Falling gold prices are unlikely to deter an Indian jewellery giant’s IPO success ...Middle East

Quartz - Economy
Falling gold prices are unlikely to deter an Indian jewellery giant’s IPO success
source : Quartz ( Middle East ) () 35
At a time when gold prices are losing their sheen, a popular Indian jeweller is hoping for a glittering debut on the stock markets.Kalyan Jewellers, a jewellery store chain, will launch its initial public offering (IPO) tomorrow (March 16) as it hopes to raise Rs1,175 crore ($169 million) for “working capital requirement and general corporate purpose.”The jeweller—with 107 showrooms across 21 states—gets around 75% of its revenue from gold jewellery sales. Any weakness in gold prices would obviously dent Kalyan Jewellers’ sales. Yet, the company is hitting the stock market at a time when gold prices have fallen nearly 20% from their all-time highs in August 2020.Read the rest of this story o

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