Kerala-based Kalyan Jewellers India has filed its offer document with market regulator Securities and Exchange Board of India (Sebi) for a Rs 1,750 crore initial public offering (IPO). The issue consists of fresh fundraise of Rs 1,000 crore and Rs 750 crore secondary share sale by promoter T S Kalyanaraman and private equity firm Warburg Pincus. The IPO will be largest-ever by a jewellery retail brand in the domestic market.
Axis Capital, Citibank, ICICI Securities, SBI Caps and BOB Capital Markets are the investment bankers handling the issue. Kalyan Jewellers plans to use Rs 1,000 crore to fund its working capital and for other corporate purposes.
Kalyan Jewellers is one of the largest jewellery companies in India based on revenue as of March 31, 2020, according to Technopak report.
The company started in1993 with a single showroom at Thrissur, Kerala and now has 107 stores across 21 states and union territories in India. It also has 30 showrooms located in the Middle East. All the stores are operated and managed by the company.
In 2019-20, Kalyan Jewellers’ revenue from operations stood at Rs 10,100 crore, of which 78.19 per cent was from India, and 21.8 per cent was from the Middle East. The company’s closest rival is Titan’s Tanishq, which has the highest store presence, with 250-plus outlets in India and abroad. Another listed firm, PC Jewellers, has 84 stores.
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