Deal Closed | Kalyan Jewellers India Limited | Initial Public Offering

The details of the deal are as follows

Sector: Gems and Jewellery  

Announcement Date: 26-Mar-2021 

Completion Date: 26-Mar-2021 

Name of Client:: Kalyan Jewellers India Limited 

Kalyan Jewellers India Limited, one of the largest jewellery companies in India based on revenue as of March 31, 2020, is engaged in the design, manufacture, and sale of gold, studded, and other jewellery products. As of December 31, 2020, it operated 107 showrooms in India; and 30 showrooms in the Middle East. The company also sells its products through an online platform, candere.com. 

Deal Description: Acted as Legal Counsel to the Lead Managers as to Indian Law in relation to the initial public offering of Kalyan Jewellers India Limited comprising of a fresh issue of equity shares of Kalyan Jewellers India Limited and an offer for sale of equity shares by selling shareholders aggregating to INR 11,748 million (USD 162 million).  

Total Consideration: INR 11,748 million (USD 162 million) 

Team Members:  Abhimanyu Bhattacharya (Partner), Aditya Cheriyan (Partner), Navodita Gupta (Principal Associate), Vijayaraghavan (Senior Associate), Drishti Barar (Associate) and Shambhavi Kumar (Associate) 

Role of Firm: Legal Counsel to the Lead Managers as to Indian Law 

Financial Advisors: The following were the Lead Managers to the Issue: Axis Capital Limited; Citigroup Global Markets India Private Limited; ICICI Securities Limited; SBI Capital Markets Limited; and BOB Capital Markets Limited.

Other legal advisors if any with names of Lead Lawyers 

AZB & Partners– Legal Counsel to the Issuer as to Indian Law;  

Cyril Amarchand Mangaldas - Legal Counsel to the Investor Selling Shareholder as to Indian Law;  

Latham & Watkins LLP– International Legal Counsel to the Lead Managers 

Unique Feature of Transaction: Kalyan Jewellers is one of the largest jewellery companies in India based on revenue as of March 31, 2020, and has 107 showrooms across 21 states and union territories in India and 30 showrooms in the Middle East as on December 31, 2020. 

The Offer marked a partial exit by Highdell Investment Ltd, apart the Warburg Pincus Group, a global private equity firm. 

The Company undertakes business outside India in the Middle East through subsidiaries (including two material subsidiaries). The transaction involves liaising with foreign legal counsel in the Middle East.