Muted Debut: RBZ Jewellers lists at ₹100, same as issue price
₹100 per share, the same as its issue price. The ₹100 crore IPO was open for subscription between December 19-21 for a price band of ₹95-100 per share. Ahead of the launch, the company has raised ₹21 crore from anchor investors.
The company allocated 21 lakh shares at ₹100 per share to three anchor investors The IPO was subscribed 6.86 times. The segment allocated for retail investors saw a subscription rate of 24.74 times, while the portion reserved for non-institutional investors (NIIs) was subscribed to 9.27 times. The qualified institutional buyers (QIB) segment also witnessed a healthy demand, with a subscription rate of 13.43 times.
The IPO is completely a fresh issue of 1 crore shares worth ₹100 crore. There is no offer for sale (OFS) segment in the public offer. The net proceeds worth ₹80.75 crore from the IPO will be allocated to meeting working capital requirements.
Additionally, up to 25 percent of the gross proceeds will be allocated for general corporate purposes. RBZ Jewellers IPO had reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer was reserved for retail investors. Arihant Capital Markets will lead the book-running management of the IPO, and Bigshare Services will act as the registrar of the offer.
Established in April 2008, RBZ Jewellers specializes in crafting antique gold jewelry. It is a well-known company in Ahmedabad, Gujarat, and runs its retail store under the "Harit Zaveri" brand. The company is strategically looking to establish a strong presence in Southern India, which accounts for 41 percent of the total jewellery demand in the
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