflecting exceptional market enthusiasm with near-doubling of investment on listing day supported by extraordinary subscription of 635.53 times despite analyst concerns about valuation and small post-IPO equity base.

Growth Drivers and Challenges

Growth Drivers:

Strong Growth Trajectory: Revenue increased 20% and PAT surged 114% between FY24 and FY25, robust ROCE of 29.84%, RoNW of 22.49%, healthy PAT margin of 6.95%, EBITDA margin of 10.13%, minimal debt-to-equity of 0.08 demonstrating financial stability.

Comprehensive Distribution Network: Over 70 points of sale across India including mono-brand boutiques and multi-brand outlets covering major metropolitan cities and tier-one and tier-two locations, two service centers in Mumbai and Delhi supported by 20+ authorized facilities nationwide.

Premium Brand Portfolio: Authorized distributor for TAG Heuer in India managing official e-commerce platform, brand portfolio including TAG Heuer, Zenith, Bomberg, and Exaequo representing renowned Swiss luxury watch brands, integrated business model spanning distribution, retail, after-sales services, and tools distribution.

Challenges:

Financial Inconsistency: Despite strong FY25 performance, analyst review highlights company posted inconsistency in top and bottom lines for reported periods raising sustainability concerns, revenue fluctuated from ₹52.86 crore in FY23 to ₹50.59 crore in FY24 to ₹60.78 crore in FY25.

Utilisation of IPO Proceeds

Retail Expansion: ₹2.82 crore for funding capital expenditure towards setting up four new retail stores expanding points of sale network and market presence across India.

Working Capital: ₹9.00 crore for funding working capital requirements supporting inventory management for luxury watches, operational expenses, and business expansion across distribution and retail verticals, plus general corporate purposes.

Financial Performance

Revenue: ₹60.78 crore for FY25, growth of 20% from ₹50.59 crore in FY24, reflecting expanding distribution of Swiss luxury watches across TAG Heuer, Zenith, Bomberg, and Exaequo brands through 70+ points of sale.

Net Profit: ₹4.29 crore in FY25, impressive growth of 114% from ₹2.01 crore in FY24, demonstrating operational leverage and improving profitability through better brand mix, operational efficiency, and expanding distribution network.

Financial Metrics: Robust ROCE of 29.84%, minimal debt-to-equity of 0.08, RoNW of 22.49%, healthy PAT margin of 6.95%, EBITDA margin of 10.13%, price-to-book of 2.83x, post-issue EPS of ₹5.08, P/E of 16.15x, net worth of ₹18.86 crore, minimal borrowings of ₹1.56 crore, and market capitalisation of ₹135.04 crore representing near-doubling from pre-IPO valuation.