The IPO is a fresh issue of up to ₹1200 crore and an offer-for-sale up to ₹500 crore by promoter of the company, M Kiran Kumar Jain.

Lalithaa Jewellery Mart Ltd ’s ₹1,700-crore initial public offering opens today at a price band of ₹190- ₹201 and closes on Wednesday. The IPO is a fresh issue of up to ₹1200 crore and an offer-for-sale up to ₹500.00 crore by promoter of the company, M Kiran Kumar Jain.

 Investors can bid for a minimum of 74 Equity Shares and in multiples of 74 Equity Shares thereafter.

The offer is being made through the book-building process, wherein not more than 50 per cent of the net offer shall be available for allocation to qualified institutional buyers, not less than 15 per cent of the offer shall be available for allocation to non-institutional bidders, and not less than 35 per cent of the offer shall be available for allocation to retail investors.

Lalithaa Jewellery, which offers a diverse range of gold jewellery, silver jewellery, and diamond jewellery across styles, designed to cater to regional preferences of southern jewellery markets, has garnered ₹508.20 crore from anchor investors as part of IPO.

The company informed the bourses that it allocated 2,52,83,581 equity shares at ₹201 per share to anchor investors. The company has allocated 2,52,83,581 shares at ₹201 a share to anchor investors, who included Goldman Sachs Bank Europe SE – ODI, Morgan Stanley India Investment Fund Inc., Morgan Stanley Investment Funds Indian Equity Fund, Kotak Mahindra Life Insurance Company Limited, Bajaj Life Insurance Limited, Greater India Portfolio and Sanshi Fund-I.

Amongst equity- oriented schemes, the company has allocated shares to ICICI Prudential Smallcap Fund, Bandhan Small Cap Fund, Bandhan Innovation Fund, Samco Active Momentum Fund, Samco Multi Cap Fund, Samco Small Cap Fund, Bank of India Consumption Fund, Bank of India Business Cycle Fund and Bank of India Large Cap Fund.

The proceeds from the fresh issue to the extent of ₹1014.50 crore for funding of capital expenditure for setting up new stores in India and general corporate purposes.

Incorporated in 1985, Lalithaa Jewellery Mart Ltd. (LJML) is a jewellery retailer, primarily catering to the South Indian jewellery market. The company offers a diverse range of gold jewellery, silver jewellery, and diamond jewellery across styles under the brand name ‘Lalithaa’. It operates 61 stores across 51 cities in the states of Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry. LJML enjoys a strong presence in the high-growth markets of Tier II & Tier III cities with a network of 45 stores and contributes ~60 per cent of the revenue (in FY26). The company focuses on opening large and medium format stores which helps showcase a wide selection of jewellery, resulting in higher revenue per store (₹410 cr/₹282 cr in FY26/FY25). Additionally, it offers jewellery schemes such as ‘Dhana Vandhanam’ and ‘Free-yo-Flexi’ which helps foster customer loyalty and augment repeat sales.

The Company’s revenue from operations was ₹25,023.93 crore during FY26 as against ₹16,788.05 crore during FY24. Its net profit was ₹1,009.82 crore during FY26 as against ₹359.83 crore during FY24.

Anand Rathi Advisors Limited and Equirus Capital Limited (Formerly Equirus Capital Private Limited) are the book-running lead managers, and MUFG Intime India Private Limited(Formerly Link Intime India Private Limited) is the registrar of the Offer.

Brokers’ views:

SBI Securities: LJML is a South-India based jewellery retailer with significant presence in high-growing Tier II and III cities. The company employs an asset-light business model with focus on strategic expansion across deeper geographies through large format and medium format stores, driving revenue growth. It aims to open 10 new branches from the IPO proceeds to increase penetration across southern markets. The company delivered a CAGR of ~22 per cent/~60 per cent/~68 per cent in its Revenue/EBITDA/PAT during the FY24-FY26 period with a FY26 EBITDA margin of 6.5 per cent, expanding 240 bps YoY.

At the upper price band, LJML is valued at an FY26 P/E multiple of 11.1x, which is at par with industry-peers. We believe, the company’s strong growth over the past two years can be attributed to a sharp rise in gold price of ~2.3x, especially since the company does not have any hedging policy, leading to the entire benefit of gold price rise flowing into the margins. Hence, margins of the company may moderate once the gold price stabilize. Accordingly, we assign a NEUTRAL rating to the issue and would like to track the performance of the company for a few quarters post-listing.

Geojit Investments: 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, we recommend “Subscribe” for short-to medium term investors.

Published on August 17, 2026