Kalyan Jewellers prepares for IPO
Kalyan Jewellers has made its initial moves towards launching an initial public offering. The business aims to raise Rs 1,750 crore ($263 million) through the share sale.
On August 24, Kalyan Jewellers filed its draft red herring prospectus with markets regulator Sebi As it prepares to launch its IPO, TNN reported. The business, which is backed by private equity firm Warburg Pincus, plans a sale of a combination of primary and secondary shares and has also proposed a fresh issue of shares worth Rs 1,000 crore.
T S Kalyanaraman and family, who own 76% of the jewellery business, plan to sell Rs 250 crore of shares and Warburg Pincus has proposed that it will sell Rs 500 crore worth of shares. Kalyan Jewellers plans to use money raised in the share sale for working capital requirements, according to TNN.
The brand recently launched a new campaign titled, ‘What It Takes’, in a bid to promote the link between family and jewellery, encouraging people to ‘stay home’ and ‘go the extra mile’. The brand has also launched a new bridal jewellery collection, entitled “The Muhurat Collection’, which features elaborately decorated chokers, bangles, and earrings among other items.
Kalyan Jewellers has over 100 stores across India as well as around 30 in the Middle East including in the UAE and Kuwait. The Kalyan family business was established over 100 years ago and entered the jewellery market in 1993.
Copyright © 2021 FashionNetwork.com All rights reserved.