Indian jeweller Joyalukkas has withdrawn its ₹23 billion ($277.95 million) initial public offering (IPO)from the market, as per a filing on the market regulator's website on Tuesday.
It was not immediately evident why the withdrawal has occurred. According to The Economic Times' story, Joyalukkas ignored requests for comment on the matter.
One of the largest jewellers in the country, the jeweller has stores spread across about 68 cities in the state of Kerala.
The company had stated in its draft prospectus filed in March of last year that about 14 billion rupees ($169.16 million) from the IPO funds were to be used for repayment or pre-payment of debt.
The upcoming IPO's date was supposed to be announced in the first quarter of 2023.
A request for comment was not immediately answered by the IPO's book runners, Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisers Ltd, Haitong Securities India, or SBI Capital Markets Ltd.
India, the second-largest gold market in the world, is a traditional gold investing country.
Last month, the World Gold Council said that India's consumption of the yellow metal had decreased by 3% as a result of rising costs.
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