Active Stocks
Mon Mar 18 2024 15:55:53
  1. Tata Steel share price
  2. 149.60 5.69%
  1. Tata Motors share price
  2. 972.20 2.75%
  1. ITC share price
  2. 417.40 -0.51%
  1. State Bank Of India share price
  2. 730.70 -0.18%
  1. ICICI Bank share price
  2. 1,082.00 0.32%
Business News/ Markets / Ipo/  Gold jeweller Joyalukkas said to plan $400 million IPO next year: Report
BackBack

Gold jeweller Joyalukkas said to plan $400 million IPO next year: Report

Joyalukkas may file a draft prospectus by end of November or early December, according to the person
  • The Kerala-based company has picked Edelweiss Financial Services Ltd., Jefferies Group LLC, Credit Suisse Group AG and IIFL Securities Ltd. to arrange the potential share sale
  • Joyalukkas has 130 jewelry showrooms in 11 countries, according to its websitePremium
    Joyalukkas has 130 jewelry showrooms in 11 countries, according to its website

    Gold jeweller Joyalukkas India Ltd. is considering an initial public offering in India that could raise about $400 million in the first quarter of next year, according to a person familiar with the matter.

    The Kerala-based company has picked Edelweiss Financial Services Ltd., Jefferies Group LLC, Credit Suisse Group AG and IIFL Securities Ltd. to arrange the potential share sale, said the person, who asked not to be identified because the information is private. Joyalukkas is seeking a valuation of $4.8 billion in the IPO, the person said.

    Joyalukkas may file a draft prospectus by end of November or early December, according to the person. The company has 130 jewelry showrooms in 11 countries, according to its website.

    “We are exploring various opportunities for raising funds," CEO Baby George said by phone. “We have not finalized anything." Representatives for Edelweiss, IIFL and Jefferies didn’t immediately respond to emails, Credit Suisse declined to comment.

    In 2018, the jewelery group had put its plans for an public listing on hold as the industry faced tighter access to credit and more stringent auditing after an alleged $2 billion fraud by jewelers Nirav Modi. That scenario has now changed with a booming stock market and a spate of successful IPOs, including that of peer Kalyan Jewellers India Ltd. in March. 

    Indians look at gold as an investment rather than merely jewelry and hold the largest hoard of the precious metal in the world. Joyalukkas plays in a market dominated by small jewelry sellers and chains like Tata Group’s Tanishq and Warburg Pincus LLC-backed Kalyan.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 02 Sep 2021, 07:03 PM IST
    Next Story footLogo
    Recommended For You
    GENIE RECOMMENDS

    Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

    Let’s get started
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie