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Bengaluru, February 21 Jeweller Joyalukkas has withdrawn its Rs 2,300 crore ($278 million) initial public offering (IPO), with the jewellery retailer saying it needed more time to incorporate substantial changes to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...

Tribune Web Desk

Updated At : 02:07 PM Feb 22, 2023 IST

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Jeweller Joyalukkas has withdrawn its Rs 2,300 crore ($278 million) initial public offering (IPO), with the jewellery retailer saying it needed more time to incorporate substantial changes to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

Joyalukkas withdraws Rs 2,300-crore IPO

Tribune Web Desk

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