Kalyan Jewellers will open its Initial Public Offering (IPO) for subscription on March 16. It seeks to raise Rs 1,175 crore in a price band of Rs 86-87 per share of face value Rs 10 each.
The 3-day issue, which consists of fresh issue of shares worth Rs 800 crore and an offer-for-sale worth Rs 375 crore by promoters and shareholders, will close for subscription on March 18.
In the offer-for-sale, Kalyan Jewellers' promoter T S Kalyanaraman will offload shares worth up to Rs 125 crore, while shareholder Highdell Investment Ltd, an affiliate of Warburg Pincus, will sell up to Rs 250 crore worth of shares.
About 50percent of the IPO issue is reserved for qualified institutional buyers 35percent for retail buyers, and 15percent for non-institutional investors. The lot size has been fixed at 172 shares and investors can bid in multiples which means a minimum investment of Rs 14,964 at upper price band of Rs 87. The company offers a discount of Rs 8 per share to eligible employees for whom share worth Rs 2 lakh have been reserved.
Kalyan Jewellers grey market premium (GMP) is not available currently as there is no activity in the grey market as of now. According to the IPO papers filed with SEBI, the proceeds from IPO will go towards working capital requirements and for general purposes.
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