Chennai-based Lalithaa Jewellery Mart plans to go public with a ₹1,700 crore offering, highlighting strong revenue growth and an extensive presence in smaller Indian cities, signalling a key shift in India’s jewellery retail landscape.
Lalithaa Jewellery Mart is set to test investor appetite with an initial public offering opening on 17 August 2026 and closing on 19 August 2026, in a move that would take the South India-focused retailer to the public markets. The company has fixed the price band at ₹190 to ₹201 a share, with applications in lots of 74 shares. The issue combines a fresh sale of shares worth up to ₹1,200 crore and an offer for sale of up to ₹500 crore by promoter M. Kiran Kumar Jain, according to the company’s IPO details.
The Chennai-based jeweller sells gold, silver and diamond jewellery under the Lalithaa brand and has built its business around both larger formats and smaller urban markets. As of 31 March 2026, it had 61 stores across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry, with roughly 6.5 lakh square feet of operating space. TV9 Hindi reported that 45 of those stores were in tier-II and tier-III cities, and those locations generated about 60.25% of fiscal 2026 revenue.
A notable part of the company’s pitch is its manufacturing base. It operates two facilities in Tamil Nadu, one in Thirumudivakkam, Chennai, and another in Maramali, Kanchipuram through its wholly owned subsidiary Asita Jewellery Manufacturing Private Limited. The company says that in-house production helps it keep prices competitive and offer a wider range of designs across store formats, from medium-sized outlets to large showrooms.
The financial picture has also been a key selling point. According to the company’s IPO materials, operating revenue rose to ₹25,023.93 crore in fiscal 2026 from ₹16,788.05 crore in fiscal 2024, while net profit increased to ₹1,009.82 crore from ₹359.83 crore over the same period. TV9 Hindi said a CRISIL report put fiscal 2026 operating revenue per store at ₹410.23 crore, which it described as the highest among India’s leading organised jewellery companies. The issue will be run through a book-building process, with up to 50% reserved for qualified institutional buyers, at least 15% for non-institutional investors and at least 35% for retail investors. Anand Rathi Advisors and Equirus Capital are the book-running lead managers, with MUFG Intime India Private Limited as registrar.
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