Mumbai-headquartered jewellery manufacturer Royal Chain has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an IPO aggregating up to ₹1,000 crore, marking a notable listing move from India's B2B jewellery and original design manufacturing (ODM) space.
The proposed issue comprises a fresh issue of up to ₹850 crore and an offer for sale of up to ₹150 crore by promoter and selling shareholders. Of the fresh capital, ₹650 crore is earmarked for full or partial prepayment of outstanding borrowings — the company carried standalone debt of ₹820.4 crore, making balance-sheet deleveraging the principal objective of the issue. The remainder goes to general corporate purposes.
JM Financial and 360 ONE WAM are the book-running lead managers for the issue.
Royal Chain's filing is the latest in a busy October pipeline of mainboard IPOs, joining the likes of Zetwerk, Jio Platforms, Fusion CX and HD Fire Protect — a sign that capital markets remain receptive to profitable, asset-backed businesses even as investors grow selective.
Why it matters for founders
Royal Chain's IPO shows the public markets will fund unglamorous B2B businesses with real revenues when the story is credible — in this case, deleveraging a ₹820 crore balance sheet. If you're building a profitable, asset-heavy company, the IPO window is open; don't assume it's only for consumer tech.