The initial public offering (IPO) of Kalyan Jewellers has been subscribed 27 per cent so far on March 16, the first day of the bidding process. The issue has received bids for 2.60 crore equity shares against the offered size of 9.57 crore shares, as per data available on exchanges. The reserved portion for retail investors was subscribed 44 per cent and that of non-institutional investors was subscribed 5 per cent, till 12:30 pm. Qualified institutional buyers have not started putting in bids for the offer, according to the subscription data available on exchanges.

The IPO comprises of issuance of fresh equity up to Rs 800 crore and an offer for sale worth Rs 375 crore. The last day for subscribing to the issue is March 18. Investors can bid for a minimum of 172 equity shares and in multiples of 172 equity shares thereafter implying a minimum investment of Rs 14,964 at the higher end of the price band.
The OFS comprises selling shares worth up to Rs 125 crore by promoter TS Kalyanaraman, and Rs 250 crore by Highdell Investment, belonging to the Warburg Pincus group. Kalyanaraman and Warburg hold 24.5 per cent and 32 per cent stake in the company, respectively.

“Ahead of IPO opening, Kalyan Jewellers got a good response from anchor investors which were around Rs 352 crore. We have a subscriber rating on IPO. In terms of valuations, the pre-issue TTM EV/Sales works out to 1.4, which is low compared to Titan Company. Going forward, we believe that KJIL would perform better on the back of a strong brand and number of stores in India & internationally,” said Amarjeet Maurya, Angel Broking.