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The ₹100-crore initial public offering of RBZ Jewellers will open today at a price band of ₹95-100. The issue will close on Thursday (December 21) and the market lot is 150 shares.
The offer is entirely a fresh issuance of one crore shares . IPO is being made to finance the working capital requirements of the Company and for General Corporate Purposes.
While not more than 35 per cent of the offer would be available for Qualified Institutional Buyers, not less than 30 per cent of the offer is reserved for non-institutional bidders and less than 35 per cent is allocated for retail investors.
As part of IPO, RBZ Jewellers on Monday garnered ₹21 crore from anchor investors . The company informed the bourses that it allocated 21 lakh shares at ₹100 a share to three anchor investors - PGIM India Equity Growth Opportunities Fund, BOFA Securities Europe SA and Negen Undiscovered Value Fund.
RBZ Jewellers specialises in designing and manufacturing a diverse range of antique bridal gold jewellery, which consists of jadau, Meena, and Kundan work, and sell it on both wholesale and retail basis. It also processes and supplies Antique Bridal Gold Jewellery on job work basis to national retailers.
RBZ Jewellers, which has complete control over the entire value chain, has a customer base in the wholesale business, which includes reputed national, regional, and local family jewellers across 20 states.
It intends to make strong footprint in Southern India as South India that accounts for 41% of the total jewellery demand in India.
The company owns modern gold jewellery manufacturing facility at Sarkhej Gandhinagar Highway, Ahmedabad. The facility enables them to design and manufacture gold jewellery under one roof.
RBZ Jewellers operates its retail showroom under the brand name “Harit Zaveri” and is an established player in Ahmedabad, Gujarat.
The Jewellers’ revenue from operations increased by 14.21% to ₹28,962.62 lakhs in Fiscal 2023 from ₹25,252.66 lakhs in Fiscal 2022, while profit after tax increased by 54.94% from ₹1,447.98 lakhs in fiscal 2022 to ₹2,243.52 lakhs in fiscal 2023.
For the six months ended September 30, the company posted a revenue of ₹125.46 crore and profit after tax of ₹12.09 crore.
Arihant Capital Markets Limited is the sole book running lead manager and Bigshare Services Private Limited is the registrar to the Issue. The equity shares are proposed to be listed on main board of BSE and NSE.
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