ET Intelligence Group: On the back of rally in the broader markets including jewellery stocks, Kalyan Jewellers is coming out with its maiden initial public offering (IPO) to offer partial exit to its investor Highdell, a Warburg Pincus Group company (Rs 250 crore) and promoters (Rs 125 crore) and remaining Rs 800 crore to meet its working capital requirements and other corporate purposes. After the issue, the promoter holding will reduce to 60.5% from 68%.The company’s revenue has been near flat over the past three years with single-digit profitability. However, the IPO is valued at a discount to Titan Industries, the largest peer. Given this and improving growth prospects for the organised jewellery sector, investors with high risk appetite may subscribe to the IPO.