Lalithaa Jewellery Mart Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
Participate in the Lalithaa Jewellery Mart Ltd IPO with full transparency. Review issue details, company fundamentals, and financial performance, and apply securely through Alice Blue.
IPO Snapshot
Key metrics and details at a glance.
Price Band
₹201
Per ShareLot Size
74 Shares
Minimum Investment
₹14,874
Issue Size
₹1,700 Cr
Face Value
₹5
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Lalithaa Jewellery Mart Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
97.72%
Promoter Holding (Post-Issue)
82.85%
Issue Type
Book Building
ISIN
INE0K9O01026
About the Company
We are a jewellery retailer operating under the brand name "Lalithaa", offering a diverse range of gold jewellery, silver jewellery, and diamond jewellery across styles, designed to cater to regional preferences of the southern Indian jewellery markets. Our Company had the highest operating revenue per store amongst key organised jewellery players in India, at Rs. 4,102.28 million, Rs. 2,816.22 million and Rs. 3,167.56 million for Fiscal 2026, for Fiscal 2025 and for Fiscal 2024 respectively. For further details, please refer to the section "Basis for Offer Price" on page 135 to page 151 of this Red Herring Prospectus. Our Company reported operating revenue CAGR of 22.09% between Fiscals 2024 and 2026. We strive to serve the southern Indian market with authenticated BIS-hallmarked jewellery through our 61 stores in 51 cities in the states of Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and the Union Territory of Puducherry, spread across a total operational area of 650,881 sq. ft., as of March 31, 2026. We stand out as a disruptive brand, offering gold jewellery at competitive prices due to our in-house manufacturing capabilities. With this ethos, our Company has been able to establish a brand image with our target customers which, in turn, has allowed us to grow our revenue from operations from Rs. 167,880.52 million in Fiscal 2024 to Rs. 250,239.27 million in Fiscal 2026, with a CAGR of 22.09%.
Industry Overview
The Indian gems and jewellery retail industry was valued at Rs.6,490 billion in Fiscal 2024 and is expected to grow at a CAGR of 13-14% to reach Rs.12,000-12,200 billion by Fiscal 2029. South India remains the largest jewellery consuming region, accounting for 38-43% of India's overall jewellery demand, with strong cultural affinity for gold and preference for traditional craftsmanship. Out of the total industry, gold jewellery dominates the market share, accounting for 81-86% of industry revenues, with the remainder consisting of diamond, silver, and other studded jewellery segments. Organised retail chains, comprising national and regional jewellery chains, is projected to grow its market share from 37-42% in Fiscal 2025 to 44-49% by Fiscal 2029.
Company History
Our Company was incorporated under the name of "Lalitha Jewellery Mart Private Limited", as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated November 26, 1985, issued by the RoC. Subsequently, the name of our Company was changed from "Lalitha Jewellery Mart Private Limited" to "Lalithaa Jewellery Mart Private Limited" pursuant to a fresh certificate of incorporation consequent upon change of name, dated November 4, 2013, issued by the Registrar of Companies, Tamil Nadu & Andaman at Chennai. Subsequently, our Company was converted from a private limited company into a public company pursuant to the Board resolution dated November 23, 2023 and the special resolution dated December 18, 2023 passed by our Shareholders and consequently the name of our Company was changed to "Lalithaa Jewellery Mart Limited" and a fresh certificate of incorporation dated January 5, 2024 was issued by the RoC.
Growth Strategy
- Expansion of our presence and exploring untapped sections in southern and other regions of India.
- Expansion of our studded gold jewellery business.
- Expend in silverware and other product ranges to provide lower value products to mitigate hike in gold prices.
- Continue to invest in our brand building and marketing initiatives.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offer of up to 84,608,276 equity shares of face value of Rs. 5 each ("Equity Shares") of Lalithaa Jewellery Mart Limited (the "Company") for cash at a price of Rs. 201 per equity share (Including a Share Premium of Rs. 196 per Equity Share) ("Offer Price") aggregating to Rs. 1700.00 Crores ("Offer"). The offer comprises a fresh issue of 59,732,655 equity shares aggregating to Rs. 1200.00 Crores by the company (the "Fresh Issue") and an offer for sale of 24,875,621 equity shares ("Offered Shares") aggregating to Rs. 500.00 Crores by M. Kiran Kumar Jain (the "Promoter Selling Shareholder", and such offer for sale of equity shares by the Promoter Selling Shareholder, the "Offer for Sale"). The offer will constitute 15.12% of the post-offer paid up equity share capital of the company. This offer includes a reservation of 329,670 equity shares aggregating to Rs. 6 Crores (Constituting up to 0.06% of the post-offer paid-up equity share Capital of the Company) for subscription by eligible employees (the "Employee Reservation Portion"). The company, in consultation with the book running lead managers, offered a discount of 19 per equity share to eligible employees bidding under the employee reservation portion ("Employee Discount"). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer shall constitute 15.12% and 15.06%, respectively of the post-offer paid-up equity share capital of the company. The face value of the equity shares is Rs. 5/- each. Price Band: Rs. 201 per equity share of face value of Rs. 5 each. The floor price is 40.20 times the face value of the equity shares. Bids can be made for a minimum of 74 equity shares of face value of Rs. 5 each and in multiples of 74 equity shares of face value of Rs. 5 each thereafter. A Discount of Rs. 19 per equity share of Rs. 5 each is being offered to eligible employees bidding in the employee reservation portion.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Strong regional presence with deep penetration in high-growth South Indian markets evidenced by operating revenue growth between Fiscal 2024 to Fiscal 2026.
- Brand catering to the mass and value-conscious segment with own manufacturing.
- Brand pull in Tier II and Tier III cities in southern India with focus on quality, craftsmanship and original designs.
- Large Format Stores and Medium Format Stores driving scale.
- Robust customer base owing to diverse range of jewellery schemes.
- The company's revenue has been significantly dependent on sale of gold jewellery, which accounted for 92.33%, 94.58% and 93.96% of its revenue from operations, for the Financial Years 2026, 2025 and 2024, respectively. Any factors adversely affecting the procurement of gold or the company's sales of gold jewellery may negatively impact its business, financial condition, results of operations and prospects.
- The company has experienced negative cash flows from operating activities of Rs. 3,977.62 million and Rs. 180.02 million in Fiscal 2026 and in Fiscal 2024 respectively, due to lower customer enrolment towards the Company's jewellery schemes and increased settlement of trade payables and cannot assure you that the company will not experience negative cash flows in future periods. Negative cash flows may adversely affect its financial condition, results of operations and prospects.
- The company receives advances from its customers under various schemes introduced by it. The amounts received in the schemes amount to more than 10% of the company's revenue from operations for the respective financial periods. Inability to appropriate such advances received from customers under jewellery purchase schemes may adversely impact its revenues and results of operations and future profitability.
- The Company has a total outstanding borrowings of Rs. 12,381.00 million as of June 30, 2026. Further, its financing agreements contain covenants that limit the company's flexibility in operating its business. The company's inability to meet its obligations, including financial and other covenants under the company's debt financing arrangements could adversely affect its business, credit rating, results of operations and financial condition.
- The Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and Senior Management are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on its business, financial condition, cash flows and results of operations.