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5 October 2020 By Una Galani Follow @ugalani

Demand for bling has some resilience against shocks in a wedding-obsessed nation that sees the yellow metal as an investment. That will help the Warburg Pincus-backed Kalyan’s market debut. Next to hotly-valued rival, Tata’s $14 bln Titan, though, it looks a touch less shiny.

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India’s Kalyan Jewellers on Aug. 24 filed a draft prospectus for an initial public offering worth up to 17.5 billion rupees ($238 million).

The company will issue up to 10 billion rupees in new shares. Founder T.S. Kalyanaraman and backer Warburg Pincus will also sell shares worth 2.5 billion rupees and 5 billion rupees respectively. The U.S. private equity firm owns a 24% stake in the company.

Axis Capital, Citi, ICICI Securities and SBI Capital Markets are listed as the global coordinators and book running lead managers.

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