The Divine Hira Jewellers IPO is scheduled to open on 17 March 2025 and close on 19 March 2025. This Fixed Price Issue aims to raise approximately ₹31.84 Crores, comprising a fresh issue of ₹31.84 Crores and an offer for sale (OFS) of up to 35,37,600 equity shares (face value: ₹10 each).
The Divine Hira Jewellers SME IPO will be available with a price band of ₹90 per share, with allocations divided as follows: 50% for retail investors, 0% for QIBs (Qualified Institutional Buyers), and 50% for HNIs (High Net-worth Individuals), making it a retail-friendly opportunity for interested buyers.
Key dates include the allotment finalization on 20 March 2025 and the anticipated listing on the NSE by 24 March 2025.
Divine Hira Jewellers’ financial momentum adds weight to the offering. In 2024, settled at ₹183.41 Crores (down from ₹246.45 Crores in 2023), while profits surged 62.6% to ₹1.48 Crores in 2024 from ₹0.91 Crores in 2023. For investors eyeing long-term growth, this IPO could align well with their strategy.
Divine Hira Jewellers IPO Details
| IPO Open Date: | 17 March 2025 |
| IPO Close Date: | 19 March 2025 |
| Listing Date: | 24 March 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Issue Price: | ₹90 Per Share |
| Lot Size: | 1,600 Shares |
| Issue Type: | Fixed Price Issue |
| IPO Listing At: | NSE SME |
| Total Issue Size: | 35,37,600 Shares (Approx ₹31.84 Cr.) |
| Fresh Issue: | 35,37,600 Shares (Approx ₹31.84 Cr.) |
| Retail Quota: | Not more than 50% |
| NII (HNI) Quota: | Not more than 50% |
Divine Hira Jewellers IPO Market Lot
The minimum market lot for the Divine Hira Jewellers IPO is 1,600 shares, with an application amount of ₹1,44,000.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 1,600 | ₹1,44,000 |
| Retail Maximum | 1 | 1,600 | ₹1,44,000 |
| S-HNI Minimum | 2 | 3,200 | ₹2,88,000 |
Divine Hira Jewellers IPO Dates
The Divine Hira Jewellers IPO Subscription will open on 17 March 2025 and close on 19 March 2025. Allotments will be finalized on 20 March 2025, and the shares will be listed on 24 March 2025.
| IPO Open Date: | 17 March 2025 |
| IPO Close Date: | 19 March 2025 |
| Basic of Allotment: | 20 March 2025 |
| Refund: | 21 March 2025 |
| Credit of Shares to Demat Account: | 21 March 2025 |
| IPO Listing Date: | 24 March 2025 |
Divine Hira Jewellers IPO Promoters
The following are the promoters of the company:
- Hirachand Pukhraj Gulecha
- Niraj Hirachand Gulech
- Khusbhu NIraj Gulecha
- Hirachand P Gulecha (HUF)
| Promoter Holding Pre IPO: | 99.74% |
| Promoter Holding Post IPO: | 72.70% |
About Divine Hira Jewellers
Established in July 2022 and based in Mumbai, Maharashtra, Divine Hira Jewellers Limited specializes in designing and wholesaling premium 22-karat gold jewelry. Catering to wholesalers, showrooms, and retailers, the company offers a curated collection that blends traditional artistry with modern designs.
Product Range includes:
- Necklaces
- Mangalsutras
- Chains
- Malas
- Rings
- Pendants
- Bracelets
- Bangles
- Kadas
- Coins
- Wedding Jewelry (tailored to regional preferences for local relevance)
In addition to gold jewelry, the company supplies silver articles, bullion, and coins. While it lacks in-house manufacturing, Divine Hira collaborates with skilled artisans across India to create handcrafted and machine-made pieces, ensuring quality craftsmanship.
Gold is sourced from trusted dealers and importers, with plans to establish direct import channels. Recent expansions include antique gold jewelry, merging historical aesthetics with contemporary appeal.
Divine Hira is focused on mid-market and value segments and caters to daily wear, festive occasions, and weddings. As of October 31, 2024, the company employs nine professionals across departments and partners with HDFC Bank Limited.
