Kalyan Jewellers IPO – Review, Allotment Status, Subscription, Price, Date & more

Let’s have a detailed review of the company and analytics of the Kalyan Jewellers Limited IPO release date, IPO offer price, subscription, Kalyan Jewellers IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


Kalyan Jewellers IPO Review & Ratings

IPO Ratings & Review
CriteriaRatings
Industry Sentiments7.4/10
Industry Ranking7.1/10
Company Background8.2/10
Company Reputation7.7/10
Competitive Edge7.2/10
Financial Statements8.0/10
Popularity Index7.6/10
Promoters Reputation8.0/10
Retail Appetite7.5/10
Top Brokers Review8.1/10
Overall Ratings7.5/10
Star Ratings★★★★☆

Summary of Kalyan Jewellers IPO

Kalyan Jewellers IPO

They are one of the largest jewellery companies in India based on revenue as of March 31, 2020, according to the Technopak Report.

They were established by their founder and one of their Promoters, Mr. T.S. Kalyanaraman, who has over 45 years of retail experience, of which over 25 years is in the jewellery industry. They started their jewellery business in 1993 with a single showroom in Thrissur, Kerala.

They design, manufacture and sell a wide range of gold, studded and other jewellery products across various price points ranging from jewellery for special occasions, such as weddings, which is their highest-selling product category, to daily-wear jewellery.

From FY 2017-18 to FY 2019-2020, as per the Restated Financial Statements

  • In Fiscal 2020, 74.77% of their revenue from operations was from the sale of gold jewellery, 23.36% was from the sale of studded jewellery (which includes diamonds and precious stones), and 1.87% was from the sale of other jewellery.
  • In Fiscal 2020, their revenue from operations was Rs.101,009.18 million, of which 78.19% was from India and 21.81% was from the Middle East.

The Promoters of this company are MR. T.S. KALYANARAMAN, MR. T.K. SEETHARAM AND MR. T.K. RAMESH. The lead managers to the issue are Axis Capital Limited, Citigroup Global Markets India Private Limited, ICICI Securities Limited, SBI Capital Markets Limited, BOB Capital Markets Limited. The Registrar to this issue is Link Intime India Private Limited.



Kalyan Jewellers IPO Dates / Launch Date

The opening and the closing date of Kalyan Jewellers IPO is not known yet.


Kalyan Jewellers IPO Subscription 

Day / DateQIBNIIRIITotal Subscription
1st Day – 
2nd Day – 
3rd Day – 
4th Day – 
Shares Offered or Net Issue

The shares subscribed by the public will be updated here.


Kalyan Jewellers IPO Allotment Status

Here, you can find the Allotment Status of this IPO. Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment status is not yet disclosed.th

Kalyan Jewellers IPO Listing Date

Find the dates below on basis of allotment, refund, listing and more:

Basis of Allotment Finalization
Refunds Initiation
Credit of Shares to Demat Account
Share Listing Date

Kalyan Jewellers IPO Price Band / Cash Price

The face value of each share is Rs.[●], and the cash price of the IPO is [●]. 


Kalyan Jewellers IPO Size

This Initial Public Issue of [●] Equity Shares of Rs.10 each for cash at a price of Rs.[●] per equity share aggregating to Rs.17,500 MILLION


Kalyan Jewellers IPO Share Offering

Fresh Issue: The Fresh Issue of [●] Equity Shares by their Company of Rs.10 each at a price of [●] per equity share aggregating to Rs.10,000 MILLION,

Offer: The Net Offer of up to [●] Equity Shares of Rs.10 each at price of Rs.[●] per Equity Shares aggregating to Rs.17,500 million

Offer for Sale: Offer for sale consists of Up to [●] Equity Shares of face value of Rs.10 each for cash at a price of Rs.[●] per Equity Share aggregating Rs.7,500 MILLION.


Kalyan Jewellers Limited – Company Overview

They started their jewellery business in 1993 with a single showroom in Thrissur, Kerala. They have since expanded to become a pan-India jewellery company, with 107 showrooms located across 21 states and union territories in India, and also have an international presence with 30 showrooms located in the Middle East as of June 30, 2020.

Their total showrooms have increased from 77 as of March 31, 2015 to 137 showrooms as of June 30, 2020, and they intend to continue to open additional showrooms as they expect significant opportunity for further penetration in their existing markets as well as in new markets, primarily in India. They also sell jewellery through their online platform at www.candere.com.

They design, manufacture and sell a wide range of gold, studded and other jewellery products across various price points ranging from jewellery for special occasions, such as weddings, which is their highest-selling product category, to daily-wear jewellery.

