M. K. Sons Fine Jewels Limited IPO
MKSONS · BSE, NSE · Mainboard · Diamond & Jewellery
Overview
Updated 2 hr agoM. K. Sons Fine Jewels Limited is a retail-focused jewellery company that offers a diverse portfolio of gold, diamond, and Cubic Zirconia (CZ) jewellery. The company operates through five physical retail showrooms located in Mumbai and Ahmedabad.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 91 | ₹14,742 |
| Retail (max) | 13 | 1,183 | ₹1,91,646 |
| sNII (min) | 14 | 1,274 | ₹2,06,388 |
| bNII (min) | 68 | 6,188 | ₹10,02,456 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 12 Nov, 18:33 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Day-wise demand
close of each bidding day| Day | Date | QIB | NII | bNII | sNII | Retail | Employee | Total |
|---|---|---|---|---|---|---|---|---|
| Day 3 | 30 Oct | 1.84x | 14.12x | 15.33x | 11.71x | 3.08x | -- | 5.09x |
bNII = NII bids above ₹10 lakh, sNII = NII bids from ₹2 lakh to ₹10 lakh. Each day shows the last reading we recorded that day.
Grey market premium
Unofficial| Date | GMP | GMP % | Implied price |
|---|---|---|---|
| 04-Nov-2026 | +₹10 | +6.2% | ₹172 |
| 03-Nov-2026 | +₹7 | +4.3% | ₹169 |
| 02-Nov-2026 | +₹5 | +3.1% | ₹167 |
| 01-Nov-2026 | +₹5 | +3.1% | ₹167 |
| 31-Oct-2026 | +₹6 | +3.4% | ₹168 |
GMP is an unofficial, unregulated, community-tracked quote. It is not an exchange price and not a forecast. See how often it has been right →
Listing performance
Latest price updated 5 hr ago.
Grey market vs reality: the last GMP before listing was +₹10 (+6.2%). It listed at +0.0%, off by 6.1 points.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | Diamond & Jewellery |
| Price band | ₹153–162 |
| Final issue price | ₹162.00 |
| Face value | ₹10 per share |
| Lot size | 91 shares |
| Minimum investment | ₹14,742 |
| Issue size | ₹275 Cr |
| P/E at upper band | 13.4x |
| Registrar | Bigshare Services Private Limited |
| Lead managers | Aryaman Financial Services Limited |
| NSE symbol | MKSONS |
| ISIN | INE2IXO01012 |
Shareholder quota and promoter holding
Company & business
Incorporated in 2012, M. K. Sons Fine Jewels Limited is a retail-focused jewellery company that markets and sells a wide range of gold, diamond, and Cubic Zirconia (CZ) jewellery. The company operates through a chain of five retail showrooms located in Mumbai and Ahmedabad. The company's product portfolio includes bridal jewellery, aspirational jewellery, daily wear jewellery, and a signature collection, with over 5,000 designs. The company follows a cluster-based expansion strategy and operates under a Company Owned Company Operated (COCO) model. The business was originally established as a proprietorship concern by Ramchand Murlidhar Raimalani in 1999 and was later acquired by the company in 2025.
Objects of the issue — how the money will be used
- Funding of inventory costs towards setting up of 1 new showroom in Maharashtra (₹152.84 Cr)
- Repayment and/or pre-payment, in full or part, of certain borrowings (₹30 Cr)
- General Corporate Purposes
Key strengths
- Multi-collection jewellery portfolio addressing varied consumer segments
- Targeted marketing and promotion activities
- Founder-led company supported by professional management
- Commitment to quality and customer satisfaction
- Strong financial results
Key risks
- Significant revenue concentration from showrooms in Gujarat
- Objects of the offer have not been appraised by any bank or financial institution
- Revenue is entirely derived from direct sales through physical showrooms
- Related party transactions may involve conflicts of interest
- Volatility in prices and availability of gold, diamonds, and other raw materials
- Reliance on third-party product manufacturers and Karigars
- Exposure to risks of fraud, theft, and employee misconduct
- Negative net cash flow from operating activities in past fiscals
Promoters
Ramchand Murlidhar Raimalani, Neelam Ramchand Raimalani, Kush Ramchand Raimalani
Decoded from the RHP with AI on 31-Oct-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 217.32 | -- | 8.17 | 95.21 | 22.29 | 38.64 |
| FY25 | 351.28 | -- | 23.26 | 219.64 | 116.24 | 68.93 |
| FY26 | 538.74 | -- | 51.80 | 283.21 | 168.01 | 68.44 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| M. K. Sons Fine Jewels Limited this issue | 538.7 | 12.13 | 13.4x | 30.83 | 39.36 |
| Motisons Jewellers Limited | 489.6 | 0.65 | 27.8 | 12.77 | 5.05 |
| Tribhovandas Bhimji Zaveri Limited | 3,203.0 | 30.32 | 19.6 | 24.14 | 125.60 |
| Senco Gold Limited | 8,430.0 | 35.08 | 9.6 | 22.85 | 153.45 |
| PNGS Reva Diamond Jewellery Limited | 439.0 | 28.41 | 24.2 | 12.55 | 162.53 |
This issue is priced at 13.4x P/E against a peer median of 21.9x: a discount of 39%. A measurement, not a verdict.
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Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.