Kalyan Jewellers IPO: The company was started by Kalyanaraman in Kerala in 1993Warburg Pincus’ backed company, Kalyan Jewellers India’s Rs 1,175 crore initial public offering (IPO) opens for subscription today i.e. March 16, 2021. The shares of the Kerala-based company will be offered in the price band of Rs 86-87 per share, which will fetch the company Rs 1,175 crore at the higher end of the price band.The primary market offer consists of a fresh issue of Rs 800 crore and an offer for sale of Rs 375 crore. Bids can be placed for a minimum 1 lot of 172 shares and in multiples of 172 shares, up to 13 lots.Kalyan Jewellers will use the proceeds from the share sale for funding its working capital requirements and for general corporate purposes.Citigroup Global Markets, Axis Capital, ICICI Securities, SBI Capital Markets and BOB Capital Markets are the book running lead managers to the issue.Among other IPOs this week, Nazara Technologies and Suryoday Small Finance IPOs will be opening for subscription on March 17. And on Monday, MTAR Technologies had a blockbuster listing, registering gains of 88 per cent on debut.”In terms of valuations, the pre-issue TTM EV/Sales works out to 1.5 (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,” Angel Broking said in an IPO note to its clients.