RBZ Jewellers
Book Building issueMainboard₹100 Cr issue
0.00%
Listing gain over issue price
Issue size
₹100 Cr
1 lot at cut-off
₹15,000
Lot size
150shares
Open
19 Dec 2023
Close
21 Dec 2023
Allotment
22 Dec 2023
Listing
27 Dec 2023
Listing performance
Issue price
₹100
Listed at
₹100
Listing-day close
₹105
Latest price
₹180.64
Close on 23 Oct 2026
Listing gain
0.00%
Return since issue
+80.64%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Dec 2023 – 21 Dec 2023
- Listing date
- 27 Dec 2023
- Face value
- ₹10 per share
- Issue price
- ₹100 per share
- Lot size
- 150 shares
- Issue type
- Book Building issue
- Total issue size
- ₹100 Cr
- Market cap at offer price
- ₹400 Cr
- Promoter holding
- 100.00% → 75.00% pre-issue → post-issue
- ISIN
- INE0PEQ01016
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Arihant Capital Markets Ltd.
- Registered office
- Block-D, Mondeal Retail Park, Near Rajpath Club, S.G.Highway, Beside Iscon Mall, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 21,00,000 | — | — |
Application size
Minimum 150 shares per lot, in multiples, at ₹100
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 150 | ₹15,000 |
| Retail (max) | 13 | 1,950 | ₹1,95,000 |
| S-HNI (min) | 14 | 2,100 | ₹2,10,000 |
| S-HNI (max) | 66 | 9,900 | ₹9,90,000 |
| B-HNI (min) | 67 | 10,050 | ₹10,05,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
21,00,000
Anchor portion
₹21 Cr
at ₹100 per share
Valuation and performance
Valuation at offer price
₹100 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.44 | — |
| P/E (×) | 13.44 | — |
| Market cap | — | ₹400 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.08%
- ROCE
- 27.49%
- Debt / equity
- 1.02
- PAT margin
- 7.76%
- NAV per share
- ₹30.82
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About RBZ Jewellers
RBZ Jewellers Limited was originally incorporated as a private limited company on April 15, 2008, and converted to a public limited company on March 20, 2023. The company specializes in designing and manufacturing a wide range of Antique Bridal Gold Jewellery consisting of jadau, Meena and Kundan work, which it sells on a wholesale and retail basis, and also processes on a job work basis for national retailers. The company holds approximately 1% of the total organized wholesale gold jewellery market in India. It operates through its manufacturing facility in Ahmedabad, Gujarat, and maintains a retail showroom under the brand name 'Harit Zaveri', which is an established player in Ahmedabad offering jewellery for bridal, occasional and daily wear at various price ranges.
Company Analysis
from RHPRBZ Jewellers is one of India's leading organized manufacturers of Antique Bridal Gold Jewellery (featuring jadau, Meena, and Kundan work), operating on wholesale, retail, and job work bases.
RBZ Jewellers Limited was originally incorporated as a private limited company on April 15, 2008, and converted to a public limited company on March 20, 2023. The company specializes in designing and manufacturing a wide range of Antique Bridal Gold Jewellery consisting of jadau, Meena and Kundan work, which it sells on a wholesale and retail basis, and also processes on a job work basis for national retailers. The company holds approximately 1% of the total organized wholesale gold jewellery market in India. It operates through its manufacturing facility in Ahmedabad, Gujarat, and maintains a retail showroom under the brand name 'Harit Zaveri', which is an established player in Ahmedabad offering jewellery for bridal, occasional and daily wear at various price ranges.
Gems and jewelleryAntique Bridal Gold Jewellery manufacturingPrecious metals and gemstones
Objects of the Issue
- Funding working capital requirements of the Company ₹8,074.91 lakhs p.25
- General corporate purposes p.25
- Funding working capital requirements of the Company ₹8,074.91 lakhs p.103
- General corporate purposes p.107
- Not explicitly detailed in this part of the document
- Fresh Issue ₹ [●] lakhs p.377
Issue Structure
- Total Issue
- ₹[●] lakhs (Fresh Issue of 1,00,00,000 Equity Shares)
- Fresh Issue
- 1,00,00,000 Equity Shares of ₹10/- each aggregating up to ₹[●] lakhs
- Offer for Sale
- NOT APPLICABLE
- Price Band
- Minimum price of ₹95 per Equity Share (Floor Price) and maximum price of ₹100 per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company earns revenue through three primary channels: (1) wholesale sales of Antique Bridal Gold Jewellery to national retailers, regional retailers, and family jewellers (43.31% of revenue for H1 FY24); (2) retail sales through its 'Harit Zaveri' showroom (41.28% of revenue for H1 FY24); and (3) job work services for manufacturing gold jewellery on behalf of customers (3.67% of revenue for H1 FY24). Additional revenue comes from sale of other jewellery (3.76%) and bullion (7.98%).