Divine Hira Jewellers has emerged as a reliable name in India’s competitive jewelry wholesale market by prioritizing localized designs, strategic artisan partnerships, and purity standards.
Divine Hira Jewellers IPO SWOT
Strengths
- Established Leadership & Financial Growth: Backed by experienced leaders like Mr. Hirachand P Gulecha (30+ years in the jewelry trade), the company has shown consistent asset growth, rising from ₹19.78 crore (2022) to ₹28.97 crore (2024), alongside improving PAT from ₹0.28 crore to ₹1.48 crore.
- Diverse & Regional Designs: It offers a wide range of 22K gold jewelry, including necklaces, mangalsutras, and wedding collections, blending traditional and modern styles tailored to regional preferences.
- Quality Assurance & Hallmarking: Every piece undergoes rigorous two-stage checks and government-approved hallmarking with unique HU ID numbers, ensuring purity and authenticity.
- Strong Market Positioning: Benefits from India’s growing jewelry sector, with a loyal client base and repeat orders from wholesalers, retailers, and showrooms.
- Skilled Artisan Partnerships: Collaborates with trusted vendors and artisans (10-15 years’ expertise) for handcrafted and machine-made jewelry, ensuring quality without in-house manufacturing.
- Innovative Design Capabilities: An in-house team creates trend-forward designs, including antique collections that merge historical artistry with contemporary appeal.
- Robust Net Worth & Reserves: Net worth surged from ₹3 crore (2022) to ₹9.8 crore (2024), with stable reserves at ₹7.32 crore, reflecting financial stability.
- Competitive ROE/ROCE: Delivers strong returns with ROE (16.36%) and ROCE (13.54%), signaling efficient capital use and investor appeal.
Risks
- High Debt Burden: Total borrowing stands at ₹18.61 crore (2024), with a debt-to-equity ratio of 1.90, straining liquidity and cash flow.
- Low PAT Margins: PAT margin of 0.81% highlights profitability challenges, requiring cost optimization.
- Revenue Volatility: Revenue dropped from ₹246.45 crore (2023) to ₹183.41 crore (2024), indicating market sensitivity.
- Raw Material Price Risks: Dependence on gold/silver imports exposes margins to global price swings and supply chain disruptions.
- Geographic Concentration: Heavy reliance on Maharashtra, Karnataka, Gujarat, and Chhattisgarh increases vulnerability to regional economic downturns.
- Dependence on External Job Workers: Manufacturing relies on third-party artisans without formal contracts, risking quality or delivery delays.
- Fierce Competition: The company faces pressure from established brands and local jewelers, necessitating continuous innovation and marketing.
- Regulatory Change: Shifts in GST, import duties, or hallmarking norms could impact pricing and operational flexibility.
Note: Strengths highlight operational agility and financial robustness, while risks emphasize external dependencies and valuation concerns.
Conclusion
Divine Hira Jewellers Limited demonstrates strong potential with its focus on regionalized 22K gold designs, consistent asset growth (₹28.97 crore by 2024), and improving profitability (PAT up to ₹1.48 crore).
Backed by seasoned leadership and hallmark-certified quality, it caters effectively to India’s thriving jewelry demand. However, challenges like high debt (₹18.61 crores), thin PAT margins (0.81%), and reliance on volatile raw material prices pose risks. Geographic concentration and dependency on external artisans further demand caution.
While competitive ROE/ROCE (16.36%/13.54%) and a loyal client base highlight strengths, addressing financial leverage and diversifying markets will be critical for sustained growth in India’s fragmented jewelry sector.
Divine Hira Jewellers Financial Report
In 2024, the company recorded a revenue of ₹183.41 crores, down from ₹246.45 crores in 2023, and its profit increased to ₹1.48 crores in 2024 from ₹0.91 crores in 2023.
