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- Dubai 05:21 06:34 12:33 15:53 18:26 19:40
Joyalukkas, one of India's largest chains of gold retailers, is going public in India.
Joyalukkas is working on a plan to dilute the promoter's ownership by 20 to 30 per cent through an initial public offer (IPO), sources close to the firm said.
The IPO will hit the market during the second half of the next fiscal year and the shares will be listed on Bombay Stock Exchange (BSE) or National Stock Exchange (NSE) or both, sources said.
The retail giant has presence in the Indian states of Kerala, Tamil Nadu, Karnataka, Maharashtra, Andhra Pradesh and Delhi.
However, the chairman of the group, Joy Alukkas refused to give any details of the public issue.
"IPO has always been an idea which I have been nurturing for long. What I can say now is that we will do it at the most opportune time," Alukkas told Emirates Business over phone from India. The group, which operates close to 20 outlets in India currently, has plans to expand the network to around 25 in the next fiscal.
To a question whether the IPO proceeds will be used for expansion of the network, Alukkas said: "The expansion plan is one thing which we have already finalised."
The Indian firm, which posted a turnover of Rs14.32 billion (Dh1.145bn) in the last fiscal recorded a net profit of Rs480 million for the period.
The group is aiming for a turnover of Rs20bn for the fiscal ending March 31, said the firm's financial controller.
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