The Lalithaa Jewellery Mart IPO will open for subscription on 17 August and close on 19 August, with the price band fixed at ₹190– ₹201 per share. At the upper end of the price band, the company is valued at around ₹11,250 crore.
Ahead of the issue opening, Lalithaa Jewellery Mart on Friday raised ₹508 crore from anchor investors, including Goldman Sachs, ICICI Prudential Mutual Fund and Bandhan Mutual Fund. The company allotted 2.53 crore equity shares to 22 anchor investors at ₹201 per share, according to a BSE filing.
Other key anchor investors included Sanshi Fund-I, Kotak Mahindra Life Insurance Company, Morgan Stanley India Investment Fund and Bajaj Life Insurance. Four domestic mutual funds were allotted 1.14 crore shares, accounting for 45.26% of the total anchor allocation.
Lalithaa Jewellery Mart sells gold, silver and diamond jewellery under the Lalithaa brand, catering to regional preferences across southern India. The company operates 61 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry.
Of its total stores, 45 are located in Tier II and Tier III cities, which contributed 60.25% of the company’s revenue in FY26. 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.
Lalithaa Jewellery Mart reported a 177% year-on-year jump in profit to ₹1,009.8 crore in FY26, while revenue surged 48.1% to ₹25,023.9 crore.
However, the company’s financial growth was considerably slower in FY25. Profit increased just 1.4% to ₹364.7 crore from ₹359.8 crore in FY24, while revenue rose 0.65% to ₹16,897.3 crore from ₹16,788 crore.
The Lalithaa Jewellery Mart IPO has reserved not more than 50% of the issue for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs) and at least 35% for retail investors.
The Lalithaa Jewellery Mart IPO allotment basis is tentatively scheduled to be finalised on Thursday, 20 August. The company is expected to initiate refunds on Friday, 21 August, and will credit shares to the demat accounts of successful allottees on the same day.
The Lalithaa Jewellery Mart share price is likely to be listed on the BSE and NSE on Monday, 24 August.
Lalithaa Jewellery Mart IPO GMP today
Lalithaa Jewellery IPO GMP today is +29.5. 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 ₹230.5 apiece, which is 14.68% higher than the IPO price of ₹201.
According to recent grey market trends observed over the past eight sessions, the IPO’s Grey Market Premium (GMP) is showing an upward trend today, suggesting anticipation of a robust listing. Throughout this timeframe, the GMP fluctuated from a minimum of ₹0.00 to a maximum of ₹41, as noted by analysts.
Lalithaa Jewellery IPO review
SMIFS recommended subscribing to the Lalithaa Jewellery Mart IPO from a long-term investment perspective, citing the company’s industry-leading store productivity, strong presence in Tier II and Tier III markets and sizeable customer advance base. The brokerage said these factors provide sales visibility, improve working capital efficiency and support the scalability of the business model.
SMIFS expects continued store expansion, increasing formalisation of the jewellery industry, a growing preference for organised retailers and a higher contribution from studded jewellery and silverware to support sustained revenue growth and margin expansion. It also highlighted the company’s strong execution, scalable model and healthy return ratios, including industry-leading ROE and ROCE among listed peers.
Swastika Investmart noted that Lalithaa Jewellery Mart is valued at around a 75% discount on a P/E basis compared with national organised jewellery players such as Kalyan Jewellers and Titan. While the company’s net margin of 4.04% remains lower due to its value-pricing strategy, its ROE of over 41% significantly exceeds peer averages.
However, Swastika Investmart flagged concerns over the company’s negative operating cash flow of around ₹397.7 crore in FY26, primarily due to heavy inventory requirements for store expansion. It also highlighted the ₹1,066 crore GST dispute, promoter-related matters and disclosure concerns mentioned in the RHP as key risks.
The brokerage recommended investors apply with moderate conviction, considering the IPO suitable for listing gains as well as long-term investors who are comfortable with the associated risks.
Lalithaa Jewellery IPO subscription status
Subscription for the public issue will open at 10:00 IST during Monday’s deals.
Lalithaa Jewellery Mart IPO details
The Lalithaa Jewellery Mart IPO will comprise a fresh issue of shares worth ₹1,200 crore and an offer for sale (OFS) of ₹500 crore by promoter and founder Kiran Kumar Jain.
As part of its expansion plans, the company intends to deploy up to ₹1,033.2 crore from the proceeds of the fresh issue to set up 10 new stores across southern India. The expenditure will cover store fit-outs, including furniture and fixtures, equipment, IT hardware and software, and inventory requirements.
The remaining proceeds from the fresh issue will be used for general corporate purposes, while the OFS proceeds will accrue to the selling promoter.
Anand Rathi Advisors and Equirus Capital have been appointed as the merchant bankers to the Lalithaa Jewellery Mart IPO.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
