RBZ Jewellers IPO subscribed 7.13 times on Day 02; retail portion sees strong demand

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Also Read: DOMS IPO: Share listing date today. GMP, experts see up to 65% listing gain Overall, the IPO garnered bids for 5,63,65,650 shares on the second day as against the total offering of 79,00,000 shares, resulting in an overall subscription rate of 7.13 times, according to BSE data. Through the issue, the company aims to raise ₹100 crore via the issuance of fresh equity shares.

The price band for the offer has been fixed at ₹95–100 per equity share, with a face value of ₹10 each. Bigshare Services Private Limited is the registrar for the RBZ Jewellers IPO, and Arihant Capital Markets Limited is the only book running lead manager. Also Read: India Shelter IPO listing date today.

GMP, experts predict strong debut of shares RBZ Jewellers is one of the leading organised manufacturers of gold jewellery in India, specialising in antique bridal gold jewellery and distributing it to reputable nation-wide retailers and significant regional players in India. It is strategically looking to establish a strong presence in southern India, which accounts for 41% of the total jewellery demand in the country. It occupies 10,417 square feet of the showroom, while the remaining 1,250 square feet are leased.

Also Read: Motisons IPO sees stellar demand on day 3, issue booked over 157 times so far Domestic brokerage firm Anand Rathi said the company has extensive coverage and a footprint spanning across India in the jewellery industry. At the upper price band, the company is valued at a P/E of 17.9X with a market cap of ₹4,000 million post issue of equity shares. Thus, the brokerage believes that the valuation of the company is fairly priced and recommends a “Subscribe-Long Term" rating to the IPO.