Momai Art Files DRHP For IPO Of Up To 2.41 Crore Shares
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Mumbai-based gold jewellery manufacturer Momai Art has filed its DRHP for an IPO comprising up to 2.405 crore equity shares. The offer is a combination of a fresh issue and an offer for sale.
Momai Art Limited has filed its Draft Red Herring Prospectus (DRHP) for an initial public offering (IPO) comprising up to 2.405 crore equity shares of face value ₹10 each.
The Mumbai-based company manufactures lightweight gold jewellery for the business-to-business (B2B) market. Momai Art operates across products including Dokiya chains, bracelets, rings, earrings, pendants and necklace sets. Its portfolio has more than 14,000 designs across 22-karat, 21-karat, 20-karat and 18-karat gold. The company uses Meenakari artwork and precision CNC processing for detailed designs.
₹143.16 Crore Set Aside For Working Capital
The proposed issue consists of a fresh issue of up to 1.955 crore equity shares and an offer for sale (OFS) of up to 45 lakh shares by promoters Nikhil Tulsidas Vaya, Rahul Tulsibhai Vaya and Atul Jentilal Patt. The offer price and corresponding rupee size of the issue are yet to be finalised.
The company proposes to deploy the fresh issue proceeds towards:
Use of funds | Amount |
|---|---|
Working capital | ₹143.16 crore |
General corporate purposes | Balance amount |
The working-capital funding is intended to support higher inventory requirements, additional trade receivables, rising order volumes and uninterrupted gold procurement.
Financial Performance
Momai Art reported higher operating revenue, earnings before interest, taxes, depreciation and amortisation (EBITDA) and profit after tax (PAT) in FY26 compared with the previous fiscal. The company also recorded an increase in its installed production capacity during the year
FY26 Metric | Value |
|---|---|
Revenue from operations | ₹662.23 crore |
EBITDA | ₹60.21 crore |
Profit after tax | ₹39 crore |
Installed capacity | 3,000 kg |
Jewellery Production And Market Reach
Momai Art manufactured 809.35 kg of gold jewellery in FY26. During the year, it processed 707.49 kg of gold, including material procured by the company and gold supplied by customers. Domestic sales accounted for 99.36% of revenue from operations, while exports contributed 0.64%.
From Partnership To Public Company
The business began as a partnership firm in 2017 and was incorporated as Momai Art Private Limited in March 2025. It was subsequently converted into a public limited company in 2026. The proposed equity shares are to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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