The ₹1,700-crore initial public offering of Lalithaa Jewellery Mart Ltd achieved full subscription on the second day of bidding on August 18, 2026, with 19.26 crore shares bid against 6.28 crore shares on offer as of 10:20 am. The issue comprises a fresh issue of ₹1,200 crore through 5.97 crore fresh shares and an offer-for-sale of 2.49 crore shares worth ₹500 crore. The subscription pattern shows retail individual investors leading with 278% participation, while the employee reserved portion was the standout performer with 3.09 times oversubscription. The Non-Institutional Investors (NII) category subscribed 646 times, with high-value applicants bidding above ₹10 lakh subscribing 6.66 times and those in the ₹2 lakh to ₹10 lakh band at 6.07 times. The Qualified Institutional Buyers (QIBs) crossed the threshold on Day 2, subscribing 102%, with foreign institutional investors accounting for 1.19 crore shares and the 'Others' subcategory contributing 6.36 crore shares compared to virtually nothing on Day 1. The company has fixed a price band of ₹190-201 per share, with the issue closing today, August 19, 2026. The subscription details for the final day will be available post 10 am, with the share price is likely to be listed on BSE and NSE on Monday, August 24, 2026.
The grey market premium (GMP) is currently at ₹30, indicating strong investor interest and suggesting 15% listing gains over the IPO price. According to Moneycontrol, this premium at the upper price of ₹201 per share indicates an estimated listing price of ₹231, representing a 15% potential listing gain. However, investors should treat GMP figures with caution, as the grey market is unofficial and unregulated, and the premium can fluctuate significantly before listing. The allotment basis is tentatively scheduled to be finalised on Thursday, August 19, 2026, with the share allotment expected to be finalised on August 20, 2026, while the company's shares are likely to debut on both BSE and NSE on August 24, 2026. The subscription details for the final day will be available post 10 am, with the share price is likely to be listed on BSE and NSE on Monday, August 24, 2026.
Geojit Financial Services has recommended to "Subscribe" the IPO in its research report as of August 18, 2026. The research firm highlighted that Lalithaa Jewellery Mart Ltd, incorporated in 1985, is a South India-focused jewellery retailer operating under the "Lalithaa" brand, offering gold, silver and diamond jewellery tailored to regional customer preferences. At the upper price band of ₹201, Lalithaa is valued at ~11x FY26 P/E and appears attractive compared to its listed peers. Given its strong store expansion, industry-leading revenue per store, robust return ratios, strong brand, and integrated manufacturing-led retail model, Geojit recommends "Subscribe" for short-to medium-term investors. The company's revenue per store stood at ₹410.2 crore in FY26, the highest among key organized jewellery retailers in India, highlighting its strong store productivity and efficient retail execution.
Lalithaa Jewellery Mart reported exceptional financial performance in FY26, with net profit rising 177% year-on-year to ₹1,009.8 crore compared with ₹364.7 crore in FY25. Revenue increased 48.1% to ₹25,023.9 crore from ₹16,897.3 crore during the same period. The company delivered a compound annual growth rate (CAGR) of around 22% in revenue, 60% in EBITDA and 68% in profit during FY24-FY26. Its EBITDA margin stood at 6.5% in FY26, expanding 240 basis points year-on-year. The company currently operates 61 stores across 51 cities in southern India, selling gold, silver and diamond jewellery with products tailored to regional preferences. As per Business Standard, gold jewellery remains the company's key revenue driver, contributing 92.33% of revenue in FY26, followed by silver jewellery and articles at 6.63%, while other products contributed the remaining 1.04%. The company enjoys a strong presence in high-growth markets of Tier II & Tier III cities with 45 stores contributing approximately 60% of revenue in FY26, with revenue per store at ₹410 crore in FY26 and ₹282 crore in FY25. The company claims to have the highest operating revenue per store among major organised jewellery players, including Kalyan Jewellers, PC Jeweller, P N Gadgil Jewellers, Senco Gold, Titan Company and Tribhovandas Bhimji Zaveri.
The company plans to use ₹1,033.2 crore of the net proceeds from the fresh issue to set up 10 new stores across India, with the remaining funds allocated for general corporate purposes. According to The Economic Times, the ₹998.6 crore for inventory costs will specifically fund inventory requirements for setting up new stores. The ₹1,033.2 crore for expansion will cover store fit-outs, including furniture and fixtures, equipment, IT hardware and software, and inventory requirements. As of March 31, 2026, the company operated 61 stores across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry, covering a total operational area of 6.5 lakh sq. ft., with 51 stores having an area of more than 5,000 sq. ft., including 39 stores in Tier II and Tier III cities. The Tier II and Tier III cities account for 45 of its stores and contributed 60.25% of the company's revenue in FY26, positioning it well to capitalise on the shift towards organised jewellery retail. With South India accounting for nearly 40% of total jewellery demand and the regional market valued at around ₹5,026 billion in FY26 expected to grow at 6-7% CAGR, the company appears well-positioned to benefit from regulatory tailwinds and evolving consumer preferences.
The allotment status for Lalithaa Jewellery Mart IPO is expected to be finalised on Thursday, August 19, 2026, with the share allotment expected to be finalised on August 20, 2026. The listing on the NSE and BSE will occur on August 24, 2026, marking the end of the subscription period. Anand Rathi Advisors and Equirus Capital are the IPO's book-running lead managers, while MUFG Intime India Private Limited serves as the registrar. Investors can check their allotment status on NSE by visiting the IPO status page at https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids, selecting 'Equity & SME IPO bid details' and choosing 'Lalithaa Jewellery Mart' under the symbol 'LALITHAA' using their PAN and application number. Alternatively, investors can check their allotment status on MUFG Intime India's portal at https://in.mpms.mufg.com/Initial_Offer/public-issues.html by selecting 'Lalithaa Jewellery Limited' and entering their application number, DP/Client ID, Account No/IFSC or PAN. The subscription details for the final day will be available post 10 am, with the share price is likely to be listed on BSE and NSE on Monday, August 24, 2026.
