JoyAlukkas IPO JoyAlukkas IPO
JoyAlukkas IPO : Joy Alukkas plans to go in for IPO to fund expansion
Jewellery retailer Joyalukkas Group, which has a presence in nine countries across the world, is looking at tapping the Indian capital market with an initial public offering (IPO) during the current financial year. The group operates in India through its subsidiary Joy Alukkas Traders (India) Private Ltd.
“We are looking at raising around Rs 400 crore from the market to fund our expansion programmes. We will look at the right opportunity and then approach the regulatory (body) for the IPO,” Mr Joy Alukkas, Chairman of the Group, said after inaugurating its revamped showroom on Sunday.
The company is currently in the process of increasing its production capability from 3 kgs of gold a day to 10 kgs at its 100 per cent export oriented unit located in Cochin and is also looking for a similar facility near New Delhi.
“The unit, in a special economic zone near Noida, will be operational in the next three months and it will also be an export oriented unit. Initially, it will have production capability of 3 kgs a day which will be later increased to 10 kgs,” Mr Alukkas said.
Expansion
The company is also in the process of setting up a unit for manufacturing diamond studded jewellery in Coimbatore. The unit is expected to commence operations with a workforce of 300 employees during the current financial year and will cater to both the domestic as well as export needs of the company.
Speaking on the retail expansion of the group, Mr P.P. Jose, General Manager of the company said, “We plan to have 100 outlets by 2010. Currently we have 18 stores and by the end of the year we are planning to open ten more outlets.”
Joyalukkas across the world has a total of 66 outlets and by the end of the fiscal is looking to increase to 100 stores.
Mr Jose told Business Line “The sales from Indian operations increased 30.66 per cent to Rs 980 crore for the financial year ended March 31, 2008 from Rs 750 crore in the previous fiscal. For the current financial year we expect the sales to be around Rs 1,200 crore,” reports The Hindu Business Line
