Kalyan Jewellers IPO day 2: Issue subscribed 90%, retail portion booked 1.56 times

IPO

Kalyan Jewellers IPO aims to raise Rs 1,175 crore. The issue consists of a fresh issue of Rs 800 crore and an offer for sale of Rs 375 crore by promoter and investors

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The public issue of Kalyan Jewellers India has been subscribed 90 percent on the second day of bidding, March 17 as it received bids for 8.61 crore equity shares against the offer size of 9.57 crore equity shares, the data available on the exchanges showed.

The company is planning to raise Rs 1,175 crore through initial public offering which consists of a fresh issue of Rs 800 crore and an offer for sale of Rs 375 crore by promoter and investors.

Retail investors’ reserved portion has been booked 1.56 times and employees’ portion at 1.40 times. The portion set aside for non-institutional investors was subscribed 54 percent, and qualified institutional buyers have put in bids for over 1 lakh shares against the reserved portion of 2.72 crore equity shares.

Also read in-house research team’s take on Kalyan Jewellers

Religare Broking feels Kalyan Jewellers is well placed to capitalise on opportunities driven by its strong brand, scalable business model, effective operational processes and proven track record of profitable expansion.

Also read – Kalyan Jewellers IPO opens for subscription: Should you subscribe?

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