Kalyan Jewellers IPO closes today, Retail Investors numbers disappoint

Kalyan Jewellers IPO subscribed 1.21 times. The public issue subscribed 1.90 times in the retail category, 0.24 times in QIB, and 0.89 times in the NII category by Mar 17, 2021. According to some analysts, Kalyan Jewellers IPO allotment status is likely to be finalised on 23rd March and listing to happen on 26th March.

Avinash Gorakshkar, Director Research at ProfitMart Securities said that Kalyan Jewellers has expanded to become a pan-India jewellery company, with 107 showrooms located across 21 states and union territories in India, and also has an international presence with 30 showrooms located in the Middle East as of December 31, 2020.

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This is a Fresh Issue of Equity Shares aggregating upto Rs 800 cr and Offer for sale of Equity Shares aggregating upto Rs 375 cr aggregating upto Rs 1175 cr. The Issue size is of Rs 1175 cr. Face value of the Kalyan Jewellers India IPO is Rs 10. Employee Reservation is Equity shares aggregating upto Rs 2 cr. The Price band is Rs 86 – Rs 87. The Bid Lot is of 172 Shares and in multiple thereof. The Employee Discount is Rs 8/ per share.

Post Issue Implied Market Cap of Kalyan Jewellers India IPO will be Rs 8868 –  Rs 8961 Cr, The Book Running Lead managers are Axis Capital, Citigroup Global, ICICI Securities, SBI Capital Markets and BOB Capital Markets. The Registrar is Link Intime India. Today is the last day to subscribe for the IPO.
 
In Fiscal 2020, and in the 9 months ended December 31, 2020, the revenue from operations was Rs 10101 cr and Rs 5517 cr, of which 78.19% and 86.21% was from India and 21.81% and 13.79% was from the Middle East.  Their total showrooms have increased from 77 as of March 31, 2015 to 137 showrooms as of December 31, 2020. 

Kalyan Jewellers Valuation:
 
At the higher price band of Rs 87 per share, Kalyan Jewellers is valued at 51.7X FY23 earnings.