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Below are Views On Kalyan Jewellers - IPO update By Mr. Amarjeet Maurya - AVP - Mid Caps, Angel Broking Ltd

Kalyan Jewellers (KJIL) is one of India's largest Jewellery companies. The key business activities of the company is to design, manufacture, and sell a variety of gold, studded and other jewellery products for various occasions i.e. wedding, festivals, etc. it has 107 showrooms located across 21 states and 30 showrooms located in the Middle East.

Outlook & Valuation: In terms of valuations, the pre-issue TTM EV/Sales works out to 1.4 (at the upper end of the issue price band), which is low compared to Titan Company (trading at 7.7x). However, Titan company has a better financial track record compared to KJIL. Going forward, we believe that KJIL would perform better on the back of a strong brand and number of stores in India & internationally. Thus, we recommend a subscribe rating on the issue.

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