Kalyan Jewellers to make stock market debut today; check Anil Singhvi prediction and rating before listing

Kalyan Jewellers IPO is all set to be listed on the Indian stock exchanges today, March 26. Kalyan Jewellers IPO had opened on March 16 and closed on March 18.  

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For Kalyan Jewellers IPO, the company had planned to raise Rs 1,175-crore through this IPO via fresh equity aggregating up to Rs 800 crore and an offer for sale worth Rs 375 crore. The issue received a muted response and was subscribed 2.61 times. The public issue subscribed 2.82 times in the retail category, 2.76 times in QIB, and 1.91 times in the NII category.   

The issue was sold in the price band of Rs 86-87 a share for the initial share-sale. Kalyan Jewellers' promoter T S Kalyanaraman had offloaded shares worth up to Rs 125 crore, while Highdell Investment Ltd, an affiliate of Warburg Pincus, had planned to sell up to Rs 250 crore worth of shares through the OFS route. The company had said that it will use Rs 600 crore of the raised Rs 800 crore to settle the debt of working capital.  

Kalyan Jewellers India Ltd had raised Rs 352 crore from anchor investors.  Axis Capital, Citigroup Global Markets India, ICICI Securities and SBI Capital Markets were the global coordinators and book running lead managers to the offer. 

Earlier on Zee Business Maanging Editor has suggested to AVOID this IPO, saying there are no indicators that can make an investor excited about Kalyan Jewellers IPO. 

Singhvi said investors applying for listing gains from Kalyan Jewellers IPO can avoid applying. There may not be even 20% – 25% listing gain in Kalyan Jewellers IPO, says Singhvi. 

Reiterating his prediction Anil Singhvi tweeted:

Kalyan Jewellers Listing Preview:

-Given AVOID rating. Expect to list below issue price of 87@ZeeBusiness @BSEIndia @NSEIndia #KalyanJewellers

— Anil Singhvi Zee Business (@AnilSinghvi_) March 26, 2021

The initial public offer received bids for 24,95,68,044 shares against 9,57,09,301 shares on offer, as per the NSE data.