UAE gold retailer Joy Alukkas wants to be second-time lucky with India IPO plans

UAE gold retailer Joy Alukkas wants to be second-time lucky with India IPO plans

Dubai: Joy Alukkas wants to get everything right with the planned IPO the second time round. It has been 10 years since the Chairman of Joyalukkas Group, one of the biggest names in the UAE and India’s gold and jewellery retail, went ahead with IPO plans - and then decided to pull back. Alukkas says it will not be happening this time. “In 2011, we had cleared the regulatory approval to list the India operations,” he said. “That’s when I thought the timing may not be right and our India operations had to reach a certain size before we went public. I had my doubts and that’s reason we withdrew.” The Group, with its headquarters in the south Indian state of Kerala, has just submitted its application for a second tilt at listing. This time, Alukkas has no doubts that the timing is just right. “We hope to get the regular clearance in two months or so, and then we will proceed immediately with the IPO. “The hope is to float between 10-15 per cent of the India operations, which is under the Joyalukkas India Ltd. banner.” The UAE and all other overseas operations come under Joyalukkas Holding, a BVI