Jewelley firm Joyalukkas calls off Rs 2,300 crore IPO

22 Feb 2023 , 10:12 AM

Jewellery retail chain Joyalukkas India Ltd, a Kerala-based company has withdrawn the plan to launch Rs 2,300 crore (($278 million) initial public offering (IPO), as per a document shared on the website of the market regulator SEBI.

As per the report of Reuters, reason for withdrawal of IPO is not clear yet, however, the company will refile the IPO documents ‘at the earliest, subject to market conditions’, the news agency quoted Joyalukkas chief executive Baby George as saying.

As per the top officials of the company, it needed more time to bring into effect certain substantial changes in its financial results, before making its debut in the market.

As per the preliminary document filed by the company, the net proceeds from the issue worth Rs 1,400 crore will be used to repay debt. The firm had also planned to use Rs 463.90 crore for financing the opening of new showrooms.

As per DRHP filed in February 2022, the company currently has 85 showrooms under the ‘Joyalukkas’ brand across 68 cities in India.

Joyalukkas, notably, maintains an inventory of jewellery made of gold, diamond and other precious stones, including platinum and silver, all with an extensive array of designs.