RBZ Jewellers, a prominent gold jewellery manufacturer based in Ahmedabad, has received approval from the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The company intends to raise Rs 80.75 crore through the sale of 1 crore shares, each valued at Rs 10.
The IPO was organized by Arihant Capital Markets Limited and Bigshare Services Private Limited, with intentions to list the shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Founded by Shri Bababhai Hargovandas Zaveri and later established as "M/s. Rajubhai Bababhai Zaveri" by Rajendrakumar Kantilal Zaveri and Harit Rajendrakumar Zaveri, RBZ Jewellers operates a 23,966 sq ft manufacturing facility along the Sarkhej Gandhinagar Highway. The company also owns a retail showroom, Harit Zaveri Jewellers, in the Satellite area of Ahmedabad. This retail space spans 11,667 sq ft, with RBZ owning 10,417 sq ft and leasing an additional 1,250 sq ft.
RBZ Jewellers has been part of the retail sector since 2014 and the funds raised from the IPO are expected to be used for working capital and corporate purposes.
In other news, Credo Brands Marketing, which owns MUFTI, also received SEBI approval for an IPO on Tuesday.
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