Warburg Pincus-backed India's Kalyan Jewellers seeks $160 mln in IPO

Tribhovandas Bhimji Zaveri

11/03/2021 15:13

MUMBAI, March 11 (Reuters) - Warburg Pincus-backed Kalyan
Jewellers said it aimed to raise 11.75 billion rupees ($161
million) to use as working capital through an initial public
offering (IPO) next week.
    Kalyan, leader of a domestic market that also includes Titan
 TITN.NS , Tribhovandas Bhimji Zaveri Ltd.  TBZL.NS  and
regional players, opened its first showroom in the southern
state of Kerala in 1993 and now has 107 showrooms in India and
30 stores in the Middle East.
    The IPO comprises a fresh issue of equity shares of up to 8
billion rupees and an offer for sale of shares worth 3.75
billion by promoters and existing shareholders, the company said
in a statement.
    India is the world's second biggest consumers of gold and 
consumption is expected to rebound in 2021 after falling to its
lowest in 26 years last year as pent-up demand and higher
economic growth are seen boosting sales.  urn:newsml:reuters.com:*:nL1N2K308M
    In the fiscal year ended in March 2020, the jeweller's
revenue stood at 101 billion rupees and net profit was 1.42
billion rupees, it said.
    The company, which derives 78% of its revenue from domestic
operations, will offer shares at about 86-87 rupees. The IPO
will open on March 16 and the stock is expected to start trading
on Indian exchanges from March 26.
    ($1 = 72.6490 Indian rupees)

 (Reporting by Rajendra Jadhav; editing by John Stonestreet)
 ((rajendra.jadhav@thomsonreuters.com; +91-22-68414378 ; Reuters
Messaging: rajendra.jadhav.thomsonreuters.com@reuters.net))