IPO News

Kalyan Jewellers IPO to go live on March 16, price band being Rs.86-87

Kalyan  Jeweller’s public issue will open for bidding from March 16-18, 2021 with a fixed price band of Rs 86-87 per share in India.

The minimum permissible bidding limit would consist of 172 equity shares and in the multiples of 172 equity shares thereafter. The sum total of the minimum lot size at 87 per share amounts to Rs 14,964 crore.

T.S. Kalyanaraman is the founder Kalyan Jewellers who has over 25 years of experience in jewellery industry and an overall experience of 45 years in retail industry.

Company started its jewelry business in 1993 in Thrissur, Kerela. Thereafter expanding to 107 showrooms located across 21 states and union territories in India.

Above all, 30 showrooms are currently located in Middle East marking an international presence as of December, 2020.

The company is also selling jewelry online through its online platform at Candere.com.

Promoter of the company has announced offer for sale of Rs 125 crore worth of share and Rs 250 crore by investor High Dell investment.

The company plans to raise 800 crore through fresh issue. It aims at utilizing towards the working capital requirements.

Promoter and the promoter group held approximately 67.99 percent equity of pre offer issued paid up capital.

Lead underwriting firm in charge of the new equity include Axis Capital, Citigroup Global Markets India, ICICI Securities and BOB Capital Markets.

The company said that they see welcoming opportunities in future times and would open additional showrooms to penetrate the existing as well as new markets.

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