Kalyan Jewellers IPO subscribed 2.61 times on final day; QIB portion booked 2.76 times

The initial public offering (IPO) of Kalyan Jewellers closed on Thursday, 18 March. On the final day, Kalyan IPO was subscribed 2.61 times. Against the size of 9.57 crore equity shares, Kalyan IPO has received bids for 24.95 crore equity shares. As reported by Moneycontrol, the portion reserved for retail investors has been subscribed 2.82 times while qualified institutional buyers have subscribed for their portion 2.76 times. Bookings for employees portion were 3.74 times more than the designated portion. The issue reserved for non-institutional investors was subscribed 1.91 times. The three-day issue, which opened on Tuesday, 16 March, has the size of Rs 1,175 crore. The price band of Kalyan IPO is Rs 86-87 per share and its lot size is 172 shares. Investors placed bidding on equity shares in the multiples of 172. As many as 13 shares were allowed to be purchased by an investor making the shares worth Rs 1,94,532. A day before the launch of Kalyan IPO, the company raised Rs 351.89 crore through its anchor investors at the upper price band of the issue. Kalyan Jewellers aims to raise Rs 375 crore from the offer for sale (OFS) and Rs 800 crore through the fresh issue. Established in 2009, Kalyan Jewellers has 107 showrooms in India and 30 in the Middle East. The company plans to use the funds for its working capital requirements. Most experts had given the Kalyan IPO a subscribe rating citing the reason that the brand would perform better in future given its pan-India presence and diversity in products.