Gold retailer Joy Alukkas has set the ball rolling for its initial public offering.

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The company has appointed En­am Securities and Citi­bank as its merchant ban­kers.

The company hopes to mop up around Rs 600 crore from the IPO by diluting up to 30 per cent stake. The shares are to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

“We have appointed Enam Securities and Citibank as merchant ban­kers. In two to three months’ time, the draft Red Herring Prospectus will be filed and in six months the company shares are expected to be listed on the bourses,” said Joy Alukka, chairman of Joy Alukkas Group.

The company will use part of the proceeds from the IPO for opening 20 more jewellery shops that will cover most of the top cities in the northern and eastern parts of the country.