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

FILE PHOTO: A general test out of the Bombay Inventory Switch (BSE) in Mumbai, India, January 21, 2021. REUTERS/Francis Mascarenhas

MUMBAI (Reuters) - Warburg Pincus-backed Kalyan Jewellers acknowledged it aimed to grab 11.75 billion rupees ($161 million) to make utilize of as working capital thru an preliminary public offering (IPO) subsequent week.

Kalyan, chief of a home market that moreover comprises Titan, Tribhovandas Bhimji Zaveri Ltd. and regional gamers, opened its first showroom within the southern direct of Kerala in 1993 and now has 107 showrooms in India and 30 stores within the Heart East.

The IPO contains a new be troubled of equity shares of as a lot as eight billion rupees and an offer available on the market of shares price 3.75 billion by promoters and present shareholders, the company acknowledged in an announcement.

India is the area’s 2d most bright patrons of gold and consumption is anticipated to rebound in 2021 after falling to its lowest in 26 years final yr as pent-up ask and better economic progress are considered boosting gross sales.

Within the fiscal yr led to March 2020, the jeweller’s income stood at 101 billion rupees and fetch profit became 1.42 billion rupees, it acknowledged.

The corporate, which derives 78% of its income from home operations, will offer shares at about 86-87 rupees. The IPO will inaugurate on March 16 and the stock is anticipated to commence buying and selling on Indian exchanges from March 26.

($1 = 72.6490 Indian rupees)

Reporting by Rajendra Jadhav; enhancing by John Stonestreet

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