The company has fixed the price band at Rs 190 to Rs 201 per equity share of face value Rs 5 each, with subscription closing on Aug 19
Mumbai: Lalithaa Jewellery Mart Limited has formally announced its Rs 1,700 crore initial public offer (IPO), with the issue set to open for subscription on August 17, 2026 and close on August 19, 2026. The company has fixed the price band at Rs 190 to Rs 201 per equity share of face value Rs 5 each. Investors can bid for a minimum of 74 equity shares and in multiples of 74 equity shares thereafter.
The IPO comprises a fresh issue of up to Rs 1,200 crore and an offer for sale of up to Rs 500 crore by promoter M. Kiran Kumar Jain. The company has 499,977,156 equity shares outstanding as of the date of the offer.
Lalithaa Jewellery Mart operates under the Lalithaa brand and offers gold, silver and diamond jewellery across styles catering to regional preferences in South Indian jewellery markets. The company operates 61 stores across 51 cities in South India, covering a total operational area of 650,881 sq. ft. as of March 31, 2026.
The company offers BIS-hallmarked jewellery and attributes its competitive pricing to its in-house manufacturing capabilities. In fiscal 2026, 45 of its 61 stores were located in Tier-II and Tier-III cities, contributing 60.25% of revenue, according to a CRISIL report.
Of the 61 stores, 51 had an area of more than 5,000 sq. ft. in fiscal 2026, including 39 stores in TierII and TierIII cities. The company operates large-format stores of more than 15,000 sq. ft. and medium-format stores of more than 5,000 sq. ft. and up to 15,000 sq. ft.
Speaking at a press meet in Mumbai, M. Kiran Kumar Jain, Chairman and Managing Director, Lalithaa Jewellery Mart Limited, said, “Our focus after the IPO will continue to be on Tier-II and Tier-III cities, as we have already established a presence across several major metros. These markets continue to see strong jewellery demand, particularly in South India. With the IPO proceeds, we plan to open 10 new showrooms, with our focus remaining on retail expansion. Our existing manufacturing facility is operating at scale, so there is no immediate need for significant investment in manufacturing.”
The company reported the highest operating revenue per store among key organized jewellery players in India at Rs 410.23 crore in fiscal 2026, compared with Rs 281.62 crore in fiscal 2025 and Rs 316.76 crore in fiscal 2024, according to the CRISIL report. The company has developed a templatized approach to store location, size and overall customer experience, and according to it, this enables it to scale across existing and potentially newer markets.
Lalithaa also operates customer schemes including ‘Dhana Vandhanam’ and ‘Free-yo-Flexi’, which are designed to provide value and flexibility and encourage repeat engagement with the brand.
The company operates two manufacturing facilities in Tamil Nadu. The first, located in Thirumudivakkam, Chennai, has an area of approximately 43,861.96 sq. ft. The second facility is located in Maraimalai, Kanchipuram and is operated through its wholly owned subsidiary, Asita Jewellery Manufacturing Private Limited, covering approximately 20,000 sq. ft. The Thirumudivakkam facility commenced operations on December 2, 2024.
Revenue from the company’s operations stood at Rs 25,023.93 crore in FY26, compared with Rs 16,788.05 crore in FY24. Net profit stood at Rs 1,009.82 crore in FY26, compared with Rs 359.83 crore in FY24.
Anand Rathi Advisors Limited and Equirus Capital Limited (formerly Equirus Capital Private Limited) are the book-running lead managers to the IPO, while MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar.
Lalithaa Jewellery Mart had filed a red herring prospectus dated August 9, 2026 with the Registrar of Companies, Tamil Nadu and Andaman at Chennai. The RHP is available on the websites of SEBI, the book-running lead managers, NSE, BSE and the company.
The equity shares offered in the IPO have not been and will not be registered under the U.S. Securities Act, and are being offered and sold only outside the United States.
Lalithaa Jewellery Mart Limited is a leading southern India-focused jewellery retailer with a retail presence in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and the Union Territory of Puducherry.
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