Business News

Joyalukkas cancels its planned Rs 2,300 crore IPO and modifies parts of its records.

Kerala-based jewellery retail chain Joyalukkas India Ltd has withdrawn the plan to launch a Rs 2,300 crore (($278 million) initial public offering (IPO), as per a document shared on the website of the market regulator.

A top company official told Reuters that it needed more time to bring into effect certain substantial changes in its financial results, before making its debut in the market.

The plan is to refile the IPO documents “at the earliest, subject to market conditions”, the news agency quoted Joyalukkas chief executive Baby George as saying.

The company, which operates 85 showrooms under the ‘Joyalukkas’ brand across 68 cities in India,Ā had filed the draft red herring prospectus (DRHP)Ā in February last year.

In the pre-IPO document, it stated that the 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 the schedule, the IPO date was expected to be announced in early 2023.

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.

The withdrawal of the IPO plans comes amid the ongoing volatility in the market. In December, e-commerce player Snapdeal scrapped its $152 million listing plan, at a time when tech stocks faced a setback. Earlier, wearable electronics firm boAt opted to raise funds from existing investors in October, rather than proceeding with an IPO.

Retale

Retale

About Author

Leave a comment

Your email address will not be published. Required fields are marked *

You may also like

Business News Digital Transformation

IRCTC adds new buy now, pay later option: Check details

Indian Railways Catering and Tourism Corporation (IRCTC), has partnered with the CASHe to offer a Travel Now Pay Later (TNPL)
Business News

Inox Leisure Q2Ā reported a net loss of Rs 40.37 crore , revenue up atĀ Rs 374.12 crore.

New Delhi: Multiplex chain operator Inox Leisure Ltd on Wednesday reported a narrowing of its consolidated net loss to Rs
Wordpress Social Share Plugin powered by Ultimatelysocial
error: Content is protected !!