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Joyalukkas to raise Rs.650 crore

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Leading South Indian retail jewellery chain Joyalukkas said it was seeking to raise Rs.650 crore through its initial public offer (IPO) expected to hit the capital markets around June-end.

The company has already received final observation from capital market regulator SEBI for coming out with an IPO of 1.8 crore equity shares.

“We will be coming out with the IPO in two months time and planning to raise up to Rs.650 crore through 26.5 per cent equity dilution,” Joyalukkas Chief Financial Officer, Nandakumar T. told reporters here. Post the IPO, the promoter holding of the company would come down to 73.5 per cent and the rest would be with public.

Joyalukkas Managing Director, Alukkas Varghese Joy said with the proceeds from the IPO, the company would open 14 new outlets in the next 30 months. The company currently has 24 retail outlets pan India, with the recent one being opened in the National Capital. “We will utilise about Rs.420 crore for network expansion, another Rs.120 crore for debt reduction and the remaining for general working capital purpose,” Mr. Nandakumar said.

Of the total 14 outlets, the company plans to open four each in Kerala and Karnataka and the remaining six in Andhra Pradesh and Tamil Nadu. Citi and Enam are acting as book running lead managers for the issue, he said. The company is also engaged in selling textiles, apparels and accessories through its “wedding centres” in Kerala.

Source : The Hindu

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