Lalithaa Jewellery to launch IPO

Chennai-based jewellery retailer Lalithaa Jewellery Mart has filed draft papers with the Securities and Exchange Board of India for an Initial Public Offering to raise Rs 1,700 crore as it plans to expand its brick-and-mortar presence in India. 

According to the Draft Red Herring Prospectus, the proposed IPO will comprise a fresh issue of equity shares worth Rs 1,200 crore and an offer-for-sale component of Rs 500 crore by promoter M Kiran Kumar Jain, India Retailing reported. The issue will also include a reserved portion for eligible employees, who will receive shares at a discounted price.

The company plans to utilise approximately Rs 1,014.50 crore from the fresh issue proceeds to establish new stores, with the remainder allocated for general corporate purposes. Anand Rathi Advisors and Equirus Capital are acting as book-running lead managers for the IPO. The shares are proposed to be listed on both the BSE and NSE. For the nine months ended 31 December 2024, the company reported consolidated revenue from operations of Rs 12,594.67 crore and a profit after tax of Rs 262.33 crore.

Founded in 1985 with its first outlet in Chennai’s T Nagar, Lalithaa Jewellery Mart offers gold jewellery, silverware and diamond jewellery, according to its Facebook page. As of December 31, 2024, the company operates 56 stores- 22 in Andhra Pradesh, 20 in Tamil Nadu, seven in Karnataka, six in Telangana and one in Puducherry.