Kalyan Jewellers Rs 1,175-cr IPO to open on Mar 16
The initial public offer (IPO) comprises issuance of fresh equity aggregating up to Rs 800 crore and an offer for sale (OFS) worth Rs 375 crore.
New Delhi: Kalyan Jewellers India Ltd on Thursday fixed a price band of Rs 86-87 a share for its Rs 1,175 crore-initial share-sale, which will open for public subscription on March 16.
The three-day public issue would conclude on March 18 and the bidding for anchor investors would open on March 15, Kalyan Jewellers announced in a virtual press meet. The initial public offer (IPO) comprises issuance of fresh equity aggregating up to Rs 800 crore and an offer for sale (OFS) worth Rs 375 crore.
Kalyan Jewellers’ promoter T S Kalyanaraman would be offloading shares worth up to Rs 125 crore, while Highdell Investment Ltd, an affiliate of Warburg Pincus, would sell up to Rs 250 crore worth of shares through the OFS route. Half of the issue is reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional bidders.
Proceeds from the fresh issue of shares would be utilised for working capital requirements and general corporate purpose. 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.
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