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PNN
New Delhi [India], December 19: RBZ Jewelers Limited's initial public offering (IPO) opens for bidding on Tuesday, 19 December 2023, and will conclude on Thursday, December 21st. The share price for the company's offering is set between Rs95 and Rs100 per share, and the shares are available in lots of 150 and multiples thereof. The company's aim is to raise Rs100 crores through the IPO and is completely a fresh issue; there is no offer-for-sale component. A total of 1,00,00,000 new equity shares are being issued in the public offering at a face value of Rs10. The proceeds from the IPO will be used for general corporate purposes and to finance the company's working capital needs. Arihant Capital Markets Ltd is the sole Book-Running Lead Manager for the issue. After successful completion, the company's equity will be listed on the BSE and NSE mainboards. The IPO marks a significant phase in RBZ Jewelers' history, spanning over fifteen years. RBZ Jeweler is a well-known jewellery brand in India that specialises in designing and manufacturing a diverse range of antique gold jewellery, including jadau, meena, and kundan work, which they sell through wholesale and retail platforms. Their wholesale customer base includes reputed national, regional, and local family jewellers spread across 20 states and 72 cities within India. Operating under "Harit Zaveri" in Ahmedabad, they hold 1% of India's organised wholesale gold jewellery. In a recent Analyst Conference in Mumbai, Amol Kshirsagar, Vice President of Arihant Capital Markets Limited, highlighted that RBZ Jewelers combines seasoned expertise with youthful dynamism under the aegis of its experienced promoters, making it a unique entity in the gold jewellery segment. The company's strategic approach to growth involves leveraging IPO funds for expansion without necessitating additional capital expenditure or lead time. This strategy is expected to enhance investor returns significantly. Jewellers' commitment to excellence is evident in its modern manufacturing facility in Ahmedabad and the elegant "Harit Zaveri" retail showroom. The company's financial growth, with significant increases in revenue and profit in FY2023, reflects its robust market position and operational proficiency. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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