Chennai-based Lalithaa Jewellery Mart Limited, a major retailer in South India, has filed draft papers with SEBI for a ₹1,700 crore IPO. The company operates 56 BIS-certified jewellery stores and plans to expand further using IPO proceeds.
Tamil Nadu-based Lalithaa Jewellery Mart Limited has submitted its draft red herring prospectus to the Securities and Exchange Board of India (SEBI) for a ₹1,700 crore initial public offering (IPO), aimed at boosting its retail presence across India.
Lalithaa Jewellery Mart, known for its BIS-hallmarked gold, silver, and diamond jewellery, currently operates 56 stores across Tier I, II, and III cities in southern India. These include 22 stores in Andhra Pradesh, 20 in Tamil Nadu, seven in Karnataka, six in Telangana, and one in Puducherry, with a combined operational area of 6,09,408 square feet.
According to the filing, the company recorded consolidated revenue of ₹12,594.67 crore and a profit after tax of ₹262.33 crore during the nine months ending December 31, 2024.
The IPO consists of a fresh issue worth ₹1,200 crore and an offer-for-sale of ₹500 crore by promoter M. Kiran Kumar Jain. Of the net proceeds from the fresh issue, ₹1,014.50 crore will be used for capital expenditure related to setting up new stores across India, along with general corporate purposes.
The issue will be conducted via a book-building process, allocating no more than 50% of the offer to qualified institutional buyers (QIBs), at least 15% to non-institutional investors (NIIs), and a minimum of 35% to retail investors. There is also a reserved portion for eligible employees, who will receive a discount on the issue price.
The company has shown steady growth in its jewellery business in South India and aims to strengthen its market footprint with this public offering.
