Kerala-based Kalyan Jewellers, a retail jeweller with pan-India presence filed for an initial public offering (IPO) to raise Rs 1,700 crore, the largest IPO by any jewellery retail brand in the domestic bourses. The gold retailer, backed by private equity firm Warburg Pincus, has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) for a listing of its share on BSE and NSE.
Kalyan Jewellers IPO: All you need to know
According to report, the company will offer equity shares of the face value of Rs 10 each aggregating to Rs 1750 crore, comprising a fresh issue of Rs 1000 crore and an offer for sale of Rs 750 crore, comprising up to Rs 250 crore by promoter T S Kalyanaraman and up to Rs 500 crore by Highdell Investment, a portfolio company of Warburg Pincus.
While Kalyanaraman owns 27.41 per cent in the company, the other promoters are his sons TK Seetharam and TK Ramesh own 22.17 per cent stake each in the jeweller.
The exact timeline of the IPO, issue size, and price band of shares are yet to be ascertained.
In the bygone year of 2019-20, Kalyan Jewellers recorded a revenue as high as Rs 10,100 crore. Of this, nearly 78 per cent was value generated from India and the rest from the Middle East.