Chennai-based jewellery retailer Lalithaa Jewellery Mart has announced its maiden public issue worth ₹1,700 crore, which opens for subscription today (August 17). According to reports from The Hindu BusinessLine, the company aims to raise ₹1,200 crore through a fresh issue of shares, while promoter and founder Kiran Kumar Jain will sell shares worth ₹500 crore through an offer-for-sale (OFS). The price band has been set at ₹190-201 per share with a face value of ₹5, and the company has set the lot size at 74 equity shares in multiples thereafter. The price band details were disclosed on August 11, with the one-day anchor book for domestic and global institutional investors opening on August 14. The IPO will remain open for public subscription until August 19, with share allotment expected to be finalised by August 20. Lalithaa Jewellery Mart shares are likely to be listed on the BSE and the National Stock Exchange on August 24. As per Moneycontrol, the company is seeking a market capitalisation of ₹12,250 crore at the upper end of the price band.
The IPO has received strong backing from institutional investors, with Lalithaa Jewellery Mart successfully raising ₹508.2 crore from 22 anchor investors ahead of the public offering. According to the company's exchange filing, the Chennai-based jewellery retailer allocated 2.52 crore equity shares to anchor investors at the upper end of the IPO price band of ₹190-201 per share on August 14. Of the total anchor allocation, 1.14 crore shares were allotted to four domestic mutual funds — ICICI Prudential AMC, Bandhan Mutual Fund, Samco Mutual Fund and Bank of India Mutual Fund — through nine schemes. Kotak Mahindra Life Insurance and Bajaj Life Insurance also invested ₹43.19 crore for 21.49 lakh shares. The strong anchor investor response demonstrates institutional confidence in the company's growth prospects and financial performance. Notable anchor investors include Goldman Sachs, Morgan Stanley India Investment Fund, Sanshi Fund-I, and other prominent institutional participants.
According to reports from The Hindu BusinessLine, Lalithaa Jewellery Mart offers gold, silver and diamond jewellery catering to regional preferences in the southern Indian jewellery market under the Lalithaa brand. As of March 31, 2026, the company operates 61 stores across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and the Union Territory of Puducherry, with 45 stores located in Tier II and Tier III cities that contributed 60.25% of the company's revenue in FY26. The company claims to have the highest operating revenue per store among key organised jewellery players such as Kalyan Jewellers, PC Jeweller, P N Gadgil Jewellers, Senco Gold, Titan Company and Tribhovandas Bhimji Zaveri. The company operates 650,881 sq ft of total operational area across 51 cities, with 51 stores individually exceeding 5,000 sq ft in area. Flagship locations include a 1,00,000 sq ft store in Vijayawada, a 98,210 sq ft outlet in Somajiguda, Hyderabad, and a 65,000 sq ft store in Visakhapatnam. The company follows an asset-light retail model, owning only three of its 61 stores, while the remainder operate on a leave-and-license basis. Anand Rathi Investment Banking and Equirus have been appointed as the book-running lead managers for the issue, while MUFG has been appointed as the registrar.
As reported by The Hindu BusinessLine, Lalithaa Jewellery Mart recorded a profit of ₹1,009.8 crore in the year ended March 2026, marking a 177 percent increase from the previous year. Revenue surged 48.1 percent year-on-year to ₹25,023.9 crore during the same period. However, this robust growth was completely absent in the previous year, with profit increasing by just 1.4 percent to ₹364.7 crore in FY25 from ₹359.8 crore in FY24, while revenue rose 0.65 percent to ₹16,897.3 crore. The company's financial metrics show strong improvement with EBITDA margin expanding to 6.69% in FY26 from 4.05% in FY24, while ROCE improved to 42.60% in FY26 from 30.44% in FY24. According to the Crisil report cited in the prospectus, the company reported ₹410.23 crore per store in fiscal 2026, compared to ₹281.62 crore in FY25 and ₹316.76 crore in FY24. Gold jewellery accounted for 92.33 percent of FY26 revenues, with Tamil Nadu contributing the largest geographical revenue share at 53.98 percent. Customer acquisition and retention are supported by jewellery savings schemes, with 4,73,412 active customers enrolled as of FY2026 and customer advances reaching ₹5,043 crore (20.15% of revenue).
According to recent grey market activity, Lalithaa Jewellery Mart IPO is showing positive momentum with a Grey Market Premium (GMP) of ₹23, indicating an 11.44% listing gain potential. During the past six sessions, the GMP fluctuated between a minimum of ₹0.00 and a maximum of ₹41, suggesting favorable listing prospects. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Lalithaa Jewellery share was ₹224 apiece, which is 11.44% higher than the IPO price of ₹201. The company's basis of allotment is expected to be finalised on Thursday, 20 August, with refunds to be initiated on Friday, 21 August and shares credited to successful allottees on the same day. The Lalithaa Jewellery Mart share price is expected to list on the BSE and NSE on Monday, 24 August.
