Kalyan Jewellers will be going up against Titan but remains sceptical jewellery business can ever fully go online
- Kalyan Jewellers’ is launching its ₹1,175 initial public offering (IPO) on March 16.
- It will be going head-to-head against the industry leader, Titan Company, once listed in the markets.
- However, unlike Titan, Kalyan doesn’t believe that online shopping can ever replace the in-store experience when it comes to making high-ticket purchases, like jewellery.
At a time when most businesses are looking to go digital, Kalyan Jewellers’ executive director — Ramesh Kalyanaraman — doesn’t think that it’s the best bet for the jewellery industry.
“I don’t see online replacing offline ever in our sector,” he told Business Insider in an interview.
Backed by Warburg Pincus, Kalyan Jewellers is set to launch its ₹ 1,175 crore initial public offering (IPO) on March 16 in the world’s biggest market for gold. It will be joining the likes of PC Jewellers, Rajesh Exports and, of course, the industry leader — in terms of market share — Titan Company, which owns the jewellery brand Tanishq. This will be the largest initial share sale by an Indian jewellery company.
|IPO Opening Date||Mar 16, 2021|
|IPO Closing Date||Mar 18, 2021|
|IPO price||₹86 to ₹87 per equity share|
|Market lot||172 Shares|
|Minimum order value||172 Shares|
Unlike Kalyan, Titan is one among the brick-and-mortar stores which took up digital solutions to boost demand during the COVID-19 pandemic as customers looked for contactless ways to buy jewellery.
|Company||Number of showrooms|
|Titan Company’s Tanishq||350|
The conundrum of buying expensive things online