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Joyalukkas India has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 2,300 crore through an initial public offering (IPO).

The company will use the net proceeds worth Rs 1,400 crore for the repayment or prepayment of borrowings, in full or part of all or certain borrowings for the company and Rs 463.90 crore for financing the opening of eight new showrooms. The funds will also be utilised for general corporate purposes. Edelweiss Financial Services, Haitong Securities India, Motilal Oswal Investment Advisors and SBI Capital Markets are the book running lead managers for the IPO.

Joyalukkas India is into sale of gold jewellery, studded jewellery, and other jewellery products, including diamonds, platinum and silver.