Kalyan Jewellers
Mainboard₹1,175 Cr issue
-15.06%
Listing gain over issue price
Issue size
₹1,175 Cr
1 lot at cut-off
₹14,964
Lot size
172shares
Open
16 Mar 2021
Close
18 Mar 2021
Allotment
23 Mar 2021
Listing
26 Mar 2021
Listing performance
Issue price
₹87
Listed at
₹73.90
Listing-day close
₹75.30
Latest price
₹512
Close on 23 Oct 2026
Listing gain
-15.06%
Return since issue
+488.51%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 16 Mar 2021 – 18 Mar 2021
- Listing date
- 26 Mar 2021
- Face value
- ₹10 per share
- Issue price
- ₹87 per share
- Lot size
- 172 shares
- Total issue size
- ₹1,175 Cr
- Market cap at offer price
- ₹8,961 Cr
- Promoter holding
- 64.18% → 57.05% pre-issue → post-issue
- ISIN
- INE303R01014
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- TC-32/204/2, Sitaram Mill Road, Punkunnam, Kerala
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 4,04,48,275 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 172 shares per lot, in multiples, at ₹87
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 172 | ₹14,964 |
| Retail (max) | 13 | 2,236 | ₹1,94,532 |
| S-HNI (min) | 14 | 2,408 | ₹2,09,496 |
| S-HNI (max) | 66 | 11,352 | ₹9,87,624 |
| B-HNI (min) | 67 | 11,524 | ₹10,02,588 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
4,04,48,275
Anchor portion
₹352 Cr
at ₹87 per share
Valuation and performance
Valuation at offer price
₹87 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹8,961 Cr |
About Kalyan Jewellers
Kalyan Jewellers India Limited was established as a sole proprietorship in 1993 by founder and Promoter Mr. T.S. Kalyanaraman in Thrissur, Kerala. The company evolved through partnership (2006) and incorporation (2009) to become a public limited company in 2016. As of December 31, 2020, the company operated 107 showrooms across 21 states and union territories in India and 30 showrooms in the Middle East, with 766 'My Kalyan' locations and 2,699 dedicated employees. The company designs, manufactures and sells a wide range of gold, studded and other jewellery products across various price points, with revenue from operations of ₹101,009.18 million for Fiscal 2020. The company has a significant presence in South India (52.19% of revenue in Fiscal 2020) and generates approximately 21.81% of revenue from Middle East operations.
Company Analysis
from RHPKalyan Jewellers is one of India's largest jewellery companies that designs, manufactures and sells gold, studded and other jewellery products across various price points, operating showrooms across India and the Middle East.
Kalyan Jewellers India Limited was established as a sole proprietorship in 1993 by founder and Promoter Mr. T.S. Kalyanaraman in Thrissur, Kerala. The company evolved through partnership (2006) and incorporation (2009) to become a public limited company in 2016. As of December 31, 2020, the company operated 107 showrooms across 21 states and union territories in India and 30 showrooms in the Middle East, with 766 'My Kalyan' locations and 2,699 dedicated employees. The company designs, manufactures and sells a wide range of gold, studded and other jewellery products across various price points, with revenue from operations of ₹101,009.18 million for Fiscal 2020. The company has a significant presence in South India (52.19% of revenue in Fiscal 2020) and generates approximately 21.81% of revenue from Middle East operations.
jewellery retailluxury goods
Objects of the Issue
- Funding working capital requirements of our Company ₹6,000 million p.14
- General corporate purposes p.14
- The specific objects of the offer are not detailed in this part of the document
Issue Structure
- Total Issue
- Up to ₹11,750 million
- Fresh Issue
- Up to ₹8,000 million
- Offer for Sale
- Up to ₹3,750 million (comprising up to ₹1,250 million by Mr. T.S. Kalyanaraman and up to ₹2,500 million by Highdell Investment Ltd)
- Face Value
- ₹10 each
Business Model
The company manufactures jewellery through a network of contract manufacturers and procures raw materials through suppliers. It sells jewellery products through owned showrooms and 'My Kalyan' locations. The company also offers purchase advance schemes (Kalyan Akshaya, Kalyan Sowbhagya, Kalyan Dhanvarsha) where customers make monthly instalments over up to 11 months to purchase jewellery, and operates priority programmes offering members discounts on jewellery purchases. Revenue is generated primarily from the sale of gold, studded and other jewellery products.
