Jewelery chain Joyalukkas India files DRHP for IPO of Rs 2,300 crore

Retail jewelry chain Joyalukkas India Ltd has filed initial papers with Sebi to raise Rs 2,300 crore through an initial public offering.

The initial public offering (IPO) will include a new issue of equity shares and

There will be no Offer for Sale (OFS), according to a draft Red Herring Prospectus (DRHP).

The company will use the net proceeds of Rs 1,400 crore to fully or partially repay the loans or some loans to the company and Rs 463.90 crore to finance the opening of eight new showrooms. The funds will also be used for general corporate purposes.

The Kerala-based company sells gold jewelry, studded jewelry and other jewelry products, including diamonds, platinum and silver.

More than 90 percent of its revenue comes from the southern region followed by the western region. The company plans to add 8 new showrooms over the next two years across Telangana, Maharashtra, Odisha and Karnataka.

Joyalukkas reported a profit of Rs 471.75 crore in the fiscal year 21 as against Rs 40.71 crore in the period last year.

Edelweiss Financial Services Ltd, Haitong Securities India Pvt Ltd, Motilal Oswal Investment Advisors Ltd and SBI Capital Markets Ltd are the lead bookrunners for the IPO.

(The title and image for this report may have been reformulated only by the Business Standard staff; the rest of the content is automatically generated from a shared feed.)

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