The Enforcement Directorate in Kerala is conducting raids at five locations of the well-known jewellery business Joyallukas. The company withdrew its IPO for 2,300 crores the day prior to the raids, claiming that it needed additional time to integrate significant modifications to its financial performance.
CEO Baby George told Reuters on Tuesday that the company intends to resubmit its IPO filings ‘at the earliest, subject to market conditions.’
The jewellery retailer, which primarily serves Southern India, is the most recent to postpone or cancel its IPO ambitions due to market unpredictability and persistently high inflation.
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