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Kalyan Jewellers files for ₹1,750 crore share sale
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Print Kalyan Jewellers files for ₹1,750 crore share sale
The company plans to raise ₹1,000 crore by selling new shares to fund business growth
Investment banks Axis Capital, ICICI Securities and Citi are advising the company on the IPO
Kalyan Jewellers India Ltd, one of the biggest gold retailers in the country, on Monday filed the draft prospectus for its initial public offering, which will see the company and its shareholders sell shares worth ₹1,750 crore.
The company plans to raise ₹1,000 crore by selling new shares to fund business growth, while its promoter T.S. Kalyanaraman and private equity firm Warburg Pincus plan to sell shares worth ₹250 crore and ₹500 crore, respectively.
The fresh capital to be raised from the IPO will go towards funding working capital requirements and other general corporate purposes, the company said in its prospectus filed with markets regulator Securities and Exchange Board of India (Sebi).
Warburg Pincus, which holds a 24% stake in Kalyan, has so far invested ₹1,700 crore in the jeweller. Warburg first invested in Kalyan Jewellers in 2014, writing a ₹1,200 crore cheque. In 2017, the PE investor committed ₹500 crore more.
Investment banks Axis Capital, ICICI Securities and Citi are advising the company on the IPO.
For the year ended 31 March 2020, the jeweller reported ₹10,100.9 crore in revenue from operations, up from ₹9,770 crore the previous financial year. Profit for the year ending 31 March came in at ₹142.2 crore, compared to a loss of ₹4.8 crore in the previous year. In FY20, 78.19% of the company’s revenue came from India and 21.81% from West Asia.
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