Ahmedabad-based Retail Jeweller, RBZ Jewellers Gets Sebi Nod For IPO

Ahmedabad-based RBZ Jewellers is one of the leading organised manufacturers of gold jewellery in India, specializing in Antique Gold Jewellery and catering to reputable nation-wide retailers and significant regional players in India has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

The company had filed preliminary IPO papers with Sebi in June 2023.

The issue with a face value of Rs 10 each is entirely a fresh issue of 1 crore equity shares.

As per the DRHP, the proceeds from the issue will be utilized to the extent of Rs. 80.75 crore for funding working capital requirements of the company and general corporate purposes.

The foundation of RBZ Jewellers' family gold business was laid by Shri Bababhai Hargovandas Zaveri, a renowned goldsmith from Patan, Gujarat, several decades ago. In 2004, one of the promoters, Rajendrakumar Kantilal Zaveri established a sole proprietorship named "M/s. Rajubhai Bababhai Zaveri" to venture into the jewellery business. Later, in 2006, Harit Rajendrakumar Zaveri, another Promoter, joined the business at the age of seventeen (17) years.

The company owns a state-of-the-art gold jewellery manufacturing facility spanning 23,966 sq ft located at Sarkhej Gandhinagar Highway, Ahmedabad. The facility enables them to design and manufacture gold jewellery under one roof.

RBZ Jewellers flagship retail showroom under the brand- Harit Zaveri Jewellers, covering 11,667 sq. ft., is situated in the Satellite area of Ahmedabad, Gujarat. . It owns 10,417 sq. ft. of the showroom space and occupies an additional 1,250 sq. ft. on a lease basis. The company forayed into the retail business in 2014.

Arihant Capital Markets Limited is the sole book running lead manager and Bigshare Services Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

Published on: Tuesday, October 10, 2023, 02:13 PM IST