RBZ Jewellers shares hit 20% upper circuit for second consecutive day, rally over 110% in just 12 days

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₹211 apiece, hitting the 20% upper circuit limit. This marks the second consecutive day that the stock has reached the 20% upper circuit limit. Also Read: Senco Gold share price jumps over 15%, hits new record high on strong Q3 update The company's shares made their debut on the Indian stock exchanges on December 27, 2023, listing at ₹105 apiece, representing a 5% premium to the IPO price of ₹100.

However, the stock exhibited a strong upward trend consistently in the following trading sessions. Considering the stock's current market price of ₹211 apiece, it is trading 111% higher than its issue price. Also Read: Titagarh Rail: The stock gained 367% in 2023; is there more upside ahead? The ₹100 crore IPO of RBZ Jewellers was open between December 19 and December 21.

The IPO garnered healthy investor interest, receiving a subscription rate of 17 times, Trendlyne data showed. Established in April 2008, RBZ Jewellers specialises in crafting antique gold jewellery. It is a well-known company in Ahmedabad, Gujarat, and runs its retail store under the "Harit Zaveri" brand.

Also Read: IPO fund raising can potentially surpass ₹4.15 lakh cr in 2024: Kotak Investment The company 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. Regarding financials, the company posted a net profit of ₹22 crore in FY23, an improvement of 57% over FY22's net profit of ₹14 crore.