IPO Success and Allotment Details
Mumbai, India – RBZ Jewellers, one of the leading organized manufacturers of gold jewelry in India, is poised to make its stock market debut on December 27, with the grey market suggesting a listing price of around ₹105 per share. The company’s IPO, which ran from December 19 to 21, received a robust response from investors, oversubscribed by 6.86 times.
Strong Investor Response
During the bidding period, the segment allocated for retail investors witnessed a subscription rate of 24.74 times, highlighting strong retail investor interest. Non-institutional investors (NIIs) also showed substantial participation, with a subscription rate of 9.27 times. The Qualified Institutional Buyers (QIB) segment experienced healthy demand, with a subscription rate of 13.43 times.
IPO Details
The IPO, with a size of ₹100 crore, consisted of a completely fresh issue. RBZ Jewellers plans to utilize the net proceeds from the fresh issue to meet additional working capital requirements and for general corporate purposes.
Grey Market Signals
As the stock prepares for its market debut, the grey market indicates a muted start, with a premium of ₹5 per share in the unlisted market. This suggests an anticipated IPO listing price of around ₹105 per share.
Allotment Details
RBZ Jewellers released the allotment details on December 22. Investors who applied for the public issue can check the IPO allotment status online on the BSE website or the official registrar’s website, Bigshare Service. The company’s shares are set to be listed on both the BSE and NSE.
About RBZ Jewellers
Specializing in antique bridal gold jewelry, RBZ Jewellers is a key player in the Indian gold jewelry manufacturing sector. The company distributes its products to renowned nationwide retailers and significant regional players in India. With a strategic focus on establishing a strong presence in southern India, which constitutes 41% of the total jewelry demand in the country, RBZ Jewellers operates a 10,417-square-foot showroom with an additional 1,250 square feet on lease.
Strong Financial Performance
In terms of financials, RBZ Jewellers reported a 14.21% increase in operating revenue to ₹289 crore in FY23, compared to ₹252 crore in FY22. The profit after tax surged by 55% to ₹22 crore in FY23 from ₹14 crore in the previous fiscal year. For the six months ending September 30, 2023, the company posted a revenue of ₹125.46 crore and a profit after tax of ₹12.09 crore. Investors are closely watching RBZ Jewellers as it steps into the stock market, eager to see how it performs in the coming days.
