Kerala's Kalyan Jewellers likely to initiate IPO in December

Nov 26 2020 03:35 PM
Kerala's Kalyan Jewellers likely to initiate IPO in December

Kerala-based Kalyan Jewellers is likely to hit the primary market in December to raise Rs 1,750 crore through Initial Public Offering (IPO)  The jewellery showroom chain had received market regular SEBI's approval on October 15.  The Rs. 1750 crore issue is expected to see a good response amid attractive valuation and liquidity in the markets.

As per the drat-red herring prospects, the issue shall comprise Rs. 1000 as a fresh issuance and the remaining shall be an offer for sale (OFS). In the offer for sale, the company's promoters shall reduce their holding of shares worth up to Rs. 250 crore and another shall be by Highdell of Rs. 500 crore.

Axis Capital, Citigroup Global Markets India, ICICI Securities and SBI Capital Markets will be the book running lead managers to the IPO.  In the last 3 years, it shall be among the biggest retail offering only after DMart that was launched to raise Rs. 1870 crore.

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