Minerva Capital Research Solutions

Lalithaa Jewellery Mart

RHP
ListedListed 24 Aug 2026MainboardNSE: LALITHAACheck allotment
Current price₹ 347.7+72.99% since issue
Listing day+31.84%
Issue price
₹ 201
Issue size
₹ 1,700 Cr.
Min. investment
₹ 14,874
Listing price
₹ 265
Subscribed
62.97x
Lot size
74 shares
P/E
11.14
RoNW
39.90%
RoCE
42.60%
Debt / Equity
0.53
PAT margin
4.04%
RoE
41.60%
EPS
₹ 18.04
NAV
₹ 58.60
Promoter stake
82.85%

About

Lalithaa Jewellery Mart Limited was started in November 1985. It is a jewellery retail company from South India. The company sells gold, silver, diamond and other precious and semi-precious jewellery. Its main customers are middle class and value conscious buyers who look at price carefully before buying. The company is strong in Tier II and Tier III cities of South India. It runs Large Format Stores and Medium Format Stores. It follows an asset light model with backward integration, which means it makes a part of its own jewellery and keeps control on quality and stock. It also runs several jewellery saving schemes, which bring customers back to the store again and again. As on 31 March 2026, the company had 7,059 employees working in sales, security, administration, back office and management roles.

Timeline

  1. Opens
    17 Aug
    done
  2. Closes
    19 Aug
    done
  3. Allotment
    20 Aug
    done
  4. Refunds
    21 Aug
    done
  5. Demat credit
    21 Aug
    done
  6. Listing
    24 Aug
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 79 on 22 Aug 2026
Lowest
₹ 15 on 11 Aug 2026
First quoted
₹ 15 on 11 Aug 2026

Subscription

How many times each investor group bid for its share, as of 24 Aug 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)174₹ 14,874
Retail (Max)13962₹ 1,93,362
S-HNI (Min)141,036₹ 2,08,236
B-HNI (Min)685,032₹ 10,11,432

Company overview

Financials

Financials by year
Assets10,945.146,929.685,182.26
Total Income25,039.816,907.8816,800.62
Profit After Tax1,009.82364.73359.83
NET Worth3,033.142,028.81,667.78
Reserves and Surplus2,679.741,675.391,552.46
Total Borrowing1,604.14949.26824.18

Strengths

  • FY2026 was a very strong year. Total income grew 48% from Rs 16,907.88 crore to Rs 25,039.80 crore, and profit after tax grew 177% from Rs 364.73 crore to Rs 1,009.82 crore.
  • Return ratios are high. RoCE was 42.60% and RoNW was 39.90%.
  • The issue is priced low on earnings. At the upper band of Rs 201 the post issue P/E is about 11.14 times on an EPS of Rs 18.04.
  • The company has a long track record. It has been in the jewellery business since November 1985, which is about 40 years.
  • It has deep reach in Tier II and Tier III cities of South India, where organised jewellery chains are still growing.
  • Out of the Rs 1,700 crore issue, Rs 1,200 crore is fresh money. About Rs 1,033.23 crore of that is for opening 10 new stores.
  • The jewellery schemes give the company a steady flow of customer money and repeat buying.

Risks

  • The big jump in profit is of one year only. Between FY2024 and FY2025 total income was almost flat, moving only from Rs 16,800.62 crore to Rs 16,907.88 crore, which is less than 1% growth.
  • Profit margin is thin. PAT margin was only 4.04%, which is normal in gold retail but means a small rise in cost or fall in price can hurt profit quickly.
  • Borrowing went up 69% in one year, from Rs 949.26 crore to Rs 1,604.14 crore.
  • Rs 500 crore of the Rs 1,700 crore issue is an offer for sale. That money goes to the selling shareholders, not to the company.
  • Most of the fresh money goes into stock, not into fixed assets. Out of Rs 1,033.23 crore for new stores, Rs 998.68 crore is for inventory. This is a working capital heavy business.
  • The business is concentrated in South India. Any slowdown, local competition or regulation in that region will affect almost the whole business.
  • Gold price movement and festive season demand decide sales. A sharp rise in gold price usually slows down buying by volume.
  • Promoter holding will come down from 97.72% to 82.85% after the issue.

What the money is for

Objects of the issue
Funding expenditure towards setting-up of 10 New Stores: (a) Capital expenditure for fit-outs in the nature of furniture and fixtures, equipment, IT hardware and software34.55
Funding expenditure towards setting-up of 10 New Stores: (b) Expenditure towards inventory costs for setting up of New Stores998.68
General corporate purposes—

Promoters

  • M.Kiran Kumar Jain
  • Hemaa Kiran Kumar Jain
Promoter holding97.72%→82.85%before → after the issue · down 14.87 points

Anchor investors

22 anchors put in ₹ 2,308.2 Cr., including 9 mutual funds.

Anchor investors
ICICI PRUDENTIAL SMALLCAP FUND49,75,1681,00019.68%
BANDHAN SMALL CAP FUND45,22,88090.9117.89%
BANDHAN INNOVATION FUND4,52,2889.091.79%
GOLDMAN SACHS BANK EUROPE SE-ODI49,75,1681,00019.68%
MORGAN STANLEY INDIA INVESTMENT FUND,INC.10,78,77221.684.27%
GREATER INDIA PORTFOLIO7,35,78214.792.91%
MORGAN STANLEY INVESTMENT FUNDS INDIAN EQUITY FUND6,73,03013.532.66%
SANSHI FUND-I12,43,718254.92%
VARANIUM DYNAMIC TRUST6,46,760132.56%
COGNIZANT CAPITAL DYNAMIC OPPORTUNITIES FUND5,96,958122.36%
KOTAK MAHINDRA LIFE INSURANCE CO.LTD.11,19,39822.54.43%
BAJAJ LIFE INSURANCE LTD.10,29,78420.74.07%
LORDS MULTIGROWTH FUND9,95,078203.94%
SAMCO ACTIVE MOMENTUM FUND2,48,78850.98%
SAMCO MULTI CAP FUND2,48,78850.98%
SAMCO SMALL CAP FUND2,48,64050.98%
BANK OF INDIA CONSUMPTION FUND2,48,78850.98%
BANK OF INDIA BUSINESS CYCLE FUND3,97,97281.57%
BANK OF INDIA LARGE CAP FUND99,45620.39%
ALPHA ALTERNATIVES FINANCIAL SERVICES PVT.LTD.2,48,78950.98%
ALPHAMINE ABSOLUTE RETURN FUND2,48,78850.98%
LC PHAROS MULTI STRATEGY FUND VCC-LC PHAROS MULTI STRATEGY FUND SF12,48,78850.98%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 5 a share
Registrar
MUFG Intime India Private Limited
Lead managers
Equirus Capital Pvt.Ltd.
Red herring prospectus (RHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.