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Kalyan Jewellers gets nod to launch Rs 1,750-cr IPO

Kalyan Jewellers India IPO: The share sale will include issue of fresh equity aggregating up to  Rs 1,000 crore and an offer for sale (OFS) worth Rs 750 crore

twitter-logoBusinessToday.In | October 19, 2020 | Updated 19:11 IST
Kalyan Jewellers gets nod to launch Rs 1,750-cr IPO
Kalyan Jewellers India IPO: The proceeds from the share sale will be utilised for working capital requirements and general corporate purpose

Kalyan Jewellers India Ltd has received capital markets regulator Sebi's nod to raise an estimated Rs 1,750 crore through an initial public offer (IPO). The share sale will include issue of fresh equity aggregating up to  Rs 1,000 crore and an offer for sale (OFS) worth Rs 750 crore, Draft Red Herring Prospectus (DRHP) filed by the firm said.

Promoter of Kalyan Jewellers T S Kalyanaraman will sell shares worth up to  Rs 250 crore, while Highdell Investment Ltd will offload shares of value up to  Rs 500 crore through the offer for sale route. Kalyan Jewellers obtained Sebi's observations on October 15 .It filed draft papers for IPO in August.

The proceeds from the share sale will be utilised for working capital requirements and general corporate purpose. 

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At the end of June this year, the company had 107 showrooms across 21 states and Union Territories in India, and 30 showrooms in the Middle East.

Axis Capital, Citigroup Global Markets India, ICICI Securities and SBI Capital Markets are the global co-ordinators and book running lead managers to the offer.

Last month, the capital markets watchdog had sought clarification from the merchant banker regarding the company's public issue.

Kalyan Jewellers designs, manufactures and sells a wide range of gold, studded and other jewellery products.

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