India’s leading jewelery company Joyalukas has filed an IPO of Rs 2300 crore and has now withdrawn it, it has been reported.
It is noteworthy that Joyalukas Company having its headquarters in Kerala has branches in many cities of India. It should be noted that about 60 Joyalukas branches are operating in India alone and apart from India, its branches are operating in the Middle East countries including Oman, Qatar, Saudi Arabia, Bahrain, England, USA, Malaysia and Singapore.
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The company had applied for an IPO to raise Rs 2,300 crore to expand its business in India as demand for gold is high in three countries — the US, China and India. While this application is under consideration by SEBI, it has been reported that suddenly the application has been withdrawn.
The reason for withdrawing the IPO is not known. India’s leading jewelery company Joyalukas has withdrawn its IPO, creating a stir among jewelers.
In 2021, Kalyan Jewelers raised Rs 1,175 crore through IPO. Likewise Tata Group’s Titan is the largest player in the Indian jewelery industry with a market capitalization of Rs 2.4 lakh crore. It is worth noting that despite the tough competition, Joyalukas Company has earned a revenue of Rs. 8,066 crore in the financial year 2021.