RBZ Jewellers Raises INR 21 Crore from Anchor Investors Ahead of IPO

19 Dec 2023 , 12:52 PM

Ahmedabad-based RBZ Jewellers, a prominent gold jewellery manufacturer specializing in antique bridal gold jewellery, has successfully garnered INR 21 crore from three strategic investors through its anchor book. The fundraising activity took place on December 18, just a day before the company’s much-anticipated INR 100-crore initial public offering (IPO), scheduled to open for subscription on December 19 and conclude on December 21.

RBZ Jewellers disclosed in its filing to the exchanges that it has finalized the allocation of 21 lakh equity shares to anchor investors at INR 100 per equity share. The three key investors in the anchor book include Negen Capital, PGIM India, and BofA Securities Europe.

Details of Investor Participation:

• PGIM India Equity Growth Opportunities Fund – Series I and Negen Undiscovered Value Fund, owned by Negen Capital, collectively acquired 5 lakh shares in RBZ Jewellers.
• The remaining 11 lakh shares were picked up by BofA Securities Europe SA – ODI, a foreign investor showcasing international interest in RBZ’s growth potential.

RBZ Jewellers aims to raise INR 100 crore through its IPO, which comprises only a fresh issue component and is set at the upper end of the price band ranging between INR 95 and INR 100 per share. The net proceeds from the fresh issue will primarily be allocated to meet the company’s working capital requirements, with INR 80.75 crore earmarked for this purpose. The remaining funds will be utilized for general corporate purposes.

With strong anchor investor support, RBZ Jewellers is poised for a successful IPO, emphasizing the confidence investors have in the company’s growth prospects and its position in the competitive jewellery manufacturing sector. The funds raised will play a crucial role in further strengthening RBZ’s operational capabilities and driving its expansion initiatives.