Business Segments
Design, manufacture and sale of gold jewellery products across various price points for special occasions such as weddings and daily-wear
Design, manufacture and sale of studded jewellery including diamonds and precious stones across various price points
Sale of other jewellery including platinum and silver jewellery, insurance policy commissions, and ancillary services
Retail jewellery sales through showrooms and 'My Kalyan' network across 21 states and union territories in India
Retail jewellery sales through showrooms in the Middle East primarily catering to Indian diaspora
Sale of gold, silver, diamond and precious stone jewellery through physical showrooms across India and Middle East
Online jewellery retail through platform Candere.com acquired through Enovate Lifestyles Private Limited
Jewellery manufacturing and trading operations through subsidiaries in UAE, Qatar, Oman, Kuwait and Bahrain
Manufacture and retailing of primarily gold and precious stone studded jewelleries
Sale of gold and studded jewellery through retail stores, e-commerce channels, and manufacturing operations
Manufacture and sale of gold jewellery
Manufacture and sale of studded jewellery including diamonds and precious stones
Manufacture and sale of other jewellery
Jewellery retail and manufacturing operations through showrooms and My Kalyan centres across 21 states and union territories
Jewellery retail operations through 30 showrooms in Middle East
SWOT Analysis
Strengths
- • Largest jewellery company by revenue in India(p.14)
- • Established brand with long history(p.14)
- • Extensive geographic footprint and scale(p.14)
- • Large My Kalyan distribution network(p.14)
- • Diverse product portfolio across price points(p.14)
- • Established metal gold loan financing at favorable rates(p.46)
- • Extensive lease portfolio providing retail presence(p.46)
- • Registered trademark portfolio across multiple classes(p.47)
- • Significant inventory holdings enabling product availability(p.48)
- • Established brand built on trust and transparency principles(p.140)
- • One of India's largest jewellery companies with pan-India presence(p.140)
- • Hyperlocal strategy enabling tailored approach to diverse customer preferences across regions(p.141)
- • Extensive 'My Kalyan' grassroots network with 766 locations and 2,699 employees for deep customer outreach(p.141)
- • Experienced promoters with 45+ years retail expertise and professional management team(p.142)
- • Wide range of product offerings across price points and occasions targeting diverse customer segments(p.146)
- • Robust operational systems including integrated ERP for real-time inventory and sales visibility(p.143)
- • Strong gold hedging practices to protect profitability from gold price fluctuations(p.155)
- • Work closely with industry associations for artisan engagement(p.158)
- • Structured risk management framework with board oversight(p.351)
- • Diversified customer base limiting credit concentration risk(p.354)
- • Hedging capability for commodity and FX risks(p.352)
- • Minimal credit risk on financial institutions(p.354)
- • Gold procurement flexibility via metal loan facilities(p.352)
- • Established hyperlocal jewellery company with strong regional expertise and pan-India presence(p.368)
- • Extensive 'My Kalyan' grassroots network for customer engagement and market penetration(p.369)
- • Trusted brand built on transparency in purchase process and pricing(p.368)
- • Experienced management team with deep retail and jewellery industry expertise(p.369)
- • Robust information technology and operational management systems specific to business needs(p.369)
- • One of only few pan-India jewellery companies in fragmented Indian retail jewellery industry(p.371)
Weaknesses
- • Significant losses in recent periods(p.38)
- • Negative operating cash flows(p.38)
- • High dependence on Promoter personal guarantees(p.37)
- • Substantial contingent liabilities(p.39)
- • High employee attrition rates(p.45)
- • Significant tax-related litigation exposure(p.35)
- • Losses incurred in GCC operations(p.31)
- • Dependence on RBI-regulated metal gold loans with regulatory risk(p.46)
- • Reliance on leased properties exposes to renewal and cost risks(p.46)
- • Expired licenses and permits across multiple jurisdictions(p.47)
- • Inability to protect jewellery designs through registration(p.48)
- • History of employee theft and inventory loss incidents(p.48)
- • Uncontrolled contract manufacturing creates design replication risk(p.48)
