Shares of RBZ Jewellers Ltd. were locked in an upper circuit on Thursday for the second day after the company debuted on the bourses.
The stocks closed 4.99% higher on the BSE at Rs 104.9 apiece on Wednesday. On the NSE, it was up 5% at Rs 105 per share. Shares of the Ahmedabad-based company had listed flat on both the NSE and the BSE at its IPO price of Rs 100 per share.
The Rs 100-crore IPO was subscribed 16.86 times with the bid led by retail investors. The jewellery maker will use the proceeds for funding the working-capital requirements of the company and for general corporate purposes.
The strength of RBZ lies in inhouse manufacturing, a strong design team, modern machineries and strong quality control department, Joint Managing Director Harit Zaveri told NDTV Profit.
The stock was trading 5.24% higher on the BSE at Rs 110.23 per share.
It was up 5.25% at Rs Rs 110.25 apiece on the NSE. This compares to a 0.21% advance in the NSE Nifty 50 at 10:05 a.m.
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