Kalyan Jewellers IPO to open next week, price band set at Rs 86-87

The public issue for the IPO will open next week from March 16-18.
Kalyan Jewellers showroom in Kerala
Kalyan Jewellers showroom in Kerala
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Kalyan Jewellers announced on Thursday that the price band for its share will be Rs 86 - Rs 87 for its initial public offering (IPO). The public issue for the IPO will open next week from March 16-18. The bidding for anchor investors, Kalyan Jewellers announced, will open for subscription on Monday, March 15.

Kalyan Jewellers said it is looking to raise upto Rs 1,175 crore. This includes a fresh issue of Rs 800 crore and an offer for sale of Rs 375 crore. The offer for sale includes the sale of Rs 125 crore worth of shares by promoter TS Kalyanaraman, and Rs 250 crore by investor Highdell Investment, which is an affiliate of Warburg Pincus. The offer for sale also includes a reservation of up to Rs 2 crore for employees.

Bids can be made for a minimum of 172 shares and in multiples of 172 thereafter.

Fifty percent of the issue is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional bidders.

It said the company would utilise the funds for funding working capital requirements and for general corporate purposes.

Axis Capital Limited, Citigroup Global Markets India Private Limited, ICICI Securities Limited and SBI Capital Markets Limited are the global coordinators and book running lead managers to the offer. Kalyan Jewellers filed preliminary papers for IPO in August, and obtained SEBI’s go ahead in October.

Kalyan Jewellers was founded in 1993 in Thrissur, Kerala, which is currently the headquarters of the jewellery company.

At the end of June 2020, the company had 107 showrooms across 21 states and union territories in India, and 30 showrooms in the Middle East. Kalyan Jewellers designs, manufactures and sells a wide range of gold, studded and other jewellery products.

It had earlier said it will also soon be expanding into new markets not just in India, but globally as well, in GCC, USA, Singapore, Malaysia, Sri Lanka and more.

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