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Synopsis
Though Kalyan is among the largest jewellery retailers in India, its growth has remained flat of late. Worse, the pandemic dealt a heavy blow with revenues declining for the first nine months of FY21. At a P/E ratio of more than 50x, Kalyan’s stock may be cheaper than Titan’s, but is double as expensive as that of TBZ.
More than two quarters after Kalyan Jewellers filed its draft red-herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India, the company’s initial public offering (IPO) is scheduled to open for subscription today. Priced at INR86-INR87 per share, the IPO will close for subscription on March 18, 2021. In its DRHP filed in August 2020, the jewellery showroom chain had initially said it plans to raise INR1,750 crore