Jewellery chain Joyalukkas India is expected to raise 23 billion rupees ($301.4 million) in an IPO to further capitalise on the Indian jewellery retail market, which is estimated to be worth close to $60 billion as of 2020.

The company, which operates 85 showrooms under the Joyalukkas brand across 68 cities in India, intends to offer equity shares with a face value of 10 rupees each, according to a draft prospectus filed with the Securities and Exchange Board of India (SEBI).

The equity shares to be allotted through the prospectus are proposed to be listed on the stock exchanges BSE and National Stock Exchange of India, the document stated.

India is the world’s second-biggest consumer of gold after China. The yellow metal and diamond contribute more than half of the global jewellery market, which is estimated to be worth $320 billion.

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