Kalyan Jewellers India Ltd’s Rs1,175 crore initial public offering (IPO) will open on 16 March, with the issue price fixed at Rs 86-87 a share. The offer will close on 18 March. The company had initially planned to raise Rs 1,750 crore through the IPO but the offer size was reduced due to unfavorable market conditions.

The IPO comprises a fresh issue of equity shares aggregating up to Rs 800 crore and an offer for the sale of shares worth Rs 375 crore by promoters and shareholders. The company in consultation with book-running lead managers and may consider a pre-IPO placement. The offer for sale comprises selling up to Rs125 crore worth shares by promoter TS Kalyanaraman, and another Rs 250 crore by Highdell Investment Ltd. Kalyanaraman and Highdell Investment hold 27.41 per cent and 24 per cent stake in the company, respectively. Proceeds from the issue will be used for funding working capital requirements over the next two years.
For fiscal 2020, its revenue stood at Rs10,100.92 crore, of which 78.19 per cent came from its India operations, and 21.81per cent was from the Middle East. Net profit for the period was at Rs 142.28 crore compared to a loss of Rs 4.86 crore a year ago. As of March 2020, its total outstanding debt was at Rs 3,640.31 crore.