Upcoming SME IPO India May 2025: Srigee DLM Ltd and Manoj Jewellers Ltd
As May 2025 approaches, investors are eyeing the upcoming SME IPOs in India. Two noteworthy issues – Srigee DLM Ltd and Manoj Jewellers Ltd – open for subscription on 5 May 2025. This blog provides a detailed Srigee DLM IPO review and Manoj Jewellers IPO analysis, covering company overviews, IPO specifics, financial highlights, investment rationale, and key risks. We use relevant SEO keywords like “Best IPO to invest May 2025” to help you find the most promising investment opportunities.
Srigee DLM Ltd: Company Overview
Srigee DLM Ltd is a Noida-based plastic injection molding company. It is a design-led manufacturer catering to home appliance makers in the white goods sector, as well as producing electrical components and automotive parts0. The company offers in-house die design, polymer compounding, and assembly services under one roof1. Srigee’s products serve brands in consumer durables (e.g. home appliances) and the automotive sector. It has been expanding its manufacturing capabilities, including plans for a new facility in Greater Noida to boost production capacity.
IPO Details
The Srigee DLM Ltd IPO is a BSE SME public issue of ₹16.98 crore through a fresh issue of 17.15 lakh equity shares. The IPO opens on 5 May 2025 and closes on 7 May 202523. The price band is set at ₹94 to ₹99 per share, with a lot size of 1,200 shares45. At the lower band (₹94), the minimum investment per lot is ₹1,12,800; at the upper band (₹99), it is ₹1,18,80067. Shares are proposed to list on the BSE SME platform, with a tentative listing date of 12 May 2025.
Objectives of the IPO
The IPO proceeds will fund the company’s expansion and debt repayment. Srigee intends to deploy around ₹5.4 crore to set up a new manufacturing facility in Greater Noida, and another ₹9.51 crore to acquire machinery and equipment for this plant8. The remaining funds (after these capital expenditures) are earmarked for general corporate purposes. In summary, the key objectives are capacity expansion to meet growing demand, and supporting overall corporate needs9.
Financial Highlights
Srigee DLM has shown steady top-line and profit growth. In the fiscal year ending March 2024, consolidated revenue was ₹5.465 crore with a profit after tax of ₹0.297 crore10. This compares to FY2023 revenue of ₹4.725 crore and PAT of ₹0.281 crore, indicating year-on-year growth in sales and earnings11. The company’s financial statements suggest consistent improvement: EBITDA grew from ₹4.73 million (FY2023) to ₹4.87 million (FY2024)12. Overall, Srigee’s revenue nearly doubled from ₹3.304 crore in FY2022 to ₹5.465 crore in FY2024, reflecting expanding operations13.
Investment Rationale
Investors may find Srigee DLM attractive due to its niche manufacturing expertise and growth potential in the plastic products sector. The company has an experienced management team and established relationships with OEM customers in growing industries (white goods, auto components)1415. Its business model, covering design to assembly, gives it end-to-end capabilities. Financially, Srigee has demonstrated consistent profitability and revenue growth16. 17For example, the stock image above (a thumbs-up sign with an upward profit chart) symbolizes Srigee’s improving earnings trends. Management strength and customer loyalty are cited as strengths in the IPO documents18, suggesting the company may continue to expand safely. The SME IPO size is modest (₹16.98 Cr), which could appeal to retail and small investors seeking growth stories. Overall, the combination of solid fundamentals and strategic expansion may make Srigee DLM an attractive IPO for investors.
Risks and Considerations
Potential investors should weigh several risk factors. Srigee DLM’s revenues are heavily concentrated among a few large customers; loss of any key customer could materially impact earnings19. Similarly, it relies on a small number of suppliers for raw materials, so supply disruptions pose a risk20. The company also requires various regulatory approvals (for expansion, etc.), and any delays or failures in obtaining these could delay projects. Additionally, some past years saw negative cash flow from operations21, indicating cash management could be tight. 22The image above (a worried businesswoman next to a "Loss" chart) highlights these concerns. In sum, investors must consider customer concentration, working capital demands, and regulatory dependencies when evaluating the Srigee DLM IPO.
