Lalithaa raises Rs 508 cr from anchor investors ahead of IPO
Marquee investors join issue as brand deepens organised jewellery retail presence
Mumbai, Aug 15 (The CONNECT) – Lalithaa Jewellery Mart Limited has raised Rs 508.20 crore from anchor investors ahead of its initial public offering, which opens for public subscription on Monday.
The jewellery retailer, which operates under the Lalithaa brand, said it allocated 2,52,83,581 equity shares at Rs 201 apiece to anchor investors, the upper end of its IPO price band.
The anchor book saw participation from several marquee institutional investors, including Goldman Sachs Bank Europe SE – ODI, Morgan Stanley India Investment Fund Inc., Morgan Stanley Investment Funds Indian Equity Fund, Kotak Mahindra Life Insurance Company Limited, Bajaj Life Insurance Limited, Greater India Portfolio and Sanshi Fund-I.
A number of domestic mutual fund schemes also participated in the anchor allocation. These included ICICI Prudential Smallcap Fund, Bandhan Small Cap Fund, Bandhan Innovation Fund, Samco Active Momentum Fund, Samco Multi Cap Fund, Samco Small Cap Fund, Bank of India Consumption Fund, Bank of India Business Cycle Fund and Bank of India Large Cap Fund.
Of the total anchor allocation, 1,14,42,768 shares were allotted to four domestic mutual funds through nine schemes.
The company’s Rs 1,700-crore IPO comprises a fresh issue of up to Rs 1,200 crore and an offer-for-sale of up to Rs 500 crore by promoter M Kiran Kumar Jain. The price band has been fixed at Rs 190-201 per equity share of face value Rs 5.
The issue will open on August 17 and close on August 19. Investors can bid for a minimum of 74 shares and in multiples of 74 thereafter. At the upper price band, a minimum retail application would therefore amount to Rs 14,874.
The offer is being made through the book-building route. Not more than 50 per cent of the net offer will be available for qualified institutional buyers, while not less than 15 per cent and 35 per cent will be reserved for non-institutional and retail investors, respectively.
The equity shares are proposed to be listed on the BSE and NSE.
Lalithaa Jewellery Mart is focused on the southern Indian jewellery market, offering gold, silver and diamond jewellery across a range of designs aimed at regional preferences. It has built its presence around BIS-hallmarked jewellery and competitive pricing, supported by in-house manufacturing capabilities.
As of March 31, 2026, the company operated 61 stores across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and the Union Territory of Puducherry. The stores had a combined operational area of 6,50,881 sq ft.
The company has a significant presence beyond the major urban centres. Of its 61 stores in fiscal 2026, 45 were located in tier-II and tier-III cities, which contributed 60.25 per cent of its revenue, according to the CRISIL report cited by the company.
The retailer has also focused on larger-format stores to offer a wider range of jewellery. In fiscal 2026, 51 of its 61 stores had an area of more than 5,000 sq ft, including 39 stores located in tier-II and tier-III cities.
Lalithaa operates both large-format stores of more than 15,000 sq ft and medium-format stores ranging from more than 5,000 sq ft to less than 15,000 sq ft. The company says the format enables it to display a broad selection of gold, silver and diamond jewellery and supports its expansion strategy.
The IPO proceeds from the fresh issue are expected to strengthen the company’s capital base and support its growth plans, while the offer-for-sale component will provide an exit to the selling promoter.
Anand Rathi Advisors Limited and Equirus Capital Limited are the book-running lead managers to the issue, while MUFG Intime India Private Limited is the registrar.
The anchor allocation comes ahead of the public issue at a time when Lalithaa is seeking to deepen its presence in the organised jewellery retail market, particularly across the southern states.
