Jewellery maker and retailer Joyalukkas has withdrawn its Rs 2,300 crore ($277.95 million) initial public offering (IPO), a document on the market regulator’s website showed on Tuesday. The reason for the withdrawal of the share sale was not immediately clear, a Reuters report said. ┬а
The Kerala-based jeweller operates showrooms across nearly 68 cities and is one of the biggest jewellery retailers in India.┬а
The company intended to use about Rs 1,400 crore ($169.16 million) from the IPO proceeds for repayment or pre-payment of debt, it said in its draft prospectus released in March last year.┬а
The date for the IPO was set to be announced in early 2023.┬а
The book running lead managers for Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisors Ltd, Haitong Securities India, and SBI Capital Markets Ltd also did not immediately respond to a request for comment.┬а
The firm had first announced plans to launch an IPO in 2018. It has peers such as Titan and Kalyan Jewellers listed on the BSE and NSE. ┬аLast year too, the company had filed a draft prospectus for the IPO but did not proceed with the formalities amid rising volatility in the stock market. Especially, shares of newly listed new-age companies such as Paytm, Nykaa, Zomato and Cartrade Tech caused heavy losses to investors. ┬а
Gold jewellery is a traditional investment in India, with the country being the second-largest market for gold in the world. The World Gold Council in January said that a rise in prices had led to a 3% fall in consumption of the yellow metal in India.┬а
Also read:┬аAdani Enterprises, Adani Power, Adani Total Gas: Adani group wealth erosion equals 4% of GDP, m-cap below $100 billion
Also read:┬аThis multibagger stock stages strong rebound, jumps 48% in 3 sessions
