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kalyan jewellers ipo: Kalyan Jewellers IPO: Can investors strike gold? This is what grey market premium signals.

A woman buys gold jewelery at Kalyan Jewelers on May 7, 2019 in Mumbai, India.

abstract

Though Kalyan is one of the largest jewelery retailers in India, its growth has been flat in the recent past. Worse yet, the pandemic dealt a heavy blow in the first nine months of FY21 with revenues slumping. At a P/E ratio of more than 50x, Kalyan’s stock may be cheaper than Titan, but twice as expensive as TBZ.

More than two quarters after Kalyan Jewelers filed its draft red-herring prospectus (DRHP) with market regulator Securities and Exchange Board of India, the initial public offering (IPO) of the company is set to open for subscription today. At a price of INR86-INR87 per share, the IPO will close for subscription on March 18, 2021. In its DRHP filed in August 2020, the jewelery showroom chain initially stated that it is planning to raise INR1,750 crores.

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