RBZ Jewellers IPO ends with decent subscription

Published on Dec 22, 2023 10:08

The initial public offer (IPO) of RBZ Jewellers received bids for 13,31,86,950 shares as against 79,00,000 shares on offer. The issue was subscribed 16.86 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 13.43 times. The Non Institutional Investors (NIIs) category was subscribed 9.27 times. The Retail Individual Investors (RIIs) category was subscribed 24.74 times.

The issue opened for bidding on 19 December 2023 and it closed on 21 December 2023. The price band of the IPO was fixed at Rs 95-100 per share.

The offer consisted only fresh issue of 1,00,00,000 equity shares. Out of the proceeds from the fresh issue, Rs 80.75 crore will be used towards working capital requirements and the balance towards general corporate purposes.

Ahead of the IPO, RBZ Jewellers on 18 December 2023, raised Rs 21 crore from anchor investors. The board allotted 21 lakh shares at Rs 100 each to 3 anchor investors.

RBZ Jewellers manufactures gold jewellery in India, specializing in antique bridal gold jewellery and distribute to reputable nation-wide retailers and significant regional players in India. The company holds approximately 1% of total organized wholesale gold jewellery market in India and has a history of more than fifteen years in the jewellery industry. The company also exports its jewellery to the Middle East region.

The firm reported a net profit of Rs 12.09 crore and total sales of Rs 125.46 crore for the six months ended on 30 September 2023.