Ahmedabad-based RBZ Jewellers Limited has filed draft papers for initial public offering (IPO) to raise approximately Rs 100 crore through a fresh issue of one crore equity shares with a face value of Rs 10 each. The company has filed a draft red herring prospectus (DRHP) with the markets regulator SEBI (Securities and Exchange Board of India).
The purpose
As per the 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.
The IPO is being made through the book building process, wherein about 50 percent of the offer will be available for allocation on a proportionate basis to qualified institutional buyers (QIBs), 15 percent for non-institutional bidders and 35 percent for retail investors.
Lead manager
Arihant Capital Markets Limited is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on BSE and NSE.
About the company
The company's revenue from operations rose 14.21 per cent to Rs 287.93 crore in FY2023 from Rs 252.11 crore in FY2022. Besides, profit after tax (PAT) surged 55 per cent to Rs 22.33 crore in fiscal 2023 from Rs 14.41 crore in the preceding financial year.
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.
(Edited by : Anshul)
First Published: Jun 19, 2023 10:49 AM IST
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