Joyalukkas plans IPO to raise up to Rs 2,500 crore

Mumbai: Kerala-based jewellery retail chain Joyalukkas India will likely file its draft documents for an initial public offering with the capital markets regulator Securities and Exchange Board of India (Sebi) within a week, said bankers.

The IPO size is likely to be in the range of ₹2,200 crore to ₹2,500 crore and will entirely be a fresh share issue, said bankers.

In response to an ET query, the company's chairman Joy Alukkas said, "The company will announce any development regarding raising of capital to the media and public at the appropriate time."

Edelweiss Financial Services, Haitong Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets are the merchant bankers to the issue, said one of the persons cited above.

In 2018, Joyalukkas had to shelve its IPO plans due to adverse market conditions.

Last year Kalyan Jewellers, which raised ₹1,175 crore through an IPO, is valued at ₹6,301 crore.

Tata group company Titan, the biggest in the jewellery sector, has a market value of ₹2.4 lakh crore.

Joyalukkas posted revenue from operations of ₹8,066 crore for FY21 against ₹8,024 crore a year ago. Its net profit stood at ₹472 crore for FY21 compared to ₹41 crore a year ago. The Joyalukkas brand has outlets in over 65 cities across India.