Srinagar, March 15 -- Amid a record slump in Gold prices, Kalyan Jewellers India'sRs.1,175 crore initial public offering (IPO) will open for bidding on March 16.

The IPO will close on March 18. The company has fixed the issue price atRs.86-87 per share and plans to raiseRs.1,175 crore at the higher end of the price band.

The bidding for anchor investors will open on March 15.

The public issue, backed by Warburg Pincus, comprises fresh issue ofRs.800 crore and an offer for sale (OFS) amounting toRs.375 crore. Investors can bid for a minimum of 172 shares and in multiples of 172 shares thereafter. A total of 35 per cent of the issue will be reserved for retail investors.

The company will utilise the IPO proceeds to fund its working capi...