Kalyan Jewelers IPO: The company had earlier planned to raise Rs 1750 crore through the issue but later reduced it to Rs 1175 crore.
Kalyan Jewelers , invested by Warburg Pincus, is scheduled to issue an IPO on 16 March. The company is in the process of raising Rs 1175 crore. The price band of Kalyan Jewelers’ IPO has been fixed at Rs 86-87 per share. The company’s issue is scheduled to close on 18 March.
The company had earlier planned to raise Rs 1750 crore through the issue. But seeing the situation of the market, he changed his mind. Now it is set to bring an issue of Rs 1175 crore.
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The company will issue Rs 800 crore fresh issue under IPO and will sell shares worth Rs 375 crore in Offer for Sale (OFS). The company is in talks with the book running lead managers for the pre-IPO placement. In the offer for sale, the company’s promoter TS Kalyanraman will sell shares worth Rs 125 crore and Hydel Investment for Rs 250 crore. Kalyanraman holds 27.41 per cent in the jewelery company and 24 per cent stake in Highdale Investment. The company will use the funds raised from the issue for the next two years.
Kalyan Jewelers’ rival company was listed in December 2012. After that, for the first time a jewelery company is going to be listed in the market. Looking at the company’s network, Kalyan Jewelers had 107 showrooms in 21 states of the country till 30 June 2020. Apart from this, the company also has 30 showrooms abroad.
Axis Capital, Citigroup Global Markets India, ICICI Securities and SBI Capital Markets are the global co-ordinators and book running lead managers to the issue.
As of June 2020, the company had 107 showrooms across 21 states and union territories in India, and 30 in the Middle East.
