28 Mar 2022 , 06:50 PM
The issue has a face value of Rs10 per equity share for the proposed share sale.
The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.
Joyalukkas jewellery business involves the sale of gold jewellery, studded jewellery, and other jewellery products including diamonds, platinum, silver, and other precious stones. It has a presence in numerous regions of India, with a focus on the southern states. As of September 30, 2021, 93.33 % of its revenue from operations comes from the south region followed by 3.37% from the west. Also, the company intends to open 8 new showrooms over the next 2 years across Telengana, Maharashtra, Odisha and Karnataka.
The proceeds from its fresh issuance are worth Rs1,400 crores for the repayment or prepayment of borrowings, in full or part of all or certain borrowings for the company and Rs 463.90 crore for financing the opening of eight new showrooms besides general corporate purposes.
Founded by Promoter and Managing Director, Alukkas Varghese Joy, has over 33 years of expertise in the jewellery industry. It began operations in 2002 by opening a showroom in Kottayam, Kerala, and have since expanded to 85 showroom network under the “Joyalukkas” brand, located across 68 cities in India with an aggregate area of approximately 344,458 square feet, as of January 31, 2022. It has currently engaged film actress Kajol as its celebrity brand ambassador.
Of these 85 showrooms, 6 are large-format showrooms has an area of 8,000 square feet or more, including its largest showroom at Chennai, Tamil Nadu which has an area of over 13,000 square feet. It has a range of over 100,000 jewellery designs, across various price points caters to customers across all market segments. Its large format showrooms provide a luxury experience and customer service, with a combination of inventory and variety of jewellery products enables it to attract and retain a growing customer base exceeding over 2.00 million customers in India.
Edelweiss Financial Services Limited, Haitong Securities India Private Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the book running lead managers to the issue.
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