Joyalukkas had filed a draft red herring prospectus with SEBI in March last year, and it had planned to use Rs 14 billion of the proceeds to pay down debt or make early repayments.
Kerala-based jewellery company Joyalukkas has withdrawn its IPO plan to raise Rs 2300 crore through the issuance of shares. According to the document available on markets regulator SEBI's website, the jewelry company has withdrawn its IPO without citing any reasons for the same. The company is one of the largest jewelry retailers in India, operating in 68 cities.
Joyalukkas had filed a draft red herring prospectus with SEBI in March last year, and it had planned to use Rs 14 billion of the proceeds to pay down debt or make early repayments. However, the company did not comment on the withdrawal of the IPO. The book running lead managers for the company's IPO were Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisors Ltd, Haitong Securities India, and SBI Capital Markets Ltd.
It is worth noting that gold jewelry is considered a traditional investment in India, and the country is the second-largest gold market globally. Last month, the World Gold Council reported that India's consumption of gold had fallen by 3% due to the price hike.
Meanwhile, Macfos, a supplier of electronics equipment, has received an overwhelming response to its IPO subscription phase, which started on February 17. The SME company's issue was subscribed 105 times on the last day, targeting to raise a total of Rs 23.74 crore from the market. The company's IPO had a lot size of 1200, and it had issued a total of 23,28,000 shares for subscription, with 116400 shares being held by Anchor Investors, 1104000 shares reserved for Qualified Institutional Investors, 332400 shares for Non-Institutional Investors, and 775200 shares for Retail Buyers.
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