Kalyan Jewellers IPO subscribed 1.21 times on Day 2

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New Delhi: Kalyan Jewellers’ initial public offer was subscribed 1.21 times on March 17, the second day of subscription.

The initial public offer of Kalyan Jewellers India received bids for 11,56,77,912 shares against 9,57,09,301 shares on offer, as per NSE data.

The portion reserved for qualified institutional buyers (QIBs) received 24% subscription, while those for non-institutional investors 89% and retail individual investors (RIIs) 1.90 times.

The initial public offer aggregating up to Rs 1,175 crore comprises a fresh issue of up to Rs 800 crore and an offer for sale of up to Rs 375 crore. The price range for the initial public offer is at Rs 86-87 per share.

Kalyan Jewellers India Ltd on March 16 raised Rs 352 crore from anchor investors.

Proceeds from the fresh issue of shares would be utilised for working capital requirements and general corporate purpose.

At the end of June 2020, the company had 107 showrooms across 21 states and Union Territories in India, and 30 showrooms in the Middle East.

Kalyan Jewellers designs, manufactures, and sells a wide range of gold, studded and other jewellery products. Axis Capital, Citigroup Global Markets India, ICICI Securities and SBI Capital Markets are the global coordinators and book running lead managers to the offer.