Palm Jewels IPO

Palm Jewels IPOBusiness description - Palm Jewels is engaged in the wholesale business of gold jewellery. The company’s registered office and business of operation is based in Ahmedabad. The company essentially sells gold based chains, bracelets and necklaces. It outsources the manufacturing of jewellery through job workers based in Ahmedabad and Mumbai. The major raw material used for making our products is gold & silver. The company procures gold & silver through the bullion market and partially from the local markets in Ahmedabad. Gold bars and other necessary material are provided to the job workers who are based either in Ahmedabad and Mumbai. However, no formal agreement has been executed with either of these job workers. The finished jewellery is sold by its marketing and sales team directly to other jewellery stores.

Promoters of Palm Jewels – Mr Rohit D Shah & Mrs Chetna R Shah
Palm Jewels IPO details
Subscription Dates25 May - 4 June 2018
IPO Price bandINR30 per share
Fresh issue 2,968,000 shares (INR8.90 crore)
Offer for sale Nil
Total IPO size2,968,000 shares (INR8.90 crore)
Minimum bid (lot size)4,000 shares
Face Value INR10 per share
Retail Allocation50%
Listing OnBSE SME platform
Use of funds
  • Working capital requirements - INR8.65 crore
  • Issue expenses - INR0.25 crore
Palm Jewels' financial performance (in INR lakh)
FY2013FY2014FY2015FY2016FY201711M FY2018
Total revenue118.941.697.9157.5552.41,975.5
Total expenses118.741.598.5156.8549.81,916.2
Profit after tax0.10.2-0.40.51.544.4
Palm Jewels' Contact Details

Palm Jewels Limited
G.F-37, Super Mall
Nr. Lal Bunglow, C. G. Road
Ahmedabad – 380001

Phone: +91 79 4005 2056
Email: [email protected]
Website: www.palmjewels.com

Palm Jewels IPO Subscription Details
DaySubscription (no. of times)
Day 1

0.02

Day 2

0.13

Day 3

0.13

Day 4

0.18

Day 5

0.41

Day 6

0.68

Day 7

1.09

Palm Jewels Valuation (for FY2017)

Earnings Per Share (EPS): INR0.49

Price/Earnings (P/E) ratio: 61.22

Return on Net Worth (RONW): 4.54%

Net Asset Value (NAV): INR10.78 per share

Registrar of Palm Jewels IPO

Karvy Computershare Private Limited
Karvy Selenium Tower B, Plot 31-32,
Gachibowli, Nanakramguda,
Hyderabad – 500 032, Telangana

Phone: +91 40 6716 2222 
Fax:
 +91 40 2343 1551 
Email:
 [email protected]
Website: www.karvycomputershare.com

Palm Jewels IPO Allotment Status

Palm Jewels IPO allotment status is now available on Karvy Computershare’s website. Click on this link to get allotment status.

Listing performance of Palm Jewels

IPO Opening Date: 25 May 2018

IPO Closing Date: 4 June 2018

Listing Date: 12 June 2018

Listing Price on BSE SME: INR37.5 per share (up 25% from IPO price)

Closing Price on BSE SME: INR35.85 per share (up 19.5% from IPO price)

2 thoughts on “Palm Jewels IPO

  • June 5, 2018 at 2:41 PM
    Permalink

    1.Their Director is a 20 year old kid who is currently pursuing a degree in Engineering. He is also responsible for the administration of the company
    2. The CFO is 25 years old. B.Com grad. Experience of 5 years from Parasmani Jewellers. A Facebook profile with the same name lists him as a Cashier in Parasmani Jewellers. (Can’t be verified though)
    3. They have 8 employees in total apart from the management. 1 CFO, 1 Company Secretary who was hired on May 15, 2018. 1 driver. 2 Accountants. And 3 Sales people
    3. They do only wholesale gold selling. Buying gold from the bullion market, giving it out to job workers( Not employees ) to make new designs and then sell it to other jewellery stores. Very very thin margins
    4. Their biggest client is Jain ornaments with 3.6 Cr. Business. Jain ornaments i also owned by the promoters of Palm Jewel
    5. They have very little fixed assets ~2 Lakhs and operating out of a leased space
    6. Shareholders fund suddenly increased from Rs. 35 Lakhs (FY 2017) to 4.12 Crores (FY 2018)
    7. The company secured a loan of Rs. 90 Lakh from Yes bank on October 2017 at an interest of 8.8% p.a. However the company’s financial cost stood at only Rs. 1.37 Lakhs as of Feb 2018.

    Reply
  • May 29, 2018 at 9:19 AM
    Permalink

    Bogus company, just doing trading and demanding such high price. AVOID!!

    Reply

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