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Amidst soaring gold prices, jewellery retail chain operator Kalyan Jewellers (KJPL) has decided to tap the stock market to raise more funds. On Monday, KJPL filed its draft red herring prospectus with SEBI for ₹1,750 crore initial public offering (IPO).
The IPO comprises ₹1,000 crore worth of fresh issue of shares and ₹750 crore offer for sale by promoter T S Kalyanaraman and Highdell Investment, a Warburg Pincus firm that has invested in the company earlier. Kalyanaraman is selling shares worth ₹250 crore and Highdell Investment will be offloading shares worth ₹500 crore. Warburg Pincus had invested ₹1,200 crore in 2014 and another ₹500 crore in the company in 2017. KJPL’s promoters hold 76 per cent stake and 24 per cent is held by Warburg Pincus. KJPL has reported a 3.3 per cent jump in revenues at ₹10,101 crore for the year ended March 31, 2020. The company had posted a net profit of ₹145 crore in FY20. The Global Co-ordinators and Book Running Lead Managers to the IPO are Axis Capital Limited, Citigroup Global Markets India Private Limited, ICICI Securities Limited and SBI Capital Markets Limited. The Book Running Lead Manager to the IPO is BOB Capital Markets Limited.
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