Business Segments
Sale of Antique Bridal Gold Jewellery to national retailers, regional retailers, and family jewellers
Retail sales through 'Harit Zaveri' showroom offering jewellery for bridal, occasional and daily wear
Processing and supply of Antique Bridal Gold Jewellery on job work basis to national retailers
Undertakes confirmed orders for supply of various jewellery products with payment received upon supply of finished goods as per agreed credit period. Manufactures jewellery both in-house and through job-workers.
Sells jewellery through retail showrooms under the Harit Zaveri brand, holding inventory of finished goods to effect sales.
Distribution of gold jewelry to national retailers, regional and local family jewelers across India
Direct sales to end consumers through 'Harit Zaveri' showroom in Ahmedabad offering bridal, occasional and daily wear jewelry
Processing and supply of antique bridal gold jewelry on job work basis to national retailers
Sale of other jewelry items including diamonds and semi-precious stones
Sale of gold bullion and coins
Designs, manufactures, and sells a wide range of gold jewellery products based on various factors such as weight, prices and region with specialisation in antique bridal jewellery. Also undertakes manufacturing of jewellery on jobwork basis for national retailers.
Offers gold, Polki, platinum, silver jewellery and other artifacts for bridal, occasional, festival, wedding and daily-wear occasions across various weight and price categories through 'Harit Zaveri' brand showroom.
Manufacturing of 22-carat gold ornaments
Trading of 24-carat gold and gold ornaments
Jewelry job work including labor income and repair services
Sells manufactured and traded gold jewelry to reputable national, regional and local family jewellers across 20 States and 72 cities within India
Operates a retail showroom in Ahmedabad offering bridal, occasional and daily wear jewelry at various price points
Manufactures and processes antique bridal gold jewelry on behalf of national retailers
A division of RBZ Jewellers Limited engaged in jewelry business
SWOT Analysis
Strengths
- • Leading organized gold jewellery manufacturer specializing in Antique Bridal Gold Jewellery(p.25)
- • Strong customer relationships with average tenure of 5-10 years(p.37)
- • Established retail brand presence in Ahmedabad market(p.25)
- • Modern manufacturing facility with advanced technology and machinery(p.41)
- • Integrated manufacturing capabilities with in-house artisans and third-party partnerships(p.38)
- • Approximately 1% market share in organized wholesale gold jewellery market in India(p.25)
- • High repeat customer rate in wholesale segment at 88-89%(p.42)
- • Promoters' extensive industry experience and long-standing presence(p.53)
- • Diverse and experienced Board with independent directors from multiple sectors(p.53)
- • Adequate insurance coverage for inventory protection(p.55)
- • Organized manufacturing setup under one roof with advanced technology(p.169)
- • Wide geographic client base across 20 states and 72 cities with relationships with major retailers(p.170)
- • Specialized in antique bridal gold jewellery with unique designs and innovation(p.172)
- • Established brand reputation with ~1% market share in organized wholesale segment(p.172)
- • Experienced promoters with 35+ years combined experience in jewellery industry(p.173)
- • Rigorous quality control systems including BIS hallmarking and stone certification(p.173)
- • Strong design capability and product innovation(p.174)
- • Vertical integration across manufacturing and retail(p.175)
- • Advanced manufacturing technology and CAD capabilities(p.175)
- • Established retail brand 'Harit Zaveri'(p.187)
- • Organized market presence with ~1% market share(p.188)
- • Revenue growth during COVID-19 pandemic(p.176)
- • Hallmarking certifications and quality compliance(p.185)
- • Established manufacturing and retail jewelry operations with dual revenue streams(p.242)
- • Consistent revenue growth trajectory across reporting periods(p.237)
- • Positive profitability with net profit margins improving(p.237)
- • Leading position in organized gold jewellery market with 15+ years experience(p.321)
- • Strong brand reputation built on trust and transparency(p.322)
- • Complete control over entire value chain from design to retail(p.322)
- • Modern manufacturing facility with advanced technologies(p.321)
- • Experienced promoter management with 35+ years industry expertise(p.322)
- • Established pan-India customer base across 20 states and 72 cities(p.321)
- • Strong financial performance with growing profitability and healthy margins(p.325)
- • Regulatory compliance and operational certifications established(p.364)
- • Strong financial position meeting IPO eligibility criteria(p.368)
- • Consistent operating profitability(p.368)
- • No regulatory debarment or compliance violations(p.367)
Weaknesses
