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Kalyan Jewellers' Rs 1,175 crore IPO offer to open on March 16; price band fixed at Rs 86-87 per share

Kalyan Jewellers IPO: Half of the issue is reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional bidders. The offer includes a reservation aggregating up to Rs 2 crore for subscription by eligible employees

twitter-logoBusinessToday.In | March 11, 2021 | Updated 16:24 IST
Kalyan Jewellers' Rs 1,175 crore IPO offer to open on March 16; price band fixed at Rs 86-87 per share
Kalyan Jewellers IPO: The three-day public issue will conclude on March 18 and the bidding for anchor investors would open on March 15

Kalyan Jewellers India Limited will open its initial public offer of equity shares of the face value of Rs 10 each on March 16. The three-day public issue will conclude on March 18 and the bidding for anchor investors would open on March 15, Kalyan Jewellers announced in a virtual press meet today.

Kalyan said the IPO offer, with a price band of Rs 86 to Rs 87 per equity share, comprises issuance of equity shares aggregating up to Rs 1,175 crore, including fresh equity aggregating up to Rs 800 crore and an offer for sale (OFS) worth Rs 375 crore.

Kalyan Jewellers' promoter TS Kalyanaraman would be offloading equity shares aggregating up to Rs 1,25 crore and Highdell Investment Ltd, an affiliate of Warburg Pincus, would sell up to Rs 250 crore worth of shares through the OFS route.

Also read: Kalyan Jewellers gears up to open IPO

Half of the issue is reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional bidders. The offer also 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. The company proposes to utilise the funds towards funding working capital requirements of the company and general corporate purposes.

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

At the end of June 2020, Kalyan Jewellers 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.

Also read: Upcoming IPOs in March 2021 in India: Kalyan Jewellers, Easy Trip Planners, MTAR Tech and more

Also read: MTAR Technologies IPO to open on March 3; should you subscribe?

Also read: SBI Mutual Fund IPO slated for this year; gears to raise $1 billion

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