Indian jeweller Joyalukkas has withdrawn its Rs 2,300 crore ($277.95 million) initial public offering (IPO), a filing on the market watchdog’s website showed on Tuesday.

The reason for the withdrawal is unclear.

Headquartered in the southern Indian state of Kerala, the jeweller has showrooms in about 68 cities and is one of the largest jewellery retailers in the country.

About Rs 1,400 crore ($169.16 million) of the IPO proceeds would be used to repay or prepay debt, the company said in a draft prospectus published last March.

The upcoming IPO date was initially scheduled to be announced in early 2023.

The IPO’s bookrunners are Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisors Ltd, Haitong Securities India and SBI Capital Markets Ltd.

Gold jewellery is a traditional investment in India, the world’s second-largest gold market. The World Gold Council said last month that rising prices had led to a 3% drop in India’s gold consumption.