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MUMBAI (Reuters) - Warburg Pincus-backed Kalyan Jewellers said it aimed to raise 11.75 billion rupees ($161 million) to use as working capital through an initial public offering (IPO) next week.
Kalyan, leader of a domestic market that also includes Titan, Tribhovandas Bhimji Zaveri Ltd. and regional players, opened its first showroom in the southern state of Kerala in 1993 and now has 107 showrooms in India and 30 stores in the Middle East.
The IPO comprises a fresh issue of equity shares of up to 8 billion rupees and an offer for sale of shares worth 3.75 billion by promoters and existing shareholders, the company said in a statement.