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Shares of Kerala-based Kalyan Jewellers India opened at Rs 73.95 per share on the National Stock Exchange, marking a discount of 15% from the IPO price of Rs 87 per share. On the BSE, the jeweller opened at Rs 73.90, a markdown of 15.06%.

The Rs 1,175-crore initial public offer of the company got subscribed 2.6 times on the last day of the offer. 24,95,68,044 shares against the issue size of 9,57,09,301 shares, as per data available with the NSE. The qualified institutional buyers (QIBs) category was subscribed 2.76 times. The retail individual investors category was subscribed 2.82 times. The non-institutional investors category was subscribed 1.91 times.

The public offer of Kerala-based jeweller comprises a fresh issue of equity shares worth Rs 800 crore and offer-for-sale (OFS) worth Rs 375 crore by promoters and shareholders. Promoters will sell Rs 125 crore worth of shares while the private equity investor, Warburg Pincus will sell Rs 250 crore worth of shares.

Proceeds from the fresh issue will be used to meet working capital requirements and general corporate purposes.

Kalyan Jewellers India Ltd. (KJIL) is one of the largest jewellery companies in India. It has become a pan-India jewellery company, with 107 showrooms located across 21 states and union territories in India, and also have an international presence with 30 showrooms located in the Middle East as of December 31, 2020. All of its showrooms are operated and managed by themselves.