Kochi: Kalyan Jewelers’ initial public offering is nearing completion. The share price was fixed. It is reported that the price will be Rs 86-87 per share. The share sale is likely to take place on March 16. Kalyan Jewelers, backed by US equity firm Warburg Pincus, is reportedly planning to sell Rs 1,175 crore worth of shares.
Kalyan will have a 13 per cent stake in the sale. The IPO was considered in 2018 but was later postponed. New shares worth Rs 800 crore are being issued. Promoter TS Kalyanaraman’s worth Rs 125 crore and Warburg Pinnacle’s subsidiary Hydel Investment’s worth Rs 250 crore are up for sale.
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Axis Capital, Citigroup Global Markets India, ICICI Securities and SBI Capital Markets are the global co – ordinators. The company said the proceeds from the initial public offering will be used for working capital and corporate purposes.
Warburg Pincus alone has invested around Rs 1,700 crore in Kalyan Jewelers in two phases. 2014 was the company’s largest investment in the jewelery sector. The initial investment was Rs 1,200 crore.