Mumbai: M K Sons Fine Jewels Ltd has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), taking the Mumbai-based jewellery retailer a step closer to a public-market debut. The IPO will comprise a fresh issue of up to 1.36 crore equity shares and an offer for sale of up to 34 lakh shares by promoter Ramchand Murlidhar Raimalani.

IPO Proceeds to Fund Expansion

A significant portion of the fresh issue proceeds will be directed towards strengthening the company’s retail network. The company plans to establish a new showroom in Maharashtra and expand an existing showroom in Gujarat, with an estimated expenditure of Rs 151.51 crore.

Another Rs 30 crore has been earmarked for repayment or prepayment of certain borrowings, while the remaining proceeds will be used for general corporate purposes.

Stronger Financial Performance

The company reported revenue from operations of Rs 351.28 crore in FY2024-25, compared with Rs 217.32 crore in FY2023-24. Profit after tax increased to Rs 23.26 crore from Rs 8.17 crore during the same period.

For the nine months ended December 31, 2025, revenue stood at Rs 360.82 crore, while profit after tax reached Rs 29.17 crore, according to its IPO documents.

Five-Store Network

The company currently operates five showrooms, with three located in Mumbai and two in Ahmedabad. Its product portfolio spans gold, diamond, precious-stone and other jewellery categories, supported by its retail showrooms and online channel.

The company has also been investing in customer-facing services including home viewing in select locations and virtual consultations, alongside inventory tracking and traceability systems.

With SEBI approval in place, the company is now positioned to move ahead with the next stages of its IPO process, while the proposed showroom investments are expected to expand its presence across its existing markets and Maharashtra.