The initial public offer of Kalyan Jewellers India was subscribed 60 per cent on the first day of subscription on Tuesday. The issue received bids for 5,72,26,464 shares against 9,57,09,301 shares on offer, according to an update on NSE.
The category for non-institutional investors was subscribed 20 per cent and those meant for retail individual investors (RIIs) 1.10 times. The initial public offer aggregating up to Rs 1,175 crore comprises a fresh issue of up to Rs 800 crore and an offer for sale of up to Rs 375 crore.
The price range for the offer has been fixed at Rs 86-87 per share. Kalyan Jewellers India Ltd on Monday raised Rs 352 crore from anchor investors.
Proceeds from the fresh issue of shares would be utilised for working capital requirements and general corporate purpose. At the end of June 2020, the company had 107 showrooms across 21 states and Union Territories in India, and 30 showrooms in the Middle East. Kalyan Jewellers designs, manufactures, and sells a wide range of gold, studded and other jewellery products.
Axis Capital, Citigroup Global Markets India, ICICI Securities and SBI Capital Markets are the global co-ordinators and book running lead managers to the offer.