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Gold jeweler Joyalukkas plans to go public for $ 400 million next year: report

The gold jeweler Joyalukkas India Ltd. is considering an IPO in India which, according to someone familiar with the matter, could raise about $ 400 million in the first quarter of next year.

The Kerala-based company has Edelweiss Financial Services Ltd., Jefferies Group LLC, Credit Suisse Group AG, and IIFL Securities Ltd. selected to arrange the potential stock sale, said the person who asked not to be identified as the information is private. Joyalukkas is targeting a valuation of $ 4.8 billion on its IPO, the person said.

According to the person, Joyalukkas can submit a draft prospectus by the end of November or beginning of December. The company has 130 jewelry showrooms in 11 countries, according to its website.

“We’re looking at ways to raise funds,” said CEO Baby George on the phone. “We haven’t finished anything yet.” Representatives from Edelweiss, IIFL and Jefferies did not immediately respond to e-mails, and Credit Suisse declined to comment.

In 2018, the jewelry company put its public listing plans on hold as the industry faced closer access to credit and stricter audits following an alleged $ 2 billion fraud by jeweler Nirav Modi. That scenario has now changed with a booming stock market and a number of successful IPOs, including that of peer Kalyan Jewelers India Ltd. in March.

Indians see gold as an investment rather than just jewelry and have the greatest treasure trove of precious metals in the world. Joyalukkas plays in a market dominated by small jewelry sellers and chains like Tanishq from the Tata Group and Kalyan, which is supported by Warburg Pincus LLC.

This story was released from a news agency feed with no changes to the text. Only the heading was changed.

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