Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kalyan Jewellers / Equity Capital Markets

Kalyan Jewellers aims to raise around US$250m via a mix of selling new and existing shares in its Indian IPO. The company was established in 1993 and is backed by Warburg Pincus.The company is one of the largest jewellery companies in India based on FY20 (year ending Mar 2020) revenue, as per the Technopak report. As of Jun 2020, it had 107 showrooms across 21 states and union territories in India. It also had 30 showrooms in the Middle East.Earnings haven’t grown much over the past few years, as the company appears to have suffered from a strategic misstep. Furthermore, the recent COVID-19 induced lockdown wouldn’t have helped FY21 (period ending Mar 21) results either.Having said that, the industry remains highly fragmented with ample scope remaining for organised players, like Kalyan, to gain market share.In this note, I’ll talk about the company’s background and some of the above points.

Kalyan Jewellers aims to raise around US$250m via a mix of selling new and existing shares in its Indian IPO. The company was established in 1993 and is backed by Warburg Pincus.The company is one of the largest jewellery companies in India based on FY20 (year ending Mar 2020) revenue, as per the Technopak report. As of Jun 2020, it had 107 showrooms across 21 states and union territories in India. It also had 30 showrooms in the Middle East.Earnings haven’t grown much over the past few years, as the company appears to have suffered from a strategic misstep. Furthermore, the recent COVID-19 induced lockdown wouldn’t have helped FY21 (period ending Mar 21) results either.Having said that, the industry remains highly fragmented with ample scope remaining for organised players, like Kalyan, to gain market share.In this note, I’ll talk about the company’s background and some of the above points.

Kalyan Jewellers Pre-IPO - Strategy Missteps Led to Earnings Flatlining

India

Kalyan Jewellers India Limited designs and manufactures gold, diamonds, stones, and other precious metal jewelry products. The Company offers rings, bangles, necklace, pendant, bracelets, earrings, and chains. Kalyan Jewellers India serves customers worldwide.

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Kalyan Jewellers (KALYANKJ IN)

Kalyan Jewellers Pre-IPO - Strategy Missteps Led to Earnings Flatlining

Kalyan Jewellers aims to raise around US$250m via a mix of selling new and existing shares in its Indian IPO. The company was established in 1993...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)