Business to business jewellery retailer RBZ Jewellers launched its initial public offering on December 19. The IPO will run until December 21 and the Ahmedabad-based business aims to raise Rs 100 crore from the issue at the upper end of its price band.
The RBZ Jewellers IPO features a fresh issue of one crore equity shares, the Press Trust of India reported. The price brand has been fixed at Rs 95 to Rs 100 per share for its initial share sale. The IPO does not include an offer for sale component.
The business plans to use proceeds from its IPO to fund its working capital requirements as well as for general corporate purposes, India Retailing reported. The book-running lead manager for the issue is Arihant Capital Markets Limited and the business plans to list the equity shares on both the National Stock Exchange and the Bombay Stock Exchange.
In the 2023 financial year, RBZ Jewellers reported that its revenue from operations increased by 14% to total Rs 289.6 crore, up from Rs 252.5 crore in the 2022 financial year. The business’ profits after tax also increased, rising 55% to total Rs 22.43 crore in the 2023 fiscal up from Rs 14.48 crore the year before.
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