Master Chains N Jewels Files Draft IPO Papers With SEBI For ₹400 Crore Fresh Issue

Master Chains N Jewels has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO). The proposed issue includes a fresh issue of equity shares worth up to ₹400 crore and an offer for sale (OFS) of 59.06 lakh shares by promoter Taruna Madan Kothari.

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The Mumbai-based company submitted its draft papers to the market regulator on July 25. It has also proposed a pre-IPO placement of up to ₹80 crore. If the placement is completed before the public issue, the size of the fresh issue will be reduced by the amount raised in the pre-IPO round.

Proceeds To Support Working Capital

According to the draft prospectus, Master Chains N Jewels intends to use ₹350 crore from the net proceeds of the fresh issue to meet its working capital requirements. The remaining amount will be allocated toward general corporate purposes.

The company said its business requires substantial working capital for purchasing gold bullion and other raw materials, maintaining inventories of work-in-progress and finished jewellery, and funding trade receivables.

Master Chains N Jewels operates in the organised gold jewellery manufacturing and wholesale distribution segment. Its products are supplied directly to wholesalers and retailers across the country.

Profit More Than Doubles In FY26

For the financial year ended March 2026, the company reported a net profit of ₹97.3 crore, compared with ₹37.1 crore in the previous year, reflecting a growth of 162%.

Revenue from operations rose 11.1% to ₹1,680.6 crore in FY26 from ₹1,512.2 crore a year earlier.

Operating performance also improved during the year. EBITDA increased to ₹145.9 crore from ₹61.6 crore in FY25, while the EBITDA margin expanded to 8.68% from 4.07%.

From the performance shown in the draft papers, it can be seen that the company is more profitable while at the same time recording consistent increases in revenues in the current financial year.

Appointment of Lead Manager

Systematix Corporate Services has been appointed as the book running lead manager in this proposed issue.

The issue shall go ahead after the review of the draft papers by SEBI and approval from the company. Other details like date of opening, price band, and allotment of shares shall be disclosed in the final prospectus.