Gold jeweller Joyalukkas India Ltd. plans to raise as much as 23 billion rupees ($300 million) from an initial share sale, seeking to tap into the growing demand for the precious metal in the world’s second-biggest consumerm according to Bloomberg report. The proceeds from the issue will be used to pay back some loans and to open new stores, the company said in a draft prospectus.
Edelweiss Financial Services Ltd., Haitong Securities India Pvt., Motilal Oswal Investment Advisors Ltd. and SBI Capital Markets Ltd. are the lead managers to the issue. The Kerala-based company has picked Edelweiss Financial Services Ltd., Jefferies Group LLC, Credit Suisse Group AG and IIFL Securities Ltd. to arrange the potential share sale
The industry’s prospects have brightened, after two bleak years, as the waning pandemic is encouraging Indians to once again flock to jewelry stores. Joyalukkas operates in a market that is dominated by small shops and national chains like the Tata Group’s Tanishq and Warburg Pincus LLC-backed Kalyan Jewellers India Ltd., which listed on stock exchanges last year. Joyalukkas has 85 showrooms in India.
Meanwhile, gold jeweller Joyalukkas India Ltd. was named among five Indian jewellery brands that made it to the list of top 100 luxury companies across the world, according to a new report. Tata Group’s Titan Company jumped three places on the top 100 ‘Global Powers of Luxury Goods’ list to rank 22 and was among the 20 fastest-growing luxury goods companies.
(With inputs from agencies)
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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