Lalithaa Jewellery IPO Opens Today; ₹1,700 Cr Issue Eyes 15% Listing Gain

Jewellery retailer Lalithaa Jewellery Mart's ₹1,700 crore initial public offering opened for subscription on Monday, with the issue set to remain open until August 19.

The company has fixed the IPO price band at ₹190-201 per share. At the upper end of the price band, the latest grey market premium of ₹30 indicates an estimated listing price of ₹231, implying a potential listing gain of 14.93% over the issue price.

The ₹1,700 crore IPO comprises a fresh issue of ₹1,200 crore and an offer for sale (OFS) of ₹500 crore by promoter M Kiran Kumar Jain.

Lalithaa Jewellery IPO Lot Size, Reservation

Retail investors can apply for a minimum of 74 shares, with one lot requiring an investment of ₹14,874 at the upper end of the price band.

The company has reserved 50% of the issue for qualified institutional buyers (QIBs), while retail investors have been allocated 35% and non-institutional investors 15%.

Anand Rathi Advisors is the book-running lead manager, while MUFG Intime India is the registrar of the issue.

Ahead of the IPO, Lalithaa Jewellery Mart raised ₹508 crore from anchor investors. The anchor book included Goldman Sachs Bank Europe, ICICI Prudential Mutual Fund, Bandhan MF, Sanshi Fund-I, Kotak Mahindra Life Insurance Company, Bajaj Life Insurance and Morgan Stanley India Investment Fund, among others.

The company said the fresh issue proceeds will be used to establish 10 new stores in India, besides general corporate purposes.

South India Growth

Lalithaa Jewellery Mart opened its first store in Chennai's T Nagar in 1985 and sells gold, silver and diamond jewellery across various styles, with a focus on regional preferences in southern India.

According to an IPO note from Master Capital Services, India's gold jewellery retail industry was valued at ₹10,619 billion in FY26 and grew at approximately 20% CAGR between FY22 and FY26. However, high and volatile gold prices are expected to moderate demand, with the industry projected to grow at 3-5% CAGR through FY30.

Organised jewellery retailers are expected to gain market share, supported by GST, hallmarking, HUID and changing consumer preferences. Their share is projected to reach 45-50% by FY30.

South India remains India's largest jewellery consumption market, accounting for around 40% of total demand. The regional market was valued at approximately ₹5,026 billion in FY26 and is expected to grow at 6-7% CAGR through FY30.

Master Capital Services said Lalithaa Jewellery Mart is positioned to benefit from its presence across South India, particularly in Tier II and Tier III cities. Its 61-store network, in-house manufacturing capabilities, large-format stores, diversified jewellery portfolio and customer schemes are expected to support its expansion in the organised jewellery retail market.