Kalyan Jewellers India looking at IPO

Kalyan Jewellers India is considering an IPO to raise funds to expand its store network internationally.

Chairman TS Kalyanaraman says a share sale could happen between 2018 and 2019.

Kalyan, which counts Bollywood superstar Amitabh Bachchan as a brand ambassador, last month won extra investment from private equity firm Warburg Pincus. The Kerala-based jeweller looks to double its stores to 200 over the next three years.

Warburg invested Rs500 crore (US$78 million), adding to the Rs1200 crore it invested in 2014, to help the jeweller enter five territories including Malaysia and Singapore.

Kalyan plans to spend Rs800 crore this financial year to open 22 more stores in India and the Middle East, taking the total number of outlets to 127, says Kalyanaraman.

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