RJ
ClosedMainboardGems & Jewellery · Gold Jewellery Manufacturing
RBZ Jewellers Limited
RBZJEWEL·₹95 – ₹100·Opens 2023-12-19
★★★☆☆3/5
🔗 Official WebsitePrice Band: ₹95 – ₹100
Issue Size: 10000
About the Company
What does this company do?
RBZ Jewellers Limited is one of the leading organized manufacturers of gold jewellery in India, specializing in Antique Bridal Gold Jewellery. The company designs and manufactures a wide range of Antique Bridal Gold Jewellery consisting of jadau, Meena and Kundan work and sells it on wholesale and retail basis. It also…
IPO Details
Issue parameters, key dates and structure.
Total Issue Size
10000
10000000
Fresh Issue
10000
10000000
Proceeds go to company
Reservation Structure
QIB (Qualified Institutional Buyers)
35%
3500000
Not more than 35% of the Issue; includes Anchor Investor Portion
NII / HNI (Non-Institutional Investors)
30%
3000000
Not less than 30% of the Net Issue
RII (Retail Individual Investors)
35%
3500000
Not less than 35% of the Net Issue
Products & Brands
Key offerings and brand portfolio of the company.
Antique Bridal Gold Jewellery: Specializes in jadau, Meena and Kundan work gold jewellery sold on wholesale and retail basis. Includes bridal, occasional and daily wear jewellery.
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | H1 FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|
| Revenue from Operations | 12545.68 | 28792.78 | 25210.67 | 10699.13 |
| Other Income | 6.23 | 169.84 | 41.99 | 71.52 |
| EBITDA | 2183.10 | 3946.20 | 2719.18 | 2116.18 |
| EBITDA Margin | 17.4% | 13.7% | 10.8% | 19.8% |
| Depreciation & Amortisation | 66.18 | 136.94 | 140.18 | 152.16 |
| EBIT | 2116.92 | 3809.26 | 2579.00 | 1964.02 |
| Finance Costs (Interest) | 492.79 | 832.56 | 617.61 | 626.18 |
| PBT (Profit Before Tax) | 1624.13 | 2976.70 | 1961.39 | 1337.84 |
| Tax | 414.74 | 743.39 | 520.82 | 363.02 |
| PAT (Net Profit) | 1209.39 | 2233.31 | 1440.57 | 974.82 |
| PAT Margin | 9.6% | 7.8% | 5.7% | 9.1% |
| EPS — Basic (₹) | 4.03 | 7.44 | 4.80 | 3.12 |
| EPS — Diluted (₹) | 4.03 | 7.44 | 4.80 | 3.12 |
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS — Basic (₹)
7.44
FY2023
EPS — Diluted (₹)
7.44
FY2023
P/E Ratio
13.44
At upper band, based on FY2023 EPS
RoNW (%)
24.15%
FY2023
NAV per Share (₹)
30.82
Pre-issue, FY2023
Debt/Equity
1.04
FY2023
EBITDA Margin (%)
13.69%
FY2023
PAT Margin (%)
7.76%
FY2023
Revenue CAGR
63.9%
2-yr FY2021-FY2023
Peer Comparison
Listed peers in the same industry — compare valuation and scale.
| Company | Exchange | Market Cap | Revenue (₹ Cr) | PAT (₹ Cr) | P/E | ROE |
|---|---|---|---|---|---|---|
| — | — | — | — | — | — | — |
* Peer data extracted from DRHP. All figures in ₹ Crores unless stated. P/E based on latest available earnings.
Objectives of the Issue
How the company intends to use the IPO proceeds.
⚠
{"amount":"8074.91","particulars":"Funding working capital requirements of the Company"}
1
{"amount":"827.09","particulars":"General corporate purposes"}
2
{"amount":"8902.00","particulars":"Total"}
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Leading organized manufacturer of Antique Bridal Gold Jewellery
Diversified business model across wholesale, retail and job work
Established retail brand 'Harit Zaveri' in Ahmedabad
Strong revenue growth from ₹10,699 lakhs (FY2021) to ₹28,793 lakhs (FY2023)
⚠️Weaknesses
Negative operating cash flows in multiple years
High debt levels relative to networth
Small scale of operations relative to large listed peers
No prior market listing history
🚀Opportunities
Growing organized jewellery market in India
Increasing preference for branded and organized jewellery
Rising disposable income and wedding spend
Expansion of retail and wholesale network post-IPO
🔥Threats
Gold price volatility impacting margins and working capital
Competition from large organized and unorganized players
Regulatory changes in gold import duties and policies
Economic slowdown impacting discretionary spending
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Leading organized manufacturer specializing in Antique Bridal Gold Jewellery with expertise in jadau, Meena and Kundan work
✓
Diversified revenue streams across wholesale, retail and job work channels
✓
Established retail brand 'Harit Zaveri' in Ahmedabad catering to bridal, occasional and daily wear
✓
Approximately 1% market share in organized wholesale gold jewellery market in India
✓
Strong promoter background with experienced management team
✓
Job work relationship with national retailers including Titan Company Limited
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
100.00%75.00%
0.00%25.00%
PrePost
Key Risks
Material risk factors to consider before applying.
⚠
High dependence on gold prices which are subject to significant volatility
⚠
Working capital intensive business with high borrowings relative to networth
⚠
Concentration risk in Antique Bridal Gold Jewellery segment
⚠
First public issue with no prior trading history for price discovery
⚠
Outstanding criminal proceedings against the company and a promoter
⚠
Negative cash flows from operations in H1 FY2024 and FY2023
◆ Subscribe for Listing Gains
Should You Apply?
RBZ Jewellers Limited is a leading organized manufacturer of Antique Bridal Gold Jewellery specializing in jadau, Meena and Kundan work, operating across wholesale, retail and job work channels with an established retail brand 'Harit Zaveri' in Ahmedabad. The company has demonstrated strong revenue growth from ₹107 crore (FY2021) to ₹288 crore (FY2023) with a PAT of ₹22.33 crore in FY2023; however, cash flows from operations have been consistently negative due to high working capital intensity. At the upper price band of ₹100, the issue is priced at a P/E of ~13.4x FY2023 earnings which appears reasonable, but the high debt levels (total borrowings of ₹96 crore vs networth of ₹93 crore in FY2023) and negative operating cash flows warrant caution. Investors may consider subscribing for listing gains given the reasonable valuation, but long-term investors should monitor working capital management and profitability post IPO fund utilization.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
IPO Timeline
Key milestones from opening to listing.
📅
IPO Opens
2023-12-19
🔒
IPO Closes
2023-12-21
🏛️
Listing
2023-12-27
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (1)
Arihant Capital Markets
Registrar to the Issue
📋
Bigshare Services Private Limited
Registrar to the Issue
Company Details
Registered information and contact details.
Company Name
RBZ Jewellers Limited
CIN
U36910GJ2008PLC053586
Registered Office
Block-D, Mondeal Retail Park, Near Rajpath Club, S.G. Highway, Beside Iscon Mall, Ahmedabad, Gujarat-380054, India
Contact Person
Heli Akash Garala
Phone
+91-79-69135737
Email
cs@rbzjewellers.com