Kalyan Jewellers: Hyperlocal Jeweller

One of their key competitive strengths is their ability to operate as a hyperlocal jewellery company. They endeavour to cater to their customers’ unique preferences, which often vary significantly by geography and micro market, through their local market expertise and region-specific marketing strategy and advertising campaigns.

They engage local artisans to manufacture jewellery (based on their specifications) that is suited to local tastes in the markets in which they operate and hence endeavour to curate a localised product mix and store experience within each of their showrooms to suit their customers’ preferences in the immediate micro market.

Kalyan Jewellers – Trusted Jewellery Brand

They pride ourselves on being a trusted jeweller and have endeavoured to establish a strong brand that their customers associate with trust and transparency. According to the Technopak Report, they were one of the first jewellery companies in India to voluntarily have all of their jewellery BIS hallmarked as well as accompanied by a detailed pricing tag disaggregating the various components of price to aid transparency to consumers.

These initiatives, along with their carefully crafted customer education and awareness campaigns around the lack of transparency historically prevalent in the Indian jewellery industry, have helped build the strength of their brand and enabled them to a develop a loyal customer base. They were awarded the Superbrands title of being ‘India’s most preferred jewellery brand in Fiscal 2020’.

Kalyan Jewellers – Customer Reach

Their grassroots “My Kalyan” customer outreach and service centre network is another key element of their hyperlocal strategy which enables them to be a neighbourhood jeweller and is focused on marketing and customer engagement across urban, semi-urban and rural areas in India.

Their “My Kalyan” network consists of multiple service centres that are located in a wide radius around most of their showrooms.

They employ dedicated “My Kalyan” personnel at these service centres who engage in door-to-door and other direct marketing efforts within their local communities to promote their brand, showcase their product catalogue, enroll customers in their purchase advance schemes, enrich their customer database and help drive traffic to their showrooms nearest to that area.

Kalyan Jewellers: Information Technology

They have built robust information technology and operational management systems for their operations. These systems are specific to their business needs to ensure best-in-class standards of controls and operational efficiency. They particularly regard the implementation of their policies concerning inventory management and the mitigation of gold price fluctuations as critical to the success of their business.

Additionally, they consider investments in technology to be a key enabler of their growth and have invested in building various technology platforms, particularly in their “My Kalyan” operations, to support their customer acquisition activities.

Kalyan Jewellers Limited: Business strategies

  • Leverage their scalable business model to expand their showroom network and diversify their channels of distribution
  • Widen their product offerings to further increase their consumer reach
  • Leverage their “My Kalyan” network to deepen customer outreach and strengthen the distribution network in their core markets
  • Invest in CRM, marketing and analytics to more effectively target consumers and drive sales

Kalyan Jewellers Ltd – Financial Statements

On the basis of Standalone statement:

Amount (in INR & million)
31-Mar-20Mar-1931-Mar-18
Total Assets82,186.8080,599.1485,512.31
Total Revenue101,810.1698,140.29105,801.99
Total Expense99,601.2997,931.01103,664.08
Profit After Tax1,422.75(48.64)1,409.97

Earnings per Equity Share (in million)

Amount (in INR & million)
Mar-2031-Mar-1931-Mar-18
Basic1.70(0.04)1.70
Diluted1.49(0.04)1.51

Kalyan Jewellers IPO – Promoters

The Promoters of this company are:

  • MR. T.S. KALYANARAMAN,
  • MR. T.K. SEETHARAM AND
  • MR. T.K. RAMESH

List of Related Parties (Key Managerial Personnel)

  • T.S. Kalyanaraman, Managing Director
  • Sanjay Raghuraman, Chief Executive Officer
  • V. Swaminathan, Chief Financial Officer
  • Jishnu R.G, Company Secretary

Interest in promotion of the Company

Except Mr. T.S. Kalyanaraman, Mr. T.K. Seetharam and Mr. T.K. Ramesh, who are their Promoters and Executive Directors, none of their Directors are interested in the promotion or formation of their Company. Mr. Anish Kumar Saraf, their Non-Executive, Nominee Director, who has been nominated by Highdell, may be deemed to be interested to the extent of the shareholding of Highdell in their Company and to the extent of benefits arising out of such shareholding.

Interests of Promoter in property of their Company

None of their Directors have any interest in any property acquired or proposed to be acquired of their Company or by their Company or in any transaction for acquisition of land, construction of building and supply of machinery.


