Gold's record rally to boost Kalyan Jewellers' $235 mn IPO, say experts

Gold’s record-setting rally is set to give wings to the largest initial share sale by an Indian jeweler, helping it overcome tumbling demand in the second-biggest consuming nation.

Kalyan Jewellers India Ltd. said Monday it plans to raise as much as Rs 17.5 billion ($235 million) through a public listing as it banks on the long-term appeal of gold, a staple of Indian weddings and a popular investment option in the country.

The plan comes as gold purchases by Indians this year are forecast to plunge to a record low with the coronavirus pandemic hurting the economy and pushing prices