- • Significant dependence on top 10 suppliers for raw material procurement(p.35)
- • Heavy reliance on top 10 customers for revenue generation(p.43)
- • Negative cash flows from operating activities in recent periods(p.37)
- • High employee attrition rate of 39-64% in recent years(p.48)
- • Lack of formal arrangements with in-house artisans creating retention risks(p.41)
- • Trademark for retail brand 'Harit Zaveri' registered in promoter's personal name, not company name(p.49)
- • Long inventory holding periods ranging from 153-173 days(p.48)
- • History of delayed statutory compliance and payment of dues(p.39)
- • Heavy reliance on two Promoters for business management and identity(p.53)
- • High concentration of personal guarantees on Promoters and Promoter Group properties(p.64)
- • Past history of malware attack resulting in loss of data and designs(p.56)
- • Jewellery theft incident in 2019 and unregistered design intellectual property(p.55)
- • Past regulatory and secretarial non-compliance incidents(p.56)
- • Contingent liabilities not provided for in financial statements(p.57)
- • Past losses from hedging activities on gold inventory(p.65)
- • High leverage with significant portion of debt personally guaranteed by Promoters(p.63)
- • High concentration of revenue from top 10 customers representing 18.62% of revenue(p.171)
- • Relatively small market presence at ~1% of organized wholesale segment(p.172)
- • Dependence on skilled artisans and craftsmen with potential labor constraints(p.165)
- • Dependence on jobwork business(p.176)
- • Significant inventory levels(p.188)
- • Limited geographic presence mainly in Gujarat(p.188)
- • High leverage with significant borrowings(p.236)
- • Trademark licensing dependency on promoter(p.208)
- • Labour-intensive manufacturing operations(p.189)
- • Significant inventory carrying burden relative to revenue(p.262)
- • High leverage with debt-to-equity ratio approaching 1:1(p.287)
- • Negative operating cash flows despite profitability(p.238)
- • Reliance on related party borrowings and financial support(p.271)
- • High dependence on gold jewellery revenue constituting 88% of total revenue(p.323)
- • No formal arrangements with third-party manufacturers creates operational risk(p.323)
- • Inventory-heavy operations requiring significant working capital(p.341)
- • High financial leverage with debt-to-equity ratio above 0.97(p.317)
- • Significant litigation involving employee theft of designs(p.361)
- • Pending trademark registrations critical to brand identity(p.365)
- • Provisional environmental approvals not yet finalized(p.366)
- • Trademark licensed from promoter creates dependency(p.366)
- • Consolidated pollution control authorization is provisional(p.366)
Opportunities
- • Industry shift from unorganized to organized sector(p.25)
- • Growing demand supported by rising working population and disposable income(p.25)
- • Expansion of retail division and brand presence(p.25)
- • Rising demand for lighter and studded gold bridal jewellery(p.34)
- • Potential to increase market share in organized wholesale market(p.25)
- • Participation in major jewellery exhibitions to increase orders and market reach(p.105)
- • Expansion into new regions and improved marketing strategies(p.105)
- • Increased wedding season demand requiring inventory buildup(p.105)
- • Growth potential in Indian gems and jewellery sector(p.66)
- • Large growing domestic jewellery market expected to expand significantly(p.168)
- • Growth of organized wholesale segment projected at 3.8% CAGR through CY30(p.169)
- • Bridal jewellery segment expected to register ~3% CAGR through 2031(p.169)
- • Rising preference for organized manufacturers among large retail chains(p.169)
- • Increasing number of weddings driven by young population demographics(p.168)
- • Expansion opportunity in organized retail jewellery market from 32% to 40% by CY25(p.168)
- • Penetration of untapped southern India market(p.174)
- • Expansion of customer base and geographic reach(p.174)
- • Growth in organized wholesale segment(p.187)
- • Digital marketing and e-commerce expansion(p.174)
- • Production capacity expansion(p.174)
- • Technology investment and ERP implementation(p.175)
- • Expansion of manufacturing capabilities through capital investments(p.282)
- • IPO to raise capital for growth and deleveraging(p.262)
- • Growth in job work services revenue stream(p.276)
- • Expansion of retail operations through 'Harit Zaveri' brand(p.322)
- • Growing demand for organized jewellery market and antique bridal jewellery(p.321)
- • Geographic expansion with current presence in only 20 states and 72 cities(p.321)
- • Export market potential with current exports to Middle East region(p.321)
- • Product diversification beyond antique bridal jewellery(p.323)
- • Integration of latest manufacturing technologies with traditional craftsmanship(p.322)
- • Expansion through organized retail growth in India(p.364)
- • Listing on two major stock exchanges increases market access(p.367)
