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The ₹1,175-crore Kalyan Jewellers’ initial public offering was subscribed 2.61 times on Thursday, the last day of subscription. The IPO has received bids for 24.95 crore shares against 9.57 crore shares on offer, as per BSE data.
The portion reserved for qualified institutional buyers (QIBs) received 2.75 times, while those for non institutional investors 1.91 times and and retail individual investors by 2.82 times. Portion reserved for employees received bids for 3.74 times.
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Kalyan Jewellers IPO: Shows potential
Branded jewellery market holds promise; to justify valuation Kalyan has to substantially improve its recent financial metricsThe IPO comprises a fresh issue of up to ₹800 crore and an offer for sale of up to ₹375 crore. The price band for the IPO is at ₹86-87 a share.Ahead of the issue Kalyan Jewellers India had raised ₹352 crore from anchor investors.
Proceeds from the fresh issue of shares would be utilised for working capital requirements and general corporate purpose.
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