- • Past regulatory compliance lapses including RBI notices(p.52)
- • Subsidiary losses and going concern uncertainty in Middle East(p.52)
- • Heavy reliance on wedding-related jewellery (60% of demand) creating seasonal demand concentration(p.138)
- • Significant dependence on gold inventory and commodity price exposure(p.149)
- • High reliance on contract manufacturers for jewellery production limiting vertical integration(p.147)
- • Significant portion of revenue (31.50% in 9M 2020) dependent on old jewellery exchange creating customer acquisition complexity(p.140)
- • Minority stake in online platform Candere limiting full control over digital channel(p.152)
- • Significant marketing expenses (2.07-3.04% of revenue) required to maintain brand awareness(p.152)
- • Dependent on UAE nominee shareholder structure due to local ownership restrictions(p.163)
- • Reliance on Qatari nominee arrangement pending foreign investment law clarification(p.209)
- • Significant reliance on variable rate debt exposure(p.353)
- • High leverage with net gearing ratio approaching 1:1(p.349)
- • Substantial short-term debt obligation concentration(p.334)
- • Increasing interest rate sensitivity impact(p.353)
- • Significant metal gold loan obligations(p.335)
- • High financial leverage with significant debt obligations(p.389)
- • Substantial lease liabilities and rental commitments for showroom operations(p.357)
- • Heavy reliance on inventory of gold and precious stones with significant working capital requirements(p.370)
- • Significant losses in Middle East operations requiring asset impairment(p.379)
Opportunities
- • Growing organized jewellery retail sector(p.14)
- • Strong cultural affinity for gold jewellery in India(p.14)
- • Expansion of online sales platform(p.43)
- • Potential for geographic expansion in India(p.29)
- • Expansion of showroom network in new markets(p.46)
- • Leveraging working capital funding from IPO proceeds(p.101)
- • Brand strengthening through public listing(p.99)
- • General corporate purposes flexibility for strategic growth(p.104)
- • Shift from unorganized to organized jewellery retail market from 32% in 2020 to projected 40% by 2025(p.123)
- • Growing middle class with households earning US$10,000-US$50,000 growing at 25% CAGR(p.120)
- • Rural India accounting for 60% of gold jewellery demand with low organized retail penetration(p.130)
- • Urbanization expected to reach 37% by 2025 from 34.5% in 2019 driving organized retail growth(p.119)
- • Mandatory hallmarking and regulatory compliance favoring organized players over unorganized competitors(p.136)
- • Growing online jewellery market expected to reach 6% penetration by 2025 from 2% in 2020(p.131)
- • Jewellery market expected to grow at 22% CAGR from 2021-2025 post COVID-19 recovery(p.126)
- • Expansion opportunity in tier II/III cities where only 51.29% of revenue came from outside tier-I cities in 2020(p.141)
- • 100% foreign investment permitted in Indian manufacturing sector(p.159)
- • Potential expansion in UAE following repeal of local ownership restrictions(p.163)
- • Foreign investment opportunities in Qatar under new foreign investment law(p.167)
- • SEZ incentives including tax exemptions for export income(p.162)
- • Expansion through investment in subsidiaries and step-down entities(p.348)
- • Geographic diversification through Middle East and US operations(p.310)
- • E-commerce channel development through Enovate Lifestyles(p.294)
- • Store network expansion (107 stores as of December 2020)(p.310)
- • Significant opportunity for market penetration in India with expansion of showroom network(p.370)
- • Growing demand for studded jewellery with higher margin profile(p.371)
- • E-commerce growth through online platform (Candere.com)(p.368)
- • Leveraging 'My Kalyan' network infrastructure for expansion into new markets and customer segments(p.369)
- • Technology enablement through 'near me searches' for improved showroom and centre discoverability(p.369)
Threats
- • COVID-19 pandemic impact on business operations(p.28)
- • Exposure to foreign ownership restrictions in GCC countries(p.31)
- • Risk of nominee shareholder arrangements being challenged(p.31)
- • Dependence on contract manufacturers(p.29)
- • Restrictive covenants limiting business flexibility(p.34)
- • Seasonal fluctuations in jewellery sales(p.44)
- • Intense competition from unorganized sector(p.29)
- • Regulatory risks regarding gold schemes(p.40)
- • Commodity-driven raw material price volatility, especially gold(p.54)
- • Restricted supply of rough diamonds controlled by few firms(p.54)
