RBZ Jeweller Secures Rs 21 Crore From Anchor Investors

RBZ Jewellers Ltd. on Monday said it has raised Rs 21 crore from anchor investors, a day before its Initial Public Offering.

The company has allotted 21 lakh equity shares to three funds at Rs 100 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website.

BofA Securities Europe SA bought 11 lakh shares for Rs 11 crore, PGIM India Mutual Fund picked up 5 lakh shares valued Rs 5 crore and Negen Undiscovered Value Fund purchased 5 lakh shares to the tune of Rs 5 crore, the data showed.

The IPO is entirely a fresh issue of 1 crore equity shares with no Offer For Sale component.

The Ahmedabad-based B2B and retail jewellery firm would raise Rs 100 crore through the issue at the upper end of the price band.

The price band has been set at Rs 95-100 per share for the IPO opening on Dec. 19 and closing on Dec. 21.

Proceeds from the issue will be utilised for funding the working capital requirements of the company and for general corporate purposes.

The company's revenue from operations rose 14% to Rs 289.6 crore in FY23 from Rs 252.5 crore in FY22.

Besides, profit after tax surged 55% to Rs 22.43 crore in FY23 from Rs 14.48 crore in the preceding financial year.

Arihant Capital Markets Ltd. is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on the BSE and the NSE.