Amount in Crores (₹)
| Particulars | Sep 2024 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Assets | ₹28.54 | ₹28.97 | ₹23.26 | ₹19.78 |
| Revenue | ₹136.03 | ₹183.41 | ₹246.45 | ₹142.40 |
| Expenses | ₹132.69 | ₹181.43 | ₹245.23 | ₹142.02 |
| EBITDA | ₹4.08 | ₹3.47 | ₹2.6 | ₹1.62 |
| Profit After Tax (PAT) | ₹2.5 | ₹1.48 | ₹0.91 | ₹0.29 |
| Net Worth | ₹12.3 | ₹9.8 | ₹8.32 | ₹3 |
| Reserves and Surplus | ₹9.51 | ₹7.32 | ₹7.32 | – |
| Total Borrowing | ₹12.93 | ₹18.61 | ₹14.05 | ₹16.54 |
Divine Hira Jewellers Valuation – FY2024
| KPI (Key Performance Indicator) | Values |
|---|---|
| Return on Equity (RoE): | 16.36% |
| Return on Capital Employed (RoCE): | 13.54% |
| EBITDA Margin: | 1.81% |
| PAT Margin: | 0.81% |
| Debt to equity ratio: | 1.9 |
| Return on Net Worth (RoNW): | 16.36% |
| Pre IPO EPS (₹): | 1.56 |
| Post IPO EPS (₹): | 1.14 |
| Pre IPO P/E (x): | 57.69 |
| Post IPO P/E (x): | 79.25 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Sky Gold Ltd (Consolidated) | 35.18 | 99.09 | 23.66% | 184.42 | 1,745.48 Cr. |
Divine Hira Jewellers IPO Objectives
- Prepayment or repayment of all or a portion of certain loans availed by the company
- Funding of working capital requirements of the Company
- General corporate purposes
Divine Hira Jewellers SME IPO Review
- Grow Wise Hub – Avoid
- Canara Bank –
- IDBI Capital –
- SBICAP Securities –
- Sharekhan –
- SMC Global –
- Sushil Finance –
- Swastika Investmart –
- Ventura Securities –
- Reliance Securities –
- Capital Market –
- BP Wealth –
- ICICIdirect –
- Choice Broking –
Divine Hira Jewellers IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: ipo.bigshareonline.com/IPO_Status.html
Divine Hira Jewellers IPO Lead Managers
Horizon Financial Pvt Ltd
Divine Hira Jewellers Address
Divine Hira Jewellers Limited
74/A, 1st Floor, Office No.2,
Opp. Hotel Bhagat Tarachand
Zaveri Bazar, Mumbai 400002
Phone: +91 222 240 2662
Email: info@divinehirajewellers.com
Website: divinehirajewellers.com
Divine Hira Jewellers IPO FAQs
What is the Divine Hira Jewellers IPO?
The Divine Hira Jewellers IPO is an SME listing through which the company intends to raise ₹31.84 Crores by issuing equity shares priced at ₹90 each, and the IPO will be listed on NSE.
When does the Divine Hira Jewellers IPO open for subscription?
The Divine Hira Jewellers IPO subscription period starts on 17 March 2025 for QIB, NII, and Retail Investors and will close on 19 March 2025.
How is the investor allocation divided in the Divine Hira Jewellers IPO?
The allocation is segmented as follows: 0% for QIB, 50% for NII, and 50% for Retail Investors.
How can I apply for the Divine Hira Jewellers IPO?
Divine Hira Jewellers SME IPO applications can be made online via ASBA through your bank account or UPI via your stockbroker’s platform. Alternatively, you may also apply offline by submitting a form through your stockbroker.
What is the total issue size of the Divine Hira Jewellers IPO?
The Divine Hira Jewellers IPO issue size is ₹31.84 crores.
What is the Divine Hira Jewellers IPO price band?
The Divine Hira Jewellers IPO is priced at ₹90 per share.
What is the minimum lot size for the Divine Hira Jewellers IPO?
The minimum bid requires purchasing 1,600 shares, which amounts to ₹1,44,000.
When is the Divine Hira Jewellers IPO allotment date?
Allotment for the Divine Hira Jewellers IPO is scheduled for 20 March 2025.
When will the Divine Hira Jewellers IPO be listed on the stock exchanges?
The Divine Hira Jewellers IPO will be listed on NSE on 24 March 2025.
Note: The Divine Hira Jewellers SME IPO price band and dates are officially announced. (The Divine Hira Jewellers IPO GMP details will be added to the IPO GMP page once they become available.)