Joyalukkas withdraws Rs 2,300-crore IPO

Tribune Web Desk

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

Unlock Exclusive Insights with The Tribune Premium

Take your experience further with Premium access. Thought-provoking Opinions, Expert Analysis, In-depth Insights and other Member Only Benefits

Yearly Premium ₹999 ₹349/Year

Yearly Premium $49 $24.99/Year

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Jeweller Joyalukkas has withdrawn its Rs 2,300 crore ($278 million) initial public offering (IPO), with the jewellery retailer saying it needed more time to incorporate substantial changes to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

The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising five eminent persons as trustees.

The Tribune, the largest selling English daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the newspaper. It is an independent newspaper in the real sense of the term.

The Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).

Remembering Sardar Dyal Singh Majithia

Designed and developed by : SORTD

Unlock Exclusive Insights with The Tribune Premium

Suggested Articles