Joyalukkas plans Rs 650 cr IPO

8220;We will be coming out with the IPO in two months time and planning to raise up to Rs 650 crore through 26.5 per cent equity dilution,8221; Joyalukkas Chief Financial Officer Nandakumar said.

Post the IPO,the promoter holding of the company would come down to 73.5 per cent,and the rest would be with public.

Talking about the end use of IPO proceeds Joyalukkas Managing Director Alukkas Varghese Joy said the company will open 14 new outlets in the next 30 months. The company currently has 24 retail outlets pan India,with the recent one being opened in the National Capital.

8220;We will utilise about Rs 420 crore for network expansion,another Rs 120 crore for debt reduction and the remaining for general working capital purpose,8221; Nandakumar said.

Of the total 14 outlets the company plans to open,four each would be in Kerala and Karnataka,and the remaining six in Andhra Pradesh and Tamil Nadu.

Citi and Enam are acting as book running lead managers for the issue,he said.

The company is also engaged in selling textiles,apparels and accessories through its Wedding Centres in Kerala.