Joyalukkas is mulling over a IPO issue for raising as much as $400 million in the first quarter of 2022, reported a person privy to the development. For the offer, the company has appointed Edelweiss Financial Services Ltd., Jefferies Group LLC, Credit Suisse Group AG and IIFL Securities Ltd for making arrangements pertaining to the potential share sale, added the person.
In the IPO, the Kerala based jewellery firm is seeking a valuation of $4.8 billion.
Further as per the information the company may file the DRHP with the SEBI by end of November or early December.
Earlier in 2018, the company had put its IPO plans on hold as the overall industry confronted issues such as tighter measures for credit access as well as audit after a $2 billion fraud by Nirav Modi.
The company's competitors include local jewellers as well as branded players in the segment including Tata's Tanishq and Kalyan Jewellers.