Five premises of the popular jewellery chain Joyallukas are being raided by the Enforcement Directorate in Kerala. The raids came just a day after the company withdrew its Rs 2,300 crore initial public offering or IPO, saying it needed more time to incorporate substantial changes to its financial results.
The company plans to refile its IPO documents "at the earliest, subject to market conditions," Chief Executive Baby George told Reuters on Tuesday, without elaborating further.
The jewellery retailer, which focuses mainly on Southern India, is the latest to delay or pull its IPO plans amid market volatility and stubbornly high inflation.
The company operates showrooms across roughly 68 cities.
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