Joyalukkas defers IPO, says its financials are strong

Kochi: Joyalukkas, Kerala-based jeweller, has withdrawn its IPO plans and decided to keep the plan for the issue on hold for the time being.

Talking to myfinpoint.com, Joy Alukkas, the chairman and managing director of the jewellery major, which operates about 90 showrooms in India alone, said the management will wait for the market conditions to improve further before it could re-file for the issue with the market regulator (SEBI).

Joyalukkas IPO was to issue fresh shares unlike many other issues, which were offer for sale (OFS), whereby the issue sought to sell a portion of the promoters’ holding.

Moreover, Joy Alukkas had said at the time of applying for the issue that the management would utilize a big chunk of the fund to be raised through the IPO to pay off most of its debt.

“My company’s prospects have changed a lot since we had applied for the IPO in March 2022. Our profitability and asset base have grown since then,” Alukkas added.

He said the re-filing will reflect all these favourable changes happened in the company, and this will certainly help in rendering the issue a bigger success.