- • Dematerialized operations and modern capital market access(p.378)
Threats
- • Significant exposure to gold price volatility(p.45)
- • High sensitivity to consumer discretionary spending patterns(p.50)
- • Emergence of alternative investment options reducing jewellery demand(p.50)
- • Intense competition from organized and unorganized jewellers(p.50)
- • Economic and regulatory risks in Ahmedabad region(p.42)
- • COVID-19 pandemic impact on operations and consumer demand(p.39)
- • Floating interest rate exposure with recent rate increases(p.47)
- • Rapid and unpredictable changes in fashion trends and customer preferences(p.50)
- • Exposure to import duty changes affecting gold procurement costs(p.45)
- • Significant seasonal fluctuations in jewelry sales tied to festivals and weddings(p.52)
- • Volatility in international gold prices affecting demand and costs(p.65)
- • Demand decline when gold prices are elevated(p.65)
- • Increased custom duty on gold affecting imports and costs(p.66)
- • Currency risk from US dollar fluctuations affecting raw material costs(p.65)
- • Intense competition from organized and unorganized players(p.63)
- • Risk of third-party manufacturers producing for competitors(p.55)
- • Mandatory hallmarking regulations affecting business operations(p.68)
- • Restrictive covenants in financing agreements limiting operational flexibility(p.52)
- • Economic slowdown and inflation affecting consumer discretionary spending(p.67)
- • Political and geopolitical risks affecting gold demand and prices(p.67)
- • Volatility in international gold prices affecting demand and margins(p.151)
- • High dependency on gold imports with elevated customs duty burden(p.140)
- • Competition from large organized jewellery retailers with greater resources(p.138)
- • Declining gold jewellery demand during periods of elevated gold prices(p.136)
- • Shortage of skilled labor in gems and jewellery industry(p.143)
- • Global slowdown affecting export demand from key destinations(p.144)
- • Competition from organized and unorganized players(p.187)
- • Gold price volatility and commodity market fluctuations(p.175)
- • Regulatory changes in hallmarking requirements(p.191)
- • Industry cyclicality and economic downturns(p.175)
- • Supply chain and raw material sourcing risks(p.174)
- • GST and taxation policy changes(p.197)
- • Commodity price risk in gold and precious metals(p.277)
- • Working capital funding pressure evident in negative cash flows(p.238)
- • Aged receivables with credit quality concerns(p.291)
- • High interest burden on floating rate debt exposure(p.294)
- • Fluctuations in gold prices and raw material availability(p.323)
- • Intense competition from organized and unorganized players(p.324)
- • Seasonality risk with higher demand in wedding and festival seasons(p.324)
- • Dependence on economic conditions and consumer spending patterns(p.324)
- • GST compliance and tax-related regulatory risks(p.361)
- • Regulatory requirements for hallmarking and certifications(p.322)
- • Foreign exchange volatility from Middle East exports(p.358)
- • Dependence on regulatory approvals for operational continuity(p.364)
- • Design theft and intellectual property infringement risks(p.366)
- • Foreign investment restrictions on border-sharing countries(p.408)
- • Regulatory changes in securities and foreign investment laws(p.409)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajendrakumar Kantilal Zaveri | Promoter | 50.98% | — |
| Harit Rajendrakumar Zaveri | Promoter | 49.00% | — |
| Rajendrakumar Kantilal Zaveri | Promoter | 50.98% | — |
| Harit Rajendrakumar Zaveri | Promoter | 49.00% | — |
| Kiranben Rajendrakumar Zaveri | Promoter Group | Negligible | — |
| Rajendrakumar Kantilal Zaveri | Promoter | — | — |
| Harit Rajendrakumar Zaveri | Promoter | — | — |
| Kiranben Rajendrakumar Zaveri | Promoter | — | — |
| Rajendrakumar Kantilal Zaveri | Promoter | 50.99% | — |
| Harit Rajendrakumar Zaveri | Promoter | 48.99% | — |
| Rajendrakumar K. Zaveri | Promoter | 50.98% | — |
| Harit R. Zaveri | Promoter | 49.00% | — |
| Rajendrakumar Kantilal Zaveri | Promoter | — | — |
| Harit Rajendrakumar Zaveri | Promoter | — | — |
| Harit Rajendrakumar Zaveri | Promoter/Director | — | — |
| Rajendrakumar Kantilal Zaveri | Promoter | — | — |
Leadership
Rajendrakumar Kantilal Zaveri · Chairman & Managing Director
Harit Rajendrakumar Zaveri · Joint Managing Director
Heli Akash Garala · Company Secretary and Compliance Officer
Harshvardhan Bhardwaj · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
RBZ Jewellers IPO FAQs
What is the lot size of RBZ Jewellers IPO?
The minimum lot size of RBZ Jewellers IPO is 150 shares. One lot costs ₹15,000 at the cut-off price.
When does RBZ Jewellers IPO open and close?
RBZ Jewellers IPO opened for subscription on 19 Dec 2023 and closed on 21 Dec 2023.
What is the listing date of RBZ Jewellers IPO?
RBZ Jewellers IPO listed on 27 Dec 2023.