Kalyan Jewellers files IPO for Rs 1,750-cr in largest offer in its sector

By Administrator_India

Capital Sands

Kerala-based Kalyan Jewellers India has filed its offer document with the SEBI for a Rs 1,750-crore initial public offering .

The issue comprises fresh fundraise of Rs 1,000 crore and Rs 750-crore secondary share sale by promoter T S Kalyanaraman and private equity firm Warburg Pincus. This IPO will be the biggest by a jewellery retail brand in the domestic market.

The company started in 1993 with a single showroom at Thrissur, Kerala, and now has 107 stores across 21 states and Union Territories in India. It also has 30 showrooms located in West Asia. The stores are operated and managed by the company.

Axis Capital, Citibank, ICICI Securities, SBI Caps, and BoB Capital Markets are the investment bankers handling the issue. Kalyan Jewellers plans to use Rs 1,000 crore to fund its working capital and for other corporate purposes.

In FY20, revenue from operations of Kalyan Jewellers stood at Rs 10,100 crore, of which 78.19 per cent was from India, and 21.8 per cent was from West Asia. Its closest rival is Titan’s Tanishq.

Tanishq jewellery brand has the highest store presence, with 250-plus stores in India and abroad. Another listed firm PC Jewellers has about 84 stores.

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