Mumbai-based gold jewellery maker Master Chains N Jewels has filed draft red herring prospectus with Securities and Exchange Board of India to raise fresh capital of Rs 400 crore via initial public offering.

The IPO also comprises an offer-for-sale of 59.06 lakh shares by promoter Taruna Madan Kothari, as per the draft papers filed on July 25.

The company may also consider raising funds up to Rs 80 crore in pre-IPO placement, which is a part of fresh issue component. Accordingly, the fresh issue size will get reduced to the extent of fundraise in pre-IPO round.

Master Chains N Jewels operates in organised gold jewellery manufacturing, wholesale distribution segment and sells products directly to other wholesalers, and retailers.

The company proposed to utilise Rs 350 crore of proceeds from net fresh issue for its working capital requirements, and the remainder funds for general corporate purposes.

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"We require significant working capital primarily for the procurement of gold bullion and other raw materials, maintenance of work-in-progress and finished jewellery inventory, and funding trade receivables," the company said.

On the financial front, Master Chains N Jewels has reported a massive 162 percent growth in profit to Rs 97.3 crore in the year ended March 2026, compared to Rs 37.1 crore in previous year, backed by strong operating performance. Revenue during the same period increased 11.1 percent to Rs 1,680.6 crore, from Rs 1,512.2 crore.

EBITDA (earnings before interest, tax, depreciation and amortisation) surged 136.7 percent to Rs 145.9 crore in FY26 from Rs 61.6 crore in FY25, and margin more than doubled to 8.68 percent from 4.07 percent in the same period.

Systematix Corporate Services has been appointed as the book running lead manager for the Master Chains N Jewels IPO.

Courtesy: Network18 Media & Investments Limited