Kalyan Jewelers India Ltd will open on 16 March with Rs1,175 crore initial public offering (IPO) , with the difficulty price fixed at ₹86-87 a share. The offer will be valid till 18 March.
The company had initially planned to boost Rs1,750 crore through the IPO but the offer size was reduced thanks to unfavorable market conditions.
The IPO comprises a fresh issue equity shares aggregating up to Rs800 crore and a suggestion purchasable of shares worth Rs375 crore by promoters and shareholders. the corporate in consultation with book running lead managers and should consider a pre-IPO placement.
The offer purchasable comprises selling up to Rs125 crore worth shares by promoter TS Kalyanaraman, and another Rs250 crore by Highdell Investment Ltd. Highdell Investment and Kalyanaraman hold 24% and 27.41% stake within the company, respectively.
Proceeds from the difficulty are going to be used for funding capital requirements over subsequent two years.
For fiscal 2020, its revenue stood at Rs10,100.92 crore, of which 78.19% came from its India operations, and 21.81% was from the center East. net income for the amount was at Rs142.28 crore compared to a loss of Rs4.86 crore a year ago.
As of March 2020, the total outstanding debt stood at Rs3,640.31 crore.
Axis Capital, Citigroup Global Markets India, ICICI Securities and SBI Capital Markets are the worldwide coordinators and book running lead managers to the difficulty .
As of June 2020, the corporate had 107 showrooms across 21 states and union territories in India, and 30 within the Middle East .
The company designs, manufactures, and sells a good range of gold, studded and other jewelry products across various price points for various occasions and daily wear.