The Rs 1,750-crore Initial Public Offer (IPO) of Warburg Pinus-backed and Kerala-based retail jewellery firm Kalyan Jewellers is all set to hit the primary market after market regulator Sebi's nod
Despite pandemic induced challenges, the equity market worldwide has been hitting highs every day, on the back of vaccine development and better than expected earnings and macro economic data.
Amid robust liquidity in the market, analysts estimate that the primary market is likely to stay strong and believe that Kalyan Jewellers would be one of the most anticipated IPOs in next one year.
The IPO would consist of a fresh equity issue of Rs 1,000 crore and an offer for sale (OFS) of worth Rs 750 crore, according to the Draft offer document.
The jewellery showroom chain received a nod from market regulator Securities and Exchange Board of India (SEBI) to float its initial public offering (IPO) last month on October 15. Company's chairman and MD, T S Kalyanaraman, however, has not committed any specific date for the listing date.
One of the leading designer, manufacturer and seller of gold and diamond jewellery, Kalyan Jewellers has 45 years of retail industry experience and strong brand presence in India and abroad with 200 plus outlets.
At the end of June 2020, Kalyan Jewellers has 107 showrooms across 21 Indian states and union territories and 30 showrooms in the Middle East and earned a revenue of Rs 101,009.18 million in FY 2019-2020.
Through the OFS, company's promoter, T S Kalyanaraman would be offloading shares worth up to Rs 250 crore, while Highdell Investment Ltd would sell up to Rs 500 crore worth of shares.
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