Crawford Bayley & Co and Luthra and Luthra Law Offices India have emerged as the Master Chains Jewels IPO legal advisors as the Mumbai-based gold jewellery manufacturer files its Draft Red Herring Prospectus (DRHP) with SEBI. The proposed offering is a combination of a fresh issue and an offer for sale, targeting the mainboard of the BSE and the National Stock Exchange of India.
Introduction
Master Chains N Jewels Limited has filed its Draft Red Herring Prospectus with SEBI and the Stock Exchanges in relation to an initial public offering comprising a fresh issue of equity shares aggregating up to ₹400 crore and an offer for sale of up to 5,906,250 equity shares by the promoter selling shareholder.
The equity shares, carrying a face value of ₹10 each, are proposed to be listed on the BSE and the NSE. The company may also consider a pre-IPO placement of up to ₹80 crore prior to filing the Red Herring Prospectus, which, if undertaken, would be reduced from the fresh issue. Systematix Corporate Services Limited has been appointed as the Book Running Lead Manager, and Bigshare Services Limited as the Registrar to the issue.
The proceeds from the fresh issue will be utilised towards funding the company’s working capital requirements and for general corporate purposes. Proceeds from the OFS will go to the selling shareholder and will not be received by the company.
Deal Value
The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹400 crore and an offer for sale of up to 5,906,250 equity shares.
Legal Teams Involved
Crawford Bayley & Co — Counsel to Master Chains N Jewels Limited (Issuer)
Crawford Bayley & Co is advising Master Chains N Jewels on this IPO. Further details of the Crawford Bayley team composition were not disclosed.
Luthra and Luthra Law Offices India — Counsel to the Book Running Lead Manager (Systematix Corporate Services Limited)
Luthra and Luthra Law Offices India are advising the Book Running Lead Manager Systematix Corporate Services Limited.
The transaction was led by Kshitij Asthana (Managing Associate), with support from Associates — Savar Arora, Ashutosh Anand, Ashwin Singh, Kumar Anant Ashish, and Manali Singh, along with strategic inputs from Akshit Kapoor (Partner).
Significance and Impact
Master Chains N Jewels Limited operates at the organised end of India’s gold jewellery market, a segment that has attracted sustained investor interest. The company is a leading gold chain manufacturer in India, engaged in the designing, manufacturing, job-work services and sale of a wide range of gold jewellery including lightweight jewellery, and operates in India’s organised gold jewellery manufacturing and wholesale distribution segment, selling its products directly to wholesalers, single-store and multi-store retailers.
Originally incorporated as a private limited company under the Companies Act, 1956 as Master Chain Private Limited on 12 May 1997, the company’s name was subsequently changed to Master Chains N Jewels Private Limited in June 2025 to reflect the name under which it carries on business. It was thereafter converted to a public limited company pursuant to a special resolution passed by shareholders on 3 November 2025.
The DRHP filing marks a significant milestone in the company’s transition from a private wholesale manufacturer to a publicly listed entity. The engagement of two established Indian law firms on opposing sides of the transaction underscores the growing complexity and regulatory rigour that mainboard IPOs in the jewellery sector demand. Track all live deal mandates on the Deal Meter.
The Master Chains N Jewels IPO filing — with Crawford Bayley & Co advising the issuer and Luthra and Luthra Law Offices India advising Book Running Lead Manager Systematix Corporate Services Limited — is currently at the DRHP stage and awaits SEBI review and approval before proceeding to listing. The IPO remains at the draft stage; details including the price band, issue dates, and minimum application size are expected to be announced closer to the public offering.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
