RBZ Jewellers gains 5% on listing day

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Shares of RBZ Jewellers closed 5 per cent higher on listing day after opening on a dull note. The stock closed at ₹105 against the IPO price of ₹100 on the NSE, after moving between ₹96 and ₹105. On the BSE, it closed at ₹104.99.

The ₹100-crore initial public offering from RBZ Jewellers came out with a price band of ₹95-100 and was subscribed 16.86 times, mainly thanks to retail investors, whose portion received bids for 24.74 times.

The offer, a fresh issuance of one crore shares, is being made to finance the working capital requirements and for general corporate purposes from the Jaipur-based company.

Ahead of the IPO, the jeweller had garnered ₹21 crore from three anchor investors — PGIM India Equity Growth Opportunities Fund, BOFA Securities Europe SA, and Negen Undiscovered Value Fund.

RBZ Jewellers specialises in designing and manufacturing a diverse range of antique bridal gold jewellery, including jadau, Meena, and Kundan works.