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Amid slump in gold price, Kalyan Jewellers IPO to open tomorrow

Source: Twitter

Amid a record slump in Gold prices, Kalyan Jewellers India’s ₹ 1,175 crore initial public offering (IPO) will open for bidding on March 16.

The IPO will close on March 18. The company has fixed the issue price at ₹ 86-87 per share and plans to raise ₹ 1,175 crore at the higher end of the price band.

 

The bidding for anchor investors will open on March 15.

The public issue, backed by Warburg Pincus, comprises fresh issue of ₹ 800 crore and an offer for sale (OFS) amounting to ₹ 375 crore. Investors can bid for a minimum of 172 shares and in multiples of 172 shares thereafter. A total of 35 per cent of the issue will be reserved for retail investors.

The company will utilise the IPO proceeds to fund its working capital requirements and for general corporate purposes.

Kalyan Jewellers was started by Kalyanaraman in Kerala in 1993. It counts Bollywood actors Amitabh Bachchan and Katrina Kaif among its brand ambassadors. Post listing, Kalyan Jewellers will compete with some of the biggest jewellery names in India such as Tata Group’s Titan, Tribhovandas Bhimji Zaveri and PC Jeweller.