AgenciesNew Delhi: Gold jewellery maker Joyalukkas India has filed its draft red herring prospectus (DRHP) with capital markets regulator Sebi to raise funds via initial public offering (IPO).
The company plans to issue fresh equity shares with a face value of Rs 10 each aggregating to Rs 2,300 crore through its primary offering, the DRHP said.
Joyalukkas had to shelve its IPO plans due to adverse market conditions in 2018. The Kerala-based jeweller, which has a presence in 65 cities, aims to tap the growing demand for the precious metal in the world's second-largest market.
In 2021, Kalyan Jewellers had raised Rs 1,175 crore through its initial stake sale, valued at Rs 6,301 crore. Tata Group's Titan remains the biggest player in the Indian jewellery sector, with a market cap of Rs 2.4 lakh crore.
The prospects for jewellery manufacturers have brightened after two bleak years. The waning pandemic is encouraging Indians to once again flock to jewellery stores.
Joyalukkas posted revenue from operations of Rs 8,066 crore for FY21 against Rs 8,024 crore a year ago. Its net profit stood at Rs 472 crore for FY21 compared to Rs 41 crore a year ago.
The company will allocate 50 per cent of equity shares to qualified institutional buyers, whereas 15 per cent of shares are reserved for HNI investors. Retail bidders will get the remaining 35 per cent of the allocation.
It has appointed Edelweiss Financial Services, Haitong Securities India, Motilal Oswal Investment Advisors and SBI Capital Markets as the book running lead managers to the issue, whereas Link Intime India will serve as the registrar to the issue.
The company plans to issue fresh equity shares with a face value of Rs 10 each aggregating to Rs 2,300 crore through its primary offering, the DRHP said.
Joyalukkas had to shelve its IPO plans due to adverse market conditions in 2018. The Kerala-based jeweller, which has a presence in 65 cities, aims to tap the growing demand for the precious metal in the world's second-largest market.
In 2021, Kalyan Jewellers had raised Rs 1,175 crore through its initial stake sale, valued at Rs 6,301 crore. Tata Group's Titan remains the biggest player in the Indian jewellery sector, with a market cap of Rs 2.4 lakh crore.
The prospects for jewellery manufacturers have brightened after two bleak years. The waning pandemic is encouraging Indians to once again flock to jewellery stores.
Joyalukkas posted revenue from operations of Rs 8,066 crore for FY21 against Rs 8,024 crore a year ago. Its net profit stood at Rs 472 crore for FY21 compared to Rs 41 crore a year ago.
The company will allocate 50 per cent of equity shares to qualified institutional buyers, whereas 15 per cent of shares are reserved for HNI investors. Retail bidders will get the remaining 35 per cent of the allocation.
It has appointed Edelweiss Financial Services, Haitong Securities India, Motilal Oswal Investment Advisors and SBI Capital Markets as the book running lead managers to the issue, whereas Link Intime India will serve as the registrar to the issue.
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