Kalyan Jewellers India IPO to open for bidding on March 16

Kalyan Jewellers, the India based jewellery major is all set to launch its initial public offering (IPO) on 16th March. The issue will be open for bidding till March 18th. Anchor book, if any, can be subscribed on 15th March.

The price band for the IPO has been fixed at Rs. 86-87 per share. The jewellery major plans to raise around Rs. 1175 crores which will comprise of a fresh issue of Rs 800 Crores and offer for sale of Rs 375 Crores.

The company plans to use the capital raised for fulfilling the requirements of the working capital. The brand has also reserved shares worth Rs 2 Crores for its employees.

The lot size for the IPO will be 172 equity shares. Investors can bid for a minimum 172 shares and in multiples of 172 thereafter. The company started its operations in 1993 from Thrissur in Kerala and expanded rapidly to 107 showrooms spread across 21 states and UTs. The company also has 30 showrooms in Middle East.