Lalithaa Jewellery Mart’s IPO garners stronger retail interest and premium, while Horizon Industrial Parks faces subdued subscription as both seek to list on the Bombay Stock Exchange and NSE.
The race between Horizon Industrial Parks and Lalithaa Jewellery Mart began on Monday, with the two mainboard initial public offerings opening for subscription on the same day and giving investors a choice between an industrial property business and a jewellery chain with a strong South Indian footprint. According to the lead report, both issues close on August 19 and are due to list on the BSE and NSE on August 24.
Horizon Industrial Parks, backed by Blackstone, has launched a ₹2,600 crore issue made up entirely of fresh shares. The price band is ₹57 to ₹60 a share, with a minimum lot of 250 shares, or about ₹15,000 at the top end. The company, described in a JLL report as India’s largest industrial and logistics infrastructure developer by total network, plans to use ₹2,250 crore of the proceeds to repay or prepay borrowings. By 1:24 pm on day one, the issue had been subscribed just 0.06 times overall, with retail investors at 0.15 times, qualified institutional buyers at 0.05 times and non-institutional investors at 0.01 times.
Lalithaa Jewellery Mart’s offer is smaller at ₹1,700 crore, comprising a ₹1,200 crore fresh issue and a ₹500 crore share sale by promoter M Kiran Kumar Jain. The price band is ₹190 to ₹201 a share, and the minimum lot is 74 shares, which works out to roughly ₹14,874 for retail bidders at the top end. The company, which competes with larger listed names such as Titan, Kalyan Jewellers and Senco Gold, has reported return on net worth above 40%, alongside year-on-year growth in revenue and profit after tax in FY26, according to the draft prospectus. It intends to use the fresh capital to fund inventory for 10 new stores across South India. By early afternoon on day one, the IPO had been subscribed 0.34 times overall, led by retail demand of 0.50 times and non-institutional interest of 0.38 times, while the QIB portion remained unsubscribed.
Grey market indicators also favoured Lalithaa Jewellery Mart. Investor Gin data cited in the lead report showed a premium of ₹34, implying an estimated listing price of ₹235 and a potential gain of about 16.92% over the issue’s upper price band. Horizon Industrial Parks was showing a much thinner premium of ₹2.5, which points to an estimated listing price of ₹62.5 and a gain of around 4.17%. Lalithaa’s return to the market comes after Mint reported that the company had earlier paused its share sale amid scrutiny over promoter pay, governance standards and structural metrics, and was reviewing its previous filing before restarting roadshows.
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