Ahmedabad-based RBZ Jewellers files preliminary IPO papers with Sebi

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RBZ Jewellers has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The IPO is entirely a fresh issue of 1 crore equity shares with no offer for sale (OFS) component, according to the draft red herring prospectus (DRHP).

According to market sources, the Ahmedabad-based B2B and retail jewellery firm would raise Rs100 crore through the IPO.

Proceeds from the issue to the tune of Rs 80.75 crore will be utilized for funding the working capital requirements of the company and for general corporate purposes.

The company's revenue from operations rose 14.21 per cent to Rs 287.93 crore in FY2023 from Rs 252.11 crore in FY2022. Besides, profit after tax (PAT) surged 55 per cent to Rs 22.33 crore in fiscal 2023 from Rs 14.41 crore in the preceding financial year.

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