RBZ Jewellers IPO Fully Subscribed Within Three Hours Of Opening
The business-to-business company plans to use the proceeds for funding working-capital requirements.
The initial public offering of RBZ Jewellers Ltd., the manufacturer for Titan Co. and Malabar Gold Pvt., was fully subscribed within three hours on the first day on Tuesday.
It was subscribed 1.07 times as of 12:50 p.m., with retail investors subscribing 2.29 times and non-institutional investors subscribing 0.15 times or 15%.
The Rs 100-crore issue includes a fresh issue of up to 1 crore shares with a price band of Rs 95–100 per share. The IPO will close on Thursday.
The Ahmedabad-based business-to-business jewellery manufacturer has plans to use the proceeds for funding its working-capital requirements and general corporate purposes.
The company on Monday raised Rs 21 crore from anchor investors and allotted 21 lakh equity shares at Rs 100 apiece to three funds. 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 worth Rs 5 crore, according to the data on the BSE website.
Incorporated in 2008, RBZ Jewellers specialises in antique bridal gold jewellery and has a client base spread across 20 states and 72 cities in India.
