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PC Jewellers Ltd., a Well Established Jewellery Retailer, Is Entering in The

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PC Jewellers Ltd., a Well Established Jewellery Retailer, Is Entering in The PC Jewellers Limited (IPO NOTE) 7th December, 2012 PC Jewellers Ltd., a well established Jewellery retailer, is entering in the Industry – Diamond and Jewellery capital markets with an initial public offering, IPO of 45,133,500 Equity Recommendations - Buy Shares of Rs 10 each. PCJ offers a wide range of products including gold jewellery, diamond jewellery and other jewellery including silver Bidding Details articles. They provide 100% Hallmarked jewellery and Certified Diamond Price Band: Rs 125 -Rs. 135 per share jewellery. At higer price band the issue is available at discount to it’s (A Discount of Rs. 5 for retail bitters & peers at P/E of 7.8 Employees) Face value – Rs 10 per share INVESTMENT RATIONALE Lot size – 90 shares and multiples of 90 shares thereafter Further expantion of retail network: Company intends to further expand Issue Opens –Dec 10 ’2012 their retail network across various cities in north and central India and in Issue Closes –Dec 12 ’2012 certain key markets in the rest of India (intends to open ten additional Retail Applications size: upto Rs. 200,000 showrooms in fiscal 2012). Issue Size – Rs. 556 Cr. - Rs. 601 Cr. Continue to increase focus on diamond and other higher margin jewellery sales: Company intends to continue to increase their focus on Shareholding Pattern (%) diamond jewellery and other precious stone jewellery, as these typically Pre-Issue Post-Issue involve higher profit margins than other types of jewellery. Promoters 93.61 70.02 Increase sales through innovative customer-oriented marketing Public 6.39 29.98 initiatives: The Company continues to invest in nationwide, regional and local store-level advertising campaigns, marketing initiatives and event Issue Allocation sponsorships to increase our visibility and customer traffic at our showrooms. % of Net Category Shares Issue Significant manufacturing capabilities: A significant portion of jewellery is Issue Size 45133500 designed and manufactured at its own manufacturing facilities. Company has Less (Employee established two jewellery manufacturing facilities at Selaqui, Dehradun, 358500 Reservation) Uttarakhand to cater to their sales in India. Net Issue to 100% 44775000 Public Experience of Promoters and senior management team: Promoters of QIB's 50% 22387500 company have been involved in the jewellery business in India for more than two decades and have extensive experience in the industry. HNI 15% 6716250 Retail 35% 15671250 *The Company may allocate up to 30% of the QIB **PEER COMPARISION (FOR FY12) Portion to Anchor Investors on a discretionary basis. PEERS (RS. CR.) PC JEWEL TITAN IND. GITANJLI GEMS Issue Type: 100% Book Building PAT 231.29 601.5 489.5 Grade: *CARE & CRISIL IPO Grade 3/5” PAT MARGINS (%) 6.3% 6.8% 3.92% Book Running Lead Managers: CMP (Rs.) 135.0 309.0 473.5 Kotak Mahindra Capital Company Ltd. EQUITY CAPITAL 133.97 88.78 91.1 SBI Capital Markets Ltd. NETWORTH 555.35 1,460.92 2,541.7 Co-Book Running Lead Managers: EPS (RS) 17.2 6.8 53.7 IDBI Capital Market Services Ltd. PE (X) 7.8 45.6 8.8 Registrar: Karvy Computershare Pvt. Ltd COMPANY PROFILE Listing: BSE & NSE Incorporated in 2005, PC Jewellers Ltd is an established jewellery retailer in *Key Financials (FY12) (Rs. Cr.) North India. Company's operations include the manufacture, retail and Sale 3674.21 wholesale of jewellery. PCJ offers a wide range of products including gold PAT 231.29 jewellery, diamond jewellery and other jewellery including silver articles. They PAT Margins 6.3% provide 100% Hallmarked jewellery and Certified Diamond jewellery. In CMP (Rs)(Higher 135 addition to their retail operations, they also sell gold and diamond jewellery on price band) a wholesale basis to other jewellery retailers in India. They also export gold Equity Cap. 133.97 and diamond jewellery on a wholesale basis to international distributors in Networth 555.35 Dubai, Hong Kong and Singapore. PC Jewellers have 30 showrooms under the "PC Jeweller" brand located across 23 cities in north and central India. Face Value (Rs) 10 Company is planning to expand their showroom network across India by Shares outs. 13.39 adding 20 more in next two years, including in southern and western parts of EPS (Rs) 17.2 India. They have manufacturing facilities at 5 locations. P/E (x) 7.8 *Source: DRHP PC JEWELLERS LTD. Please follow the link below to download DRHP http://www.sebi.gov.in/cms/sebi_data/attachdocs/1354273023550.pdf For Further Details/Clarifications please contact: RR Information & Investment Research Pvt. 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