16 Jun rbz jewellers: Ahmedabad-based RBZ Jewellers files draft papers with Sebi for IPO
The issue, with a face value of Rs 10 each, is entirely a fresh issue of 1 crore equity shares. As per market sources, the size of the IPO is around Rs 100 crore.
The IPO is being made through the book building process, wherein about 50% of the offer will be available for allocation on a proportionate basis to qualified institutional buyers (QIBs), 15% for non-institutional bidders and 35% for retail investors.
As per the Draft Red Herring Prospectus (DRHP), the proceeds from the issue will be utilised to the extent of Rs 80.75 crore for funding working capital requirements of the company and other general corporate purposes.
RBZ Jewellers has a history spanning over 15 years in the jewellery industry. They specialize in designing and manufacturing a diverse range of antique gold jewellery, including jadau, meena, and kundan work, which they sell on both wholesale and retail platforms.According to a Care Edge Report, RBZ Jewellers has established a customer base in the wholesale business, serving reputed national, regional, and local family jewellers across 19 states and 72 cities in India.The jeweller has an experienced in-house design team where it oversees artisans and craftsmen in developing new products and designs based on market research.In the past three fiscal years leading up to 2023, the company saw its revenue from operations grow at a compound annual growth rate (CAGR) of 64.05%.
In FY23, revenues rose 14% to Rs 287.93 crore, primarily attributed to higher revenue generated from the sale of products and services.
The company’s profit after tax has risen at a CAGR of 51.36% from FY21 to FY23.
Arihant Capital Markets is the sole book running lead manager and Bigshare Services is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE