Jewelry chain Joyalukkas has withdrawn its Rs 2,300 crore initial public offering (IPO). In a document on the Securities and Exchange Board of India’s (SEBI), the market regulator said that Joyalukkas India Limited has withdrawn its IPO on February 17. The exact reason behind the withdrawal of the Joyalukkas IPO was not disclosed.
According to the document, Lead Manager to the Joyalukkas issue were – Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisors Ltd, Haitong Securities India, and SBI Capital Markets Ltd. In March 2022, in its draft prospectus, the company had said that it was planning to use the funds for repayment of debt.
According to their official website, Joyalukkas is one of the largest jewelry chains in the country with showrooms in 68 cities. The date of announcement of the IPO was to be scheduled shortly this year.
The Kerala-based company was started in 2002 with the launch of the first store in Kerala’s Kottayam. The group was established in the year 1988 by Alukkas Varghese Joy and commenced operations in the United Arab Emirates in jewellery retail business.
According to the draft documents filed with SEBI, Joyalukkas business consists of the sale of jewellery made of gold, diamond and other precious stones, platinum and silver. The group is also engaged in the business of selling textiles, apparels and accessories through ‘wedding centres’ in Kerala – the group had said earlier.
