RBZ Jewellers Closes At 5% Upper Circuit On Listing Day
The Rs 100-crore initial public offering was subscribed 16.86 times.
RBZ Jewellers Ltd. was locked in the upper circuit after it listed flat on both the National Stock Exchange and the BSE on Wednesday at its IPO price of Rs 100 apiece.
The stock closed 4.99% higher on the BSE at Rs 104.9. On the NSE, it was up 5% at Rs 105.
The Rs 100-crore initial public offering was subscribed 16.86 times on its third and final day. The bids were led by retail investors (24.74 times), followed by institutional investors (13.43 times) and non-institutional investors (9.27 times). 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 into inhouse manufacturing, a strong design team, modern machineries in place and strong quality control department, Joint Managing Director Harit Zaveri told NDTV Profit.
"With these four pillars, we are able to demand advance metal from some of the clients who are major India retailers. And because of this, we are very much focused on this segment, and we want to move ahead in this," Zaveri said.
Business
The Ahmedabad-based business-to-business company specialises in antique bridal gold jewellery and has a client base spread across 20 states and 72 cities in India. The company operates its retail showroom under the brand name Harit Zaveri and has a manufacturing plant and showroom in Ahmedabad.
