Joyalukkas India files DRHP for Rs 2,300 cr IPO

Retail jewellery chain Joyalukkas India Ltd has filed preliminary papers with Sebi to raise Rs 2,300 crore through an initial public offering.

The Initial Public Offering (IPO) will comprise fresh issue of equity shares and there will be no Offer for Sale (OFS), according to the Draft Red Herring Prospectus (DRHP).

The company will use the net proceeds worth Rs 1,400 crore for the repayment or prepayment of borrowings, in full or part of all or certain borrowings for the company and Rs 463.90 crore for financing the opening of eight new showrooms. The funds will also be utilised for general corporate purposes.

The Kerala-based firm is into sale of gold jewellery, studded jewellery, and other jewellery products, including diamonds, platinum and silver.

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