The initial public offering (IPO) of Kalyan Jewellers has been subscribed 2.64 times so far on March 18 (Thursday), the last day of the bidding process. The issue has received bids for 24.91 crore equity shares against the offered size of 9.57 crore shares, as per data available on exchanges.
The reserved portion for retail investors was subscribed 2.85 times and that of non-institutional investors was subscribed 1.93 times. Qualified institutional buyers' portion was subscribed 2.79 times. The employees' portion has been booked 3.78 times, as of 5:00 pm.
The IPO comprises of issuance of fresh equity up to Rs 800 crore and an offer for sale (OFS) worth Rs 375 crore. The last day for subscribing to the issue is March 18 (Thursday).
Investors can bid for a minimum of 172 equity shares and in multiples of 172 equity shares thereafter implying a minimum investment of Rs 14,964 at the higher end of the price band.
Kalyan Jewellers IPO opens: Key things to know before subscribing
The OFS comprises selling shares worth up to Rs 125 crore by promoter TS Kalyanaraman, and Rs 250 crore by Highdell Investment, belonging to the Warburg Pincus group.
Kalyanaraman and Warburg hold 24.5 percent and 32 percent stake in the company, respectively.
"In terms of valuations, the pre-issue TTM EV/Sales works out to 1.4 (at the upper end of the issue price band), which is low compared to Titan Company (trading at 7.7x). Going forward, we believe that KJIL would perform better on the back of a strong brand and number of stores in India and internationally," said Amarjeet Maurya - AVP - Mid Caps, Angel Broking.
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Kalyan Jewellers is one of the largest jewellery companies in India based on revenue as of March 31, 2020.
First Published: IST