Joyalukkas withdraws Rs 2,300-crore IPO
Bengaluru, February 21
Jeweller Joyalukkas has withdrawn its Rs 2,300 crore ($278 million) initial public offering (IPO), with the jewellery retailer saying it needed more time to incorporate substantial changes to its financial results.
The company plans to refile its IPO documents “at the earliest, subject to market conditions,” chief executive Baby George said on Tuesday, without elaborating further.
Joyalukkas is the latest to delay or pull its IPO plans amid market volatility and stubbornly high inflation. Joyalukkas filed for IPO last March and planned to use Rs 1,400 crore of the proceeds to repay debt and the rest for opening new showrooms. — Reuters
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