- • RBI hedging restrictions on commodity price risk(p.54)
- • Natural disasters and epidemics threaten operations(p.54)
- • VAT regime changes in GCC jurisdictions increase costs(p.55)
- • Budget deficits in GCC countries may trigger new taxes(p.55)
- • Intense competition from organized and unorganized players(p.53)
- • GST rate uncertainty and compliance complexity(p.56)
- • India's sovereign rating downgrades affecting borrowing costs(p.57)
- • Global financial instability impacts Indian markets(p.58)
- • Inflation risks eroding profitability margins(p.59)
- • Foreign exchange and repatriation restrictions under FEMA(p.60)
- • COVID-19 pandemic impact with organized segment de-growing by 32% in 2021 and unorganized by 40%(p.126)
- • Gold import customs duty at 7.5% (reduced from 12.5%) increasing jewellery costs and demand uncertainty(p.136)
- • Dependence on few key gold suppliers with control over raw material supply and pricing(p.136)
- • Gold and diamond prices subject to international market volatility and geopolitical factors(p.136)
- • Intense competition from organized national players (Tanishq) and multiple regional/local jewellers(p.154)
- • Formal lending by banks to jewellery segment reduced post-2017 increasing credit constraints(p.136)
- • Wedding-related spending elasticity to economic downturns and social restrictions from pandemics(p.122)
- • Rapid urbanization disrupting traditional local jeweller networks and increasing competition for consumers(p.124)
- • Regulatory compliance requirements for hallmarking and precious metals certification(p.162)
- • Mandatory security surveillance system requirements in Qatar(p.167)
- • Consumer protection liability for defective goods and misleading practices(p.163)
- • Uncertainty regarding UAE local ownership restrictions post April 1, 2021(p.164)
- • Regulatory changes impacting labor and employment costs(p.167)
- • Significant exposure to gold price fluctuations(p.352)
- • Foreign exchange risk from Middle East subsidiary operations(p.353)
- • Interest rate sensitivity risk on variable rate borrowings(p.353)
- • COVID-19 operational disruption impact(p.298)
- • Contingent tax liabilities from disputed assessments(p.343)
- • Significant competition from national players like Titan (Tanishq) and regional competitors(p.371)
- • Commodity price risk from volatility in gold, diamonds, platinum and precious stone prices(p.391)
- • Foreign exchange risk exposure to currency fluctuations in USD, INR and Middle East currencies(p.391)
- • Seasonal business fluctuations affecting revenue and profit consistency(p.392)
- • Economic slowdown and external shocks affecting jewellery demand and consumer confidence(p.371)
- • COVID-19 pandemic impact with government-mandated lockdowns forcing temporary closures(p.360)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. T.S. Kalyanaraman | Promoter | 24.52% | — |
| Mr. T.K. Seetharam | Promoter | 19.83% | — |
| Mr. T.K. Ramesh | Promoter | 19.83% | — |
| T.S. Kalyanaraman | Promoter | — | — |
| T.K. Seetharam | Promoter | — | — |
| T.K. Ramesh | Promoter | — | — |
| Highdell | Promoter Group | — | — |
| Mr. T.S. Kalyanaraman | Promoter | 24.52% | — |
| Mr. T.K. Seetharam | Promoter | 19.83% | — |
| Mr. T.K. Ramesh | Promoter | 19.83% | — |
| T.S. Kalyanaraman | Promoter | 27.41% | — |
| T.K. Seetharam | Promoter | 22.17% | — |
| T.K. Ramesh | Promoter | 22.17% | — |
| Highdell Investment Ltd | Promoter Group | 24.00% | — |
| T.S. Kalyanaraman | Promoter | 27.41% | — |
| T.K. Seetharam | Promoter | 22.17% | — |
| T.K. Ramesh | Promoter | 22.17% | — |
| Highdell Investment Ltd | Promoter Group | 24.00% | — |
| T.S. Kalyanaraman | Founder and Promoter | — | — |
| T.K. Ramesh | Promoter | — | — |
| T.K. Seetharam | Promoter | — | — |
| Highdell | Promoter Group | — | — |
| Mr. T.S. Kalyanaraman | Promoter/Promoter Selling Shareholder | — | — |
| Mr. T.K. Seetharam | Promoter | — | — |
| Mr. T.K. Ramesh | Promoter | — | — |
Leadership
Mr. T.S. Kalyanaraman · Chairman and Managing Director
Mr. V. Swaminathan · Chief Financial Officer
Mr. Jishnu R.G. · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Kalyan Jewellers IPO FAQs
What is the lot size of Kalyan Jewellers IPO?
The minimum lot size of Kalyan Jewellers IPO is 172 shares. One lot costs ₹14,964 at the cut-off price.
When does Kalyan Jewellers IPO open and close?
Kalyan Jewellers IPO opened for subscription on 16 Mar 2021 and closed on 18 Mar 2021.
What is the listing date of Kalyan Jewellers IPO?
Kalyan Jewellers IPO listed on 26 Mar 2021.