Retain away from to Kalyan Jewellers India: Resolution Equity Broking

Resolution Equity Broking has approach out with its file on Kalyan Jewellers India. The analysis firm has urged to ''Retain away from'' the IPO in its analysis file as on March 14, 202.

Dealer Be taught

March 15, 2021 / 05: 21 PM IST

Resolution Equity Broking IPO file on Kalyan Jewellers India

The Kerala-essentially based jewelry maker, Kalyan Jewellers India Ltd. (Kalyan Jewellers) is planning to construct as much as Rs. 11,750mn by an IPO, which opens on 16th Mar. and closes on 18th Mar. 2021. The price band is Rs. 86 - 87 per fraction. The subject is a mix of recent subject and OFS. The company will now not fetch any proceeds from the OFS fraction. Of the salvage proceeds from the recent subject, round Rs. 6,000mn will doubtless be utilized to fund the working capital requirement of the corporate. Residual funds will doubtless be used for identical outdated corporate applications.

Valuation and Outlook

At better tag band of Rs. 87, the corporate is demanding a TTM P/S valuation of 1.2x, which is at a massive top fee to the survey life like of 0.4x (with the exception of Titan Company Ltd.). Thus passionate about the above observations we place an “AVOID” ranking for the subject.

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