Ahmedabad-based RBZ Jewellery's IPO fully subscribed on Day 1 so far

The RBZ Jewellers IPO comprises a fresh issue of 1 crore equity shares with no offer for sale component.

Ahmedabad-based retail jewellery firm RBZ Jewellers' IPO opened for subscription on Tuesday. According to BSE, the issue has been subscribed 1.02x times at 12.38 pm.

IPO stands for Initial Public Offering and it is when the promoters of the company in question for the first time want to raise additional funds by offering shares of the company.

The three-day IPO will end its subscription on December 21. The IPO comprises a fresh issue of 1 crore equity shares with no offer for sale component. The company is planning to raise ₹100 crore through this IPO at the upper end of the price band.

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RBZ Jewellers is planning to utilise proceeds from the issue for funding the working capital requirements of the company and for general corporate purposes.

Its revenue from operations rose 14 per cent to ₹289.6 crore in fiscal 2023 from ₹252.5 crore in fiscal 2022. Besides, profit after tax surged 55 per cent to ₹22.43 crore in fiscal 2023 from ₹14.48 crore in the preceding financial year.

Arihant Capital Markets Ltd is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on BSE and NSE.

RBZ raises ₹21 crore from anchor investors

RBZ Jewellers raised ₹21 crore from anchor investors, a day before its Initial Public Offering was opened for subscription today, PTI reported.

The company has allotted 21 lakh equity shares to three funds at ₹100 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website.

BofA Securities Europe SA bought 11 lakh shares for ₹11 crore, PGIM India Mutual Fund picked up 5 lakh shares valued ₹5 crore and Negen Undiscovered Value Fund purchased 5 lakh shares to the tune of ₹5 crore, the data showed.