Kalyan Jewellers IPO Offer Details or Issue Details

Particulars No. Of Equity Shares
 Equity Shares OfferedUp to [●] Equity Shares, aggregating up to Rs.17,500 million
 Of which:
Fresh IssueUp To [●] Equity Shares, aggregating up to Rs.10,000 million
Offer for SaleUp to [●] Equity Shares, aggregating up to Rs.7,500 million

Net Offer

a. QIB CategoryNot more than [●] Equity Shares
b. Non-Institutional PortionNot less than [●] Equity Shares
c. Retail PortionNot less than [●] Equity Shares
 Equity Shares outstanding prior to the Issue839,241,600 Equity Shares
 Equity Shares outstanding after the Issue[●] Equity Shares

Kalyan Jewellers IPO Issue Object

The Net Proceeds from the Fresh Issue are proposed to be utilized towards the following objects:

1. Funding working capital requirements of their Company; and
2. General corporate purposes.

Kalyan Jewellers Limited: Competitive Strength

  • Established brand built on the core values of trust and transparency
  • One of India’s largest jewellery companies with a pan-India presence
  • Hyperlocal strategy enabling them to cater to a wide range of geographies and customer segments
  • Extensive grassroots “My Kalyan” network with strong distribution capabilities enabling deep customer outreach
  • Visionary Promoters with strong leadership and a demonstrated track record supported by a highly experienced and accomplished senior management team and board of directors
  • Wide range of product offerings targeted at a diverse set of customers
  • Robust and effective internal control processes to support a growing organisation and showroom network with a pan-India presence

Kalyan Jewellers IPO – Basis of the Offer Price

The Offer Price has been determined by their Company and the Selling Shareholder in consultation with the Lead Managers on the basis of the key business strengths.

Qualitative factors are:

  • Established brand built on the core values of trust and transparency;
  • One of India’s largest jewellery companies with a pan India presence;
  • Hyperlocal strategy enabling them to cater to a wide range of geographies and customer segments;
  • Extensive grassroots “My Kalyan” network with strong distribution capabilities enabling deep customer outreach;
  • Visionary Promoters with strong leadership and a demonstrated track record supported by a highly experienced and accomplished senior management team and board of directors;
  • Wide range of product offerings targeted at a diverse set of customers; and
  • Robust and effective internal control processes to support a growing organisation and showroom network with a pan India presence.

Kalyan Jewellers IPO – Quantitative Factors

Basic EPSRONW in %NAV (Rs.)
31-Mar-181.707.23
31-Mar-19(0.04)(0.18)
*31-Mar-201.706.6325.71
  • Price to Earnings (P/E) ratio in relation to Price band of Rs.[●] of Rs.[●] per each
ParticularsP/E ratio
Highest61.69
Average61.69
Lowest61.69

Kalyan Jewellers Limited: Competitive Peers

Face Value (Rs.)P/EEPS  (Rs.)Return on Net Worth (%)NAV per share (Rs.)
Kalyan Jewellers Limited10[●]1.706.6325.71
Listed Peers
Titan Company Limited161.6916.9122.3875.12

Kalyan Jewellers IPO Lead Managers

Lead Managers
Axis Capital Limited,

Citigroup Global Markets India Private Limited,

ICICI Securities Limited,

SBI Capital Markets Limited,

BOB Capital Markets Limited

Kalyan Jewellers IPO Registrar to Offer

Registrar to the Offer
Link Intime India Private Limited
C-101, 1st Floor, 247 Park
Lal Bahadur Shastri Marg
Vikhroli (West), Mumbai 400083
Telephone: +91 22 4918 6200
Email: kalyan.ipo@linkintime.co.in
Investor Grievance e-mail: kalyan.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact Person: Ms. Shanti Gopalkrishnan
SEBI Registration No.: INR000004058

Other Details:

  • Statutory Auditor – Deloitte Haskins & Sells LLP
  • Legal Counsel to the Company – AZB & Partners
  • Bankers to the Company – State Bank of India, Indian Overseas Bank, Bank of Baroda, Canara Bank.

Kalyan Jewellers IPO Review by Top 10 Stock Brokers

Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
Angel Broking7.5/107.4/108.5/108.1/107.1/10
Sharekhan7.2/107.1/108.6/108.1/107.2/10
Kotak Securities7.3/107.5/108.4/108.1/107.3/10
ICICI Direct7.3/107.3/108.7/108.1/107.1/10
IIFL7.5/107.2/108.8/108.0/107.1/10
Edelweiss7.5/107.4/108.4/108.3/107.2/10
Zerodha7.4/107.1/108.5/108.1/107.0/10
5Paisa7.1/107.1/108.4/108.1/107.1/10
Karvy7.4/107.3/108.2/108.1/107.1/10
Motilal Oswal7.1/107.1/108.6/108.3/107.2/10

Kalyan Jewellers IPO Grey Market Premium

The Kalyan Jewellers IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X. 


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