The IPO, with a face value of Rs 5 per equity share, comprises a fresh issue of up to Rs 1,200 crore and an offer-for-sale (OFS) of up to Rs 500 crore by promoter Kiran Kumar Jain. It includes a reservation for eligible employees and offers a discount to those bidding under the employee reservation portion, according to a statement.
The company, in consultation with the book-running lead-managers, may consider a pre-IPO placement. If undertaken, the size of the fresh issue will be reduced accordingly. This pre-IPO placement, if completed, shall not exceed 20% of the fresh issue size.
Proceeds from the fresh issue, amounting to Rs 1,014.50 crore, will be used to fund capital expenditure for opening new stores across India and for general corporate purposes.
The offer is being made through the book-building process, wherein not more than 50 per cent of the net offer will be allocated to Qualified Institutional Buyers (QIBs), not less than 15 per cent to Non-Institutional Investors (NIIs) and not less than 35 per cent to Retail Individual Investors (RIIs).
Lalithaa Jewellery Mart opened its first store in 1985 in T. Nagar, Chennai, a hub for silk and jewellery retail outlets.
The company primarily sells gold jewellery, with additional offerings in silverware and diamond jewellery. It operates 56 stores as of 31 December 2024, including 22 in Andhra Pradesh, 20 in Tamil Nadu, seven in Karnataka, six in Telangana and one in the Union Territory of Puducherry. These are spread across a total operational area of 609,408 sq. ft., with 47 stores having an individual area exceeding 5,000 sq. ft.
According to a CRISIL report cited in the DRHP, the company had the highest operating revenue per store among key organized jewellery players in India between FY 2022 and FY 2024, including the nine-month period ended 31 December 2024. It is also the second-fastest growing regional jewellery player based on operating revenue growth during this period, recording a CAGR of 43.62 per cent.
The company offers customer-centric jewellery schemes such as ‘Dhana Vandhanam’ and ‘Free-yo-Flexi’, which have led to repeated customer engagement. As of 31 December 2024, 420,261 customers were enrolled and actively participating in these schemes.
Lalithaa operates two manufacturing facilities: one in Thirumudivakkam, Chennai (operated by the company), and another in Maraimalai Nagar, Kanchipuram (operated through its wholly-owned subsidiary, Asita Manufacturing Private Limited). The Thirumudivakkam facility commenced operations in December 2024.
As of 31 December 2024, the company had engaged 563 karigars (craftsmen), including 474 employed directly by the company, and 89 by Asita Manufacturing Private Limited.
Lalithaa also operates one of the largest jewellery stores in Vijayawada, with a total carpet area of 100,000 sq. ft. (Source: CRISIL Report). Additionally, the company operates large-format stores in Somajiguda and Visakhapatnam, with carpet areas of 98,210 sq. ft. and 65,000 sq. ft., respectively, which are among the largest jewellery retail outlets in the country. (Source: CRISIL Report)
Lalithaa Jewellery Mart’s restated consolidated revenue from operations rose by 26.07 per cent, from Rs 13,316.80 crore in FY 2023 to Rs 16,788.05 crore in FY 2024. The growth was driven by an increase in store count (from 47 in FY 2023 to 53 in FY 2024), a rise in the average gold rate, and increased gold sales.
For the nine months ended 31 December 2024, the company’s restated consolidated revenue from operations stood at Rs 12,594.67 crore, while profit after tax was Rs 262.33 crore.
India’s gems and jewellery retail industry was valued at Rs 6.49 trillion in FY 2024 and is projected to grow at a CAGR of 13–14 per cent, reaching Rs 12–12.2 trillion by FY 2029. South India remains the largest jewellery-consuming region, contributing 38–43 per cent of the country’s overall jewellery demand.
Anand Rathi Advisors Ltd. and Equirus Capital Private Ltd. are the book-running lead managers to the issue, while MUFG Intime India Private Ltd. is the registrar. The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd, it said.