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Indian jewelry company Joyalukkas India Ltd has withdrawn its proposed IPO. The company had filed a draft paper (DRHP) with SEBI last year to raise funds from the stock market through a public issue. However, now the company has withdrawn the paper.
According to a Reuters news, Joyalukkas India Limited has decided to withdraw the IPO. The company was about to raise Rs 2,300 crore through the proposed IPO. Reuters has given this news quoting the website of the market regulator Securities and Exchange Board of India (SEBI). The company had filed the DRHP of the IPO with SEBI last year.
The jewelry company had told in the draft paper in March 2022 that it plans to use the amount received from the IPO to repay some loans and open new stores. The company has appointed Edelweiss Financial Services Ltd, Haitong Securities India Pvt, Motilal Oswal Investment Advisors Ltd and SBI Canital Markets Ltd for the IPO. were made lead managers.
This Kerala-based jewelry company first put forward the plan of IPO in the year 2018. However, the IPO could not come then due to some reasons. After this, the company filed a fresh IPO draft last year. Although the last year was not good for the stock market and IPO market. The stock market faced a continuous decline and many recently listed stocks faced huge losses. Especially the shares of new-age tech companies have caused huge losses to the investors. For this reason many companies postponed their proposed IPO.
Gold has been the traditional choice of people in India. Here people buy gold not only in the form of ornaments but also in terms of investment. For this reason, people in India have the world’s largest gold reserves. In such a market, the Joyalukkas company operates in those markets, where small goldsmiths and Kalyan Jewelers, supported by Tata Group’s Tanishq and Warburg Pincus LLC, etc., dominate.
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