Kalyan Jewellers To Open Its Public Issue On March 16; Price Band Fixed At Rs. 86-87

Kalyan Jewellers will launch its public issue on March 16, 2021 and the issue price for the offer has been fixed at Rs. 86-87 per share. The issue size of the offer has been revised lower to Rs. 1175 crore from the previously decided Rs. 1750 crore due to unfavourable market conditions.

Kalyan Jewellers To Open Its Public Issue On March 16; Price Band Fixed At Rs. 86-87

The issue includes fresh share issuance worth Rs. 800 crore and the remaining shall be offer for sale (OFS) of Rs. 375 crore by shareholders and promoters of the company. Pre-IPO placement shall be also considered by the renowned jewellery chain.

The OFS includes share sale of up to Rs. 125 crore by promoter TS Kalyanaraman, and another Rs250 crore by Highdell Investment Ltd. Kalyanaraman and Highdell Investment hold 27.41% and 24% stake in the company, respectively.The issue is being floated for financing working capital requirements over the next two years.

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.

The company is engaged in designing, manufacturing and selling of a wide range of gold, studded and other jewellery products in different pricing for various occasions and daily wear.

The company's revenue for fiscal 2020 was at Rs. 10100.92 crore and the company also has its Middle East operations.

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