Kalyan Jewellers IPO Date: Issue opens today - Price band, Issue size, Bid lot, all details highlighted by Ventura Securities
Kalyan Jewellers IPO Date: is a Fresh Issue of Equity Shares aggregating upto Rs 800 cr and Offer for sale of Equity Shares aggregating upto Rs 375 cr aggregating upto Rs 1175 cr. The Issue size is of Rs 1175 cr. Face value of the Kalyan Jewellers India IPO is Rs 10. Employee Reservation is Equity shares aggregating upto Rs 2 cr. The Price band is Rs 86 – Rs 87. The Bid Lot is of 172 Shares and in multiple thereof.
Kalyan Jewellers IPO Date: is a Fresh Issue of Equity Shares aggregating upto Rs 800 cr and Offer for sale of Equity Shares aggregating upto Rs 375 cr aggregating upto Rs 1175 cr. The Issue size is of Rs 1175 cr. Face value of the Kalyan Jewellers India IPO is Rs 10. Employee Reservation is Equity shares aggregating upto Rs 2 cr. The Price band is Rs 86 – Rs 87. The Bid Lot is of 172 Shares and in multiple thereof. The Employee Discount is Rs 8/ per share. Post Issue Implied Market Cap of Kalyan Jewellers India IPO will be Rs 8868 – Rs 8961 Cr, The Book Running Lead managers are Axis Capital, Citigroup Global, ICICI Securities, SBI Capital Markets and BOB Capital Markets. The Registrar is Link Intime India. The Issue opens on Tuesday, 16th March’2021 and closes on Thursday,18th March’2021.
Kalyan Jewellers, established in 1993, is a pan-India jewellery company engaged in designing, manufacturing and selling a wide range of gold, studded and other jewellery products. Kalyan Jewellers has 107 showrooms located across 21 states and union territories in India and also an international presence with 30 showrooms across 8 cities located in the Middle East, as on December 31, 2020. Kalyan Jewellers has undertaken pioneering initiatives in the Indian jewellery retail industry by introducing measures aimed at transparency and building customer trust in the purity and quality of products and the buying markets.
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Kalyan Jewellers total revenue is expected to grow at a CAGR of 4.4% over FY20-23 to Rs.11,488 cr. EBITDA over the same period is expected to grow at 3.5% CAGR to Rs.843 cr with a margin deterioration of 19bps to 7.3% in FY23. Store expansion in the next 3-4 years will increase opex and put pressure on operating profitability. The PAT is expected to grow at 6.6% CAGR to Rs.173 cr with a margin expansion of 9bps to 1.5% over FY20-23. Adoption of lower tax rate of 25.17% under the new corporate tax regime will improve bottom-line. RoE & RoCE in FY23 is forecasted to be 5.5% (-103bps) and 5.9% (-79bps) respectively.
Kalyan Jewellers is among the trusted jewellers and has endeavored to establish a strong brand that its customers associate with trust and transparency.
Between 1 st April, 2015 and 31st December, 2020, Kalyan Jewellers opened 60 (net) new showrooms across multiple regions. Going forward, the company aims to leverage its scalable business model to expand the showroom network and diversify the channels of distribution.
Kalyan Jewellers Valuation:
At the higher price band of Rs 87 per share, KJL is valued at 51.7X FY23 earnings.
Kalyan Jewellers Key risk and concern areas:
Inability to succeed in maintaining and developing the brands – Due to the competitive nature of the market in which the company operates, if KJL does not continue to develop its brands and products, the company may fail to attract customers required to continue growing its business.
Failure to respond to changes in consumer demands and market trends in a timely manner – The company’s success depends on its ability to identify, originate and define product and market trends as well as to anticipate, gauge and react to rapidly changing consumer demands in a timely manner. The business may suffer if changes in consumer demands and market trends are not addressed in a timely manner.
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