Thiruvananthapuram, NFAPost: Kalyan Jewellers India Limited (“Kalyan Jewellers” or “Company”), one of the largest jewellery companies in India, stated that it is looking to raise Rs 1,175 crore from its initial public offer (IPO).
According to the company release, the IPO will open for the public on March 16 and close on March 18. The price band of the offer has been fixed at Rs 86 to Rs 87 per equity share.
NFAPost had reported in 2020 August that Kalyan Jewellers was going ahead with its plan to go for IPO. Kalyan Jewellers was established by its founder and one of the Promoters T S Kalyanaraman, who has over 45 years of retail experience, of which over 25 years is in the jewellery industry. The Company started its jewellery business in 1993 with a single showroom in Thrissur, Kerala.
Equity share
The IPO offer comprises a fresh issue aggregating up to Rs 800 crore and an offer for sale aggregating up to Rs 375 crore, comprising an offer for sale of equity shares aggregating up to Rs 125 crore by T S Kalyanaraman.
It also includes an offer for the sale of equity share aggregating up to Rs 250 crore by Highdell Investment Ltd. The offer includes a reservation aggregating up to Rs 2 crore for subscription by eligible employees. Bids can be made for a minimum of 172 equity shares and in multiples of 172 equity shares thereafter.
According to company sources, the capital raised will be utilised for funding working capital and general corporate purposes.
Global coordinators
Axis Capital Limited, Citigroup Global Markets India Private Lmited, ICICI Securities Limited and SBI Capital Markets Limited are the global coordinators and book running lead managers to the offer. BOB Capital Markets Limited is the Book Running Lead Manager the IPO.
Kalyan Jewellers is a pan-India jewellery company, with 107 showrooms located across 21 states and union territories in India, and also has an international presence with 30 showrooms located in the Middle East as of June 30, 2020. All of its showrooms are operated and managed by the Company.
