Assistant Editor, IndianRetailer.com & Retailer Media Mar 22, 2021 /
Kalyan Jewellers India has raised Rs 351.89 crore from anchor investors ahead of its Rs 1,175-crore Initial Public Offering (IPO) which opens for a subscription.
The anchor investors consist of the Government of Singapore, Monetary Authority of Singapore, BNP Paribas Arbitrage, Sundaram MF, Kuber India Fund, Edelweiss Alternative Investment Opportunities Trust and HDFC Life Insurance Company.
India’s second-largest jeweller after Titan looks to raise Rs 1,175 crore through an IPO of shares. Kalyan Jewellers has priced its shares in a band of Rs 86-87.
Out of the IPO proceeds of Rs 1,175 crore, Rs 250 crore will be going to Highdell, Warburg Pincus company, which was an early investor in the company. Now, it wants to partially exit its investment.
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The funds raised will be used to source additional inventory, expand brand stores, SIS stores, and FOCO basis stores, and conduct a nationwide marketing campaign as part of the company's growth strategy.
The newly opened Glow showroom in Thrissur showcases versatile and lightweight diamond jewelry that complements the elegance, confidence, and achievements of the modern woman.
The brand is also known to introduce national jewelry brands including Rishta, Kingly, Indo-Italia, Purusham, Platinum &Sajdhajke.
This expansion follows Bhima Jewellers' recent capacity enhancement at its Koramangala store, where a dedicated floor for silver jewellery and artifacts was introduced to meet the increasing demand for contemporary designs.
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