This B2B jewelry manufacturer is planning ₹1,000cr IPO in India
What's the story
Mumbai-based B2B jewelry manufacturer, Royal Chain, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth ₹1,000 crore. The company plans to raise ₹850 crore through fresh equity share issuance, while its promoters will offer shares worth up to ₹150 crore through an offer for sale (OFS).
Company profile
A look at the firm
Royal Chain is a vertically integrated and technology-driven original design manufacturer (ODM) of gold chains and jewelry.
The company has an annual installed capacity of 12,000kg and caters to several organized jewelry retailers across India.
Its clientele includes Titan Company, Kalyan Jewellers India, P N Gadgil Jewellers, Senco Gold, Kalamandir Jewellers, and Thangamayil Jewellery among others.
Market growth
India's jewelry market is projected to grow rapidly
According to a report by TKC, India's jewelry market was worth ₹7,77,840 crore in FY26 and is expected to reach ₹15,47,970 crore by FY31.
The B2B jewelry manufacturing segment alone was valued at around ₹5,81,850 crore in FY26 and is projected to grow to roughly ₹11,33,360 crore by FY31.
Royal Chain's contribution will be critical in this expansion as it serves multiple jewelry retailers across India.
Financials
Plans to use proceeds for debt repayment
Royal Chain plans to use ₹650 crore from the net proceeds of the fresh issue to repay debt.
The company has total outstanding borrowings of ₹820.4 crore on a standalone basis. The rest of the money will be used for general corporate purposes.
The company's financial performance has been strong in recent years, with profit nearly tripling to ₹173.3 crore in FY26 from ₹63.3 crore in FY25 and revenue growing 30.8% during this period.