Chennai-based Lalithaa Jewellery Mart sets its IPO price band at ₹190-₹201, aiming to raise ₹1,700 crore to fund expansion across southern India amid a competitive market landscape.
Lalithaa Jewellery Mart, the Chennai-based jewellery retailer known for its southern India focus, has set the price band for its initial public offering at ₹190 to ₹201 a share, with the issue due to open on 17 August and close on 19 August 2026. The company plans a ₹1,200 crore fresh issue alongside an offer for sale of ₹500 crore by promoter M Kiran Kumar Jain, taking the total size of the float to ₹1,700 crore.
The IPO comes as the business seeks to capitalise on a store network that spans 61 outlets across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry, with most of its presence concentrated in smaller urban centres. In fiscal 2026, 45 stores were in tier-II and tier-III cities, which the company said accounted for 60.25% of revenue, according to a CRISIL report cited in the offer documents. Lalithaa also said it has built a format centred on large and medium-sized stores, most of them above 5,000 sq ft, allowing it to display a broad mix of gold, silver and diamond jewellery.
The company said its scale and in-house manufacturing capability have helped it keep prices competitive in a market where branded jewellers compete heavily on design, trust and value. Lalithaa operates manufacturing facilities in Thirumudivakkam in Chennai and Maraimalai, Kanchipuram, and said the Chennai unit began operations on 2 December 2024. Its revenue from operations rose to ₹25,023.93 crore in fiscal 2026 from ₹16,788.05 crore in fiscal 2024, while net profit climbed to ₹1,009.82 crore from ₹359.83 crore over the same period. Anand Rathi Advisors and Equirus Capital are the book-running lead managers, with MUFG Intime India as registrar. Under the book-building plan, up to 50% of the net offer will be reserved for qualified institutional buyers, at least 15% for non-institutional bidders and at least 35% for retail investors.
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