Lalithaa Jewellery Mart, a major jewellery retailer based in Chennai, has filed draft documents with the Securities and Exchange Board of India (SEBI) to launch an Initial Public Offering (IPO) worth ₹1,700 crore. The company plans to use the funds to grow its physical retail presence across the country.
According to the Draft Red Herring Prospectus (DRHP), the IPO will include a fresh issue of equity shares amounting to ₹1,200 crore. An additional ₹500 crore will come from an offer-for-sale by promoter M. Kiran Kumar Jain. A portion of the shares will be reserved for eligible employees at a discounted price.
Lalithaa Jewellery intends to use approximately ₹1,014.5 crore from the fresh issue to open new stores. The remaining funds will be used for general corporate purposes. Anand Rathi Advisors and Equirus Capital have been appointed as the book-running lead managers for the IPO. The shares will be listed on both the BSE and NSE.
For the nine months ending December 31, 2024, the company reported revenue from operations of ₹12,594.67 crore and a net profit of ₹262.33 crore.
Founded in 1985 with its first store in T. Nagar, Chennai, Lalithaa Jewellery Mart sells gold, diamond jewellery, and silverware. As of December 31, 2024, it operates 56 stores—22 in Andhra Pradesh, 20 in Tamil Nadu, seven in Karnataka, six in Telangana, and one in Puducherry.
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