Deals
Warburg Pincus-Backed Kalyan Plans Biggest Indian Jeweler IPO
- Kalyan Jewellers seeks to raise $235 million via IPO listing
- Organized jewelers have a 32% share of India’s retail sector
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Kalyan Jewellers India Ltd. plans to raise as much as $235 million, making it the largest initial share sale among Indian jewelers, as it pins its hope on gold’s long-term allure overriding a coronavirus-induced dip in demand in the world’s second-biggest consumer.
The Warburg Pincus LLC-backed company plans to raise about 17.5 billion rupees, of which 10 billion rupees will be through a fresh issue of shares and 7.5 billion rupees from the sale of equity by existing investors, it said in a draft prospectus to exchanges.