Kalyan Jewelers India Limited has fixed a price range of Rs 86- 87 per share for the initial public offering (IPO) on Thursday. Its Rs 1,175 crore IPO will open on 16 March. Kalyan Jewelers announced this at a virtual press conference, saying the IPO would be open for three days and the bid for anchor investors would open on March 15. The initial public offering (IPO) of Easy Trip Palaners received 159.33 times more bids on the last day of its opening on Wednesday.

The promoter of Kalyan Jewelers in the sale offering under the IPO, TS. Kalyanraman will sell shares worth Rs 125 crore, while Warburg Pincus’ subsidiary Highdale Investment Ltd will sell shares worth Rs 250 crore through a sale offer.

The proceeds from the IPO will be used for the company’s working capital and general company expenses. The company had 107 showrooms by the end of June 2020 in 21 states and union territories of the country. Apart from this, Kanni also has 30 showrooms in West Asia.

According to data received on the National Stock Exchange (NSE), the issue of Rs 510 crore received bids for 240.27 crore shares while only a little over 1.5 crore shares were offered for sale.

The IPO received bids of 77.53 times in the category placed for eligible institutional buyers, while 382.21 times bids were received in the category of non-institutional investors. At the same time, subscriptions for retail investors were up to 70.40 times.

An issue of Rs 510 crore was offered under the company’s IPO, which was made available at a price of Rs 186– 187 per share. Easy Trip Planners had earlier raised Rs 229 crore from anchor investors on Friday. Eajmai Trip.com is operated by Easy Trip Planners Pvt Ltd.