Joy Alukka plans to raise Rs650 cr through IPO
- Joy Alukka
Kochi : One of the famous gold Jewellery Retailer Joy alukkas is going to collect capital funds through Initial Public Offering (IPO) . They have already prepared to issue the shares of their firm. With the latest news we can expect IPO on this April itself. At this stage of issuing they will try to achieve a gross investment of Rs: 550-600 crores. Company already sent the data which is required for the issue of shares to Security and Exchange Board of India (SEBI). Joy Alukkas is owned by one of the leading gold merchant in the world, Mr. Joy Alukka. Company will issue Rs:1.80 crore shares through IPO. After this, promoters share will decrease to 73.54%. At the present time company is fully owned by Mr.Joy Alukka and his family members. The face value of share are Rs: 10, but it will issue at the rate of 300 rupee per share including the premium. Based on this calculation, the total value of company will be Rs: 2400 cr. But till now the management didn’t fixed the value of shares officially. The achieved amount will be use for the development of their company branches. In India itself Joy Alukka has 23 outlets, and they also have the plan to introduce another new 20 outlets in India within 2 years. In the last financial year they earned gross sale of rupees 1822 cr. By using the capital fund company will expand and also aiming to double the growth rate.
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