Jeweller Joyalukkas calls off Rs2,300 crore- IPO plans

Joyalukkas jeweller
February 22, 2023

BENGALURU- Indian jeweller Joyalukkas has withdrawn its 23 billion rupee ($277.95 million) original public immolation (IPO), a document on the request controller’s website showed on Tuesday. The reason for the pullout wasn’t incontinently clear. Joyalukkas didn’t incontinently respond to Reuters’ request for comment.

The jeweller, grounded in the southern Indian state of Kerala, operates showrooms across roughly 68 metropolises and is one of the biggest jewellery retailers in the country. About 14 billion rupees ($169.16 million) from the IPO finances were to be used for prepayment or pre-payment of debt, the company had said in its draft prospectus released in March last time.

The date for the impending IPO was listed to be blazoned in early 2023. The IPO’s book runners Edelweiss Financial Services Ltd, Motilal Oswal Investment counsels Ltd, Haitong Securities India, and SBI Capital requests Ltd also didn’t incontinently respond to a request for comment.

Gold jewellery is a traditional investment in India, the alternate- biggest request for gold in the world. The World Gold Council had said last month that a rise in prices had led to a 3% slip in consumption of the unheroic essence in India.

About Jeweller Joyalukkas

A new normal has come into existence, because of the past couple of years, like all businesses, Brand Joyalukkas has undergone a transformation too. But our focus will never waver. Our mission continues despite the many challenges – to conduct our business ethically and to make a positive impact within the communities we serve.

Our experience of close to two decades has enabled us to built a strong legacy of trust and transparency and our commitment to retain this legacy is unshakable. Our exciting journey of many years serving jewellery lovers in India has made Joyalukkas more strong, resilient and focused towards all our stakeholders i.e., Clients, Employees, Communities and Business Associates.

As one of the leading jewellery companies, we are committed to consistent growth and relationships with our suppliers, customers and other industry participants have been instrumental in implementing our growth strategies. We demonstrate our spirit through our craftsmanship, constant innovation, exceptional know-how, consistent growth and a global thinking. This mix has helped us win the hearts of millions of jewellery lovers

I firmly believe that jewellery is symbol of status, success, happiness, investment, celebration and prosperity. Our role is to fulfill these aspirations of our customers with our many choices of designs and collections. Today, we are spread across India thanks to the support and blessings of our customers who have unwavering faith in us, and we in turn, are unconditionally devoted to them. Thank to you, our valuable customers and associates, our journey continues. Always striving to be your favourite jeweller.

Joyalukkas jeweller

‘World’s favourite Jeweller’ does not mean an aspiration to dominate the jewellery retail business but a mission to win the hearts of millions of jewellery lovers in India by serving them with the positive jewellery shopping experience. This means constantly learning and evolving to meet the current needs & desires of every jewellery shopper who visits a Joyalukkas store

Our focus on core values of trust and transparency has contributed to our strong brand recognition and customer loyalty. Founded in 2002, brand “JOYALUKKAS” is widely preferred for its trustworthiness and authenticity, and its commitment to design, quality, convenience, service and value. A rich heritage and unwavering commitment to innovation and craftsmanship has contributed to making ‘JOYALUKKAS’ one of the leading jewellery companies in India in terms of revenue. The foundation of the brands success is its core values which is trust and transparency.

The Jewellery chains clear positioning and differentiation strategy continues to help it serve a diverse customer base with an exclusively tailored experience for different lifestyles, individuals, as well as clientele in various age groups. Offering a wide variety of products, services and channels, the jewellery retailers brand portfolio includes a wide range of precious jewellery crafted in Gold, Diamonds, Precious stones, Platinum, Pearl & Silver. Under the visionary leadership of Mr. Joyalukkas Varghese Joy, Joyalukkas has grown at a very fast pace and has expanded to a network of 85 showrooms spread across India.

Our commitment to Corporate Social Responsibility (CSR) activities is undertaken through ‘Joyalukkas Foundation’. Joyalukkas Foundation regularly undertakes various programs across various domains including housing development, education and areas relating to healthcare of communities in semi-urban and rural areas. From building homes to organizing blood donation camps or undertaking breast cancer awareness campaigns and tree-planting programmes, Joyalukkas has always been present across various domains.