RBZ Jewellers shares hit 20% upper circuit for second consecutive day, rally over 110% in just 12 days
Investors of RBZ Jewellers have every reason to celebrate their decision to invest in the company’s IPO as the stock has consistently maintained a strong upward trajectory since its listing in December.
In today’s trading session, the stock hit a new all-time high of ₹211 apiece, hitting the 20% upper circuit limit. This marks the second consecutive day that the stock has reached the 20% upper circuit limit.
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The company’s shares made their debut on the Indian stock exchanges on December 27, 2023, listing at ₹105 apiece, representing a 5% premium to the IPO price of ₹100. However, the stock exhibited a strong upward trend consistently in the following trading sessions.
Considering the stock’s current market price of ₹211 apiece, it is trading 111% higher than its issue price.
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The ₹100 crore IPO of RBZ Jewellers was open between December 19 and December 21. The IPO garnered healthy investor interest, receiving a subscription rate of 17 times, Trendlyne data showed.
About RBZ Jewellers
Established in April 2008, RBZ Jewellers specialises in crafting antique gold jewellery. It is a well-known company in Ahmedabad, Gujarat, and runs its retail store under the “Harit Zaveri” brand.
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The company is strategically looking to establish a strong presence in Southern India, which accounts for 41% of the total jewellery demand in the country. It occupies 10,417 square feet of the showroom, while the remaining 1,250 square feet are leased.
Regarding financials, the company posted a net profit of ₹22 crore in FY23, an improvement of 57% over FY22’s net profit of ₹14 crore. The revenue from operations in FY23 grew by 14.28% to ₹288 crore as compared to ₹252 crore in FY22.
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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Published: 11 Jan 2024, 11:59 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.