Chennai’s Lalithaa Jewellery Mart files for ₹1,700 crore IPO

Lalithaa Jewellery Mart plans to utilise fresh issue proceeds up to ₹1,014.5 crore for setting up of 12 new stores in India, and the remaining sum for general corporate purposes.
| Photo Credit:
SRINATH M

Chennai-based Lalithaa Jewellery Mart Private Limited plans to tap the capital markets and has filed its Draft Red Herring Prospectus with SEBI.

The company is looking to raise ₹1,700 crore with fresh issue of ₹1,200 crore and offer-for-sale of ₹500 crore worth shares by its promoter Kiran Kumar Jain, as per the DRHP filed on Friday. The company may also consider a pre-IPO placement, the document shows.

Incorporated in 1985, the company plans to utilise fresh issue proceeds up to ₹1,014.5 crore for setting up of 12 new stores in India, and the remaining sum for general corporate purposes. It plans to set-up these stores as a mix of large format, medium format and small format stores, depending on business requirements and estimates of management.

Lalithaa Jewellery has expanded its store footprint from 38 stores as on March 31, 2022, to 56 stores as on December 31, 2024, across the states of Telangana, Andhra Pradesh, Tamil Nadu, Karnataka and the Union Territory of Puducherry. This has resulted in its revenue growing at a CAGR of 43.62 per cent from ₹ 8139 crore as of March 31, 2022, to ₹16,788 core as of March 31, 2024.

Post listing, the company will join its listed peers including Kalyan Jewellers, Thangamayil Jewellery and Manoj Vaibhav Gems N Jewellers.