Joy Alukas withdraws 2300 crore IPO

Leading jewelery group Joyalukkas has withdrawn its initial public offering (IPO) application. The company did not specify the reason for withdrawing from the IPO.

Earlier, Group Chairman Joy Alukas had downplayed reports that he may pull out of the IPO due to the economic downturn.

Alukas had planned to raise around Rs 2300 crore through the IPO. It was estimated that the company’s total value would rise to $4.8 billion after listing on the stock market. The company has 130 jewelery showrooms in 11 countries.