Indian jeweller Joyalukkas withdraws Rs 2,300 cr initial public offering

Indian jeweller Joyalukkas has withdrawn its Rs 2300 crore ($277.95 million) initial public offering (IPO), a document on the market regulator's website showed on Tuesday.

The reason for the withdrawal was not immediately clear. Joyalukkas did not immediately respond to Reuters' request for comment.

The jeweller, based in the southern Indian state of Kerala, operates showrooms across roughly 68 cities and is one of the biggest jewellery retailers in the country.

About Rs 1400 crore ($169.16 million) from the IPO funds were to be used for repayment or pre-payment of debt, the company had said in its draft prospectus released in March last year.

The date for the impending IPO was scheduled to be announced in early 2023.

The IPO's book runners Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisors Ltd, Haitong Securities India, and SBI Capital Markets Ltd also did not immediately respond to a request for comment.

Gold jewellery is a traditional investment in India, the second-biggest market 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 yellow metal in India.

($1 = 82.7620 Indian rupees)