Kalyan Jewellers shares make a weak debut, lists at 15% below issue price

News24

LAST UPDATED: March 26, 2021, 4:24 p.m.

New Delhi (Anish Yande): The initial public offering of Kalyan Jewellers India has been listed on the stock exchanges. The shares have been listed at a 15 percent decrease from the issue price. The issue price of Kalyan Jewellers was at Rs 87 per share, which has been listed at Rs 73.95 on the National Stock Exchange.

Kalyan Jewellers India shares listing:

Shares of Kalyan Jewellers India were trading at Rs 77.10 on Friday’s trading session. The shares were listed at a decline of 11 percent compared to the issue price. Kalyan Jewellers India shares reached a high of Rs 77.50 and a low of Rs 73 on the BSE. 14 million equity shares of Kalyan Jewellers have been exchanged on the BSE and NSE. 

The Kalyan Jewellers IPO was subscribed 2.61 times.  following the closing of the issue on March 18. The Indian jewelry maker would be offering fresh shares amounting to Rs 800 crore and an offer of sale amounting to Rs 375 crore. 

The portion reserved for the retail investors was bid 2.82 times, the portion reserved for qualified institutional investors was subscribed 2.76 times. The non-institutional investors’ portion was subscribed by 1.91 times.

Kalyan Jewellers financial performance:

Before the IPO opened, Kalyan Jewellers raised around Rs 352 crore from 15 anchor investors. The anchor investors included the Monetary Authority of Singapore, BNP Paribas Arbitrage, HDFC Life Insurance, and the Government of Singapore.

Kalyan Jewellers would be utilizing the funds for the company’s capital requirements and the rest of the funds would be used for general corporate purposes. 

READ ALSO :  2019 WC: Pakistan got it wrong against India right from start, says Waqar Younis

Kalyan Jewellers’ financial performance in the nine months from April-December FY21 led to losses amounting to Rs 80 crore. Kalyan Jewellers India had commenced its operations in Kerela and currently has more than 107 showrooms across India. The Indian jewelry maker has outlets spread across 21 Indian states and has 30 outlets located in the Middle East as well. 

Image Credit: Google

Source link

Leave a Comment