Manoj Jewellers Ltd: Company Overview
Manoj Jewellers Ltd is a Chennai-based gold and diamond jewellery retailer. It operates in both the retail and wholesale segments, selling ornaments made of gold, diamonds, and precious/semiprecious stones23. The company has a modest footprint with just two showrooms in Chennai24, focusing on design and craftsmanship to differentiate its offerings. Its business includes bridal jewellery and everyday ornaments. As a family-run business, Manoj Jewellers leverages traditional design and local brand presence in Tamil Nadu.
IPO Details
The Manoj Jewellers Ltd IPO is a fixed-price SME issue totaling ₹16.20 crore. The entire issue is a fresh issue (no offer-for-sale component). It opens on 5 May 2025 and closes on 7 May 2025, with shares slated to list on BSE SME by 12 May 20252627. The issue price is fixed at ₹54 per share (5.4× face value of ₹10)2829. Each lot consists of 2,000 shares, making the minimum investment ₹1,08,0003031. A small portion (152,000 shares, ₹0.82 Cr) is reserved for market makers, leaving 28.48 lakh shares in the public issue32.
Objectives of the IPO
The primary purpose of the IPO is to strengthen the balance sheet. According to official filings, Manoj Jewellers plans to use ₹13.23 crore of the net proceeds to repay or prepay existing borrowings3334. Reducing debt will lower interest burden and improve financial flexibility. The remaining ₹1.67 crore will fund general corporate purposes (working capital, brand building, etc.)3536. Notably, the company’s debt as of November 2024 stood at about ₹17.1 crore37, so the IPO will significantly de-lever the business.
Financial Highlights
Manoj Jewellers has exhibited rapid growth in FY2024. For the year ending March 2024, revenue was ₹4.338 crore and profit after tax ₹0.319 crore38. This reflects a dramatic increase from FY2023, where revenue was ₹1.364 crore and PAT ₹0.057 crore39. In percentage terms, revenue leapt by over 200% year-on-year. The company’s strong performance is confirmed by official sources: profit jumped from ₹0.62 crore in FY2023 to ₹3.20 crore in FY2024, while revenue grew by 218% to ₹43.35 crore (figures as reported by the company)40. This sharp improvement suggests Manoj Jewellers is capitalizing on demand in the gold jewellery market.
Investment Rationale
Manoj Jewellers’ IPO offers investors a chance to back a rapidly growing small-cap jewellery retailer. The fixed ₹54 price offers transparency to investors. Key attractions include the recent stellar financial turnaround: FY24 earnings surged, indicating the company may have turned profitable after building scale41. Additionally, the IPO proceeds will significantly reduce high-interest debt4243, potentially freeing cash flows for expansion or marketing. With only two showrooms to date, the business has room to grow its retail footprint in South India. The image above (gold bridal jewellery) reflects the company’s core products. Given the strong recent growth and clarified capital structure post-IPO, investors may see Manoj Jewellers as an upcoming SME IPO worth considering, especially if they believe in gold sector demand.
Risks and Considerations
However, several risks merit caution. As a gold/diamond retailer, Manoj Jewellers is vulnerable to precious metal price volatility; spikes in gold prices can squeeze margins and affect inventory value44. Jewellery sales are also discretionary and seasonal (e.g. festival/wedding peaks), so consumer sentiment and spending cycles heavily influence revenues45. The company’s dependence on just two Chennai showrooms limits diversification – any local slowdown could disproportionately impact results. Additionally, regulatory and litigation issues have been noted (some outstanding legal cases)46, which could pose uncertainties. In summary, while the growth story is compelling, investors should weigh sector-specific risks like gold price swings and discretionary demand, along with the company’s modest scale and debts, before subscribing to the Manoj Jewellers IPO.
Internal Links: For more insights, see our IPO calendar for May 2025 and related posts on SME IPO analysis, stock market investment strategies, and upcoming IPOs in India.
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