South Indian retail major Lalithaa Jewellery Mart Limited has announced its ₹1,700 crore Initial Public Offer (IPO), setting the price band at ₹190 to ₹201 per equity share (face value ₹5 each). The primary market issue will open for public subscription on August 17, 2026, and close on August 19, 2026, with investors able to bid for a minimum of 74 equity shares and in multiples thereof.
Totaling 499,977,156 outstanding equity shares as of date, the upcoming offering comprises a fresh issue of shares worth up to ₹1,200 crore alongside an Offer for Sale (OFS) of up to ₹500 crore by the company’s promoter, M. Kiran Kumar Jain.
The Company is a jewellery retailer operating under the brand name Lalithaa, offering a diverse range of gold jewellery, silver jewellery, and diamond jewellery across styles, designed to cater to regional preferences of southern Indian jewellery markets.
The Company strive to serve the southern Indian market with authenticated BIS-hallmarked jewellery through its 61 stores in 51 cities across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and the Union Territory of Puducherry, spread across a total operational area of 650,881 sq. ft., as of March 31, 2026. The Company stands out as a disruptive brand, offering gold jewellery at competitive prices due to its in-house manufacturing capabilities.
In Fiscal 2026, 45 of its 61 stores are in Tier-II and Tier-III cities, contributing to 60.25% of its revenues and reflecting the Company’s strategic focus on these high-growth potential markets (Source: CRISIL Report). The Company believes that its emphasis on quality, craftsmanship and design at competitive prices has allowed it to gain this brand position.
Out of a total of 61 stores, in Fiscal 2026, the Company operated 51 stores with an aggregate area of each store more than 5,000 sq. ft. These stores are strategically located across cities and towns in key jewellery consumption markets in the southern India, of which 39 stores are located in Tier-II and Tier-III cities. Its strategy of opening large format stores (more than 15,000 sq.ft) and medium format stores (less than or equal to15,000 sq.ft and more than 5,000 sq.ft) allows it to showcase a wide selection of gold, silver and diamond jewellery, which it believes to be instrumental in driving the Company’s growth.
The Company had the highest operating revenue per store amongst key organised jewellery players in India, at ₹410.23 crore, ₹281.62 crore and ₹316.76 crore for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively (Source: CRISIL Report).
The Company has been able to create a templatised approach for store location, size and overall customer experience, which enables it to scale for growth in existing as well as potentially newer markets.
The Company also offers jewellery schemes such as ‘Dhana Vandhanam‘ and ‘Free-yo-Flexi‘ that attract customers on a repeated basis. These schemes are designed to provide added value and flexibility to its clientele, encouraging them to engage with its brand repeatedly.
The Company operates two manufacturing facilities in Thirumudivakkam, Chennai (operated through the Company) and Maraimalai, Kanchipuram (operated through its wholly-owned subsidiary, Asita Jewellery Manufacturing Private Limited) in Tamil Nadu, having an area of approximately 43,861.96 sq. ft. and 20,000 sq. ft. respectively (Manufacturing Facilities).
The Company has commenced operations of its manufacturing facility at Thirumudivakkam, Chennai from December 2, 2024.
The Company’s revenue from operations was ₹25,023.93 crore during FY26 as against ₹16,788.05 crore during FY24.
Its net profit was ₹1,009.82 crore during FY26 as against ₹359.83 crore during FY24.
Anand Rathi Advisors Limited and Equirus Capital Limited (Formerly Equirus Capital Private Limited) are the book-running lead managers, and MUFG Intime India Private Limited(Formerly Link Intime India Private Limited) is the registrar of the Offer.
