Lalithaa Jewellery Mart IPO opens: Should you subscribe? Price band, GMP, reviews & more

The initial public offering (IPO) of Lalithaa Jewellery Mart is set to open for subscription on Monday, August 17. The jewellery retail company is offering its shares in the price range of Rs 190-201 apiece, with investors required to bid for a minimum of 74 equity shares and in multiples thereafter. The issue shall remain open for subscription until Wednesday, August 19.

The Rs 1,700 crore-IPO includes a fresh share sale of 5,97,32,655 equity shares and an offer-for-sale (OFS) of up to 2,48,75,621 equity shares worth Rs 500 crore. The net proceeds from the issue will be used towards funding the expenditure to set-up new stores, maintaining their inventory and general corporate requirements.

Incorporated in 1985, Chennai-based Lalithaa Jewellery Mart is a jewellery retail company with a strong regional presence across South India, catering primarily to the mass and value-conscious customer segment. It offers a diverse range of gold, silver, diamond, precious and semi-precious jewellery, with a focus on quality, craftsmanship and original designs.

Lalithaa Jewellery Mart raised Rs 508.20 crore from 22 anchor investors through the allotment of 2,52,83,581 equity shares at Rs 201 apiece. The anchor book featured investors such as Goldman Sachs, Morgan Stanley, Greater india Portfolio, Sanshi Fund, ICICI Pru MF, Bandhan MF, Varanium Dynamic Trust, Cognizant Capital Dynamic, Kotak Mahindra Life, Bajaj Life, SAMCO MF and others.

Lalithaa Jewellery Mart reported a net profit of Rs 1,009.82 crore on revenue of Rs 25,039.80 crore for the financial year ended March 31, 2026. In the previous financial year, the company had posted a net profit of Rs 364.73 crore on revenue of Rs 16,907.88 crore. At the current valuation, the company commands a market capitalisation of more than Rs 11,250 crore.

The company has earmarked 50 per cent of the issue for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) have been allocated 15 per cent. Retail investors have the remaining 35 per cent of the issue. Last heard, the company was commanding a grey market premium (GMP) of Rs 26-30 apiece, indicating a potential gain of up to 15 per cent for investors.

Anand Rathi Advisors and Equirus Capital are the book-running lead managers to the issue, while MUFG Intime India is the registrar. The shares are scheduled to list on both BSE and NSE on Monday, August 24. Here's what a host of brokerage firms have said about the IPO of Lalithaa Jewellery Mart:

SBI Securities
Rating: Neutral
Lalithaa Jewellery is a jewellery retailer with significant presence in high-growing Tier II and III cities in South-India. It employs an asset-light business model with focus on strategic expansion across deeper geographies through large format and medium format stores, driving revenue growth. It aims to open 10 new branches to increase penetration across southern markets, said SBI Securities.

"It delivered a CAGR of 22 per cent, 60 per cent and 68 per cent in its revenue, EBITDA and PAT during the FY24-FY26 period with a FY26 EBITDA margin of 6.5 per cent, expanding 240 bps YoY. Lalithaa is valued at an FY26 P/E multiple of 11.1 times, at par with industry-peers. We assign a 'neutral' rating to the issue and would like to track the performance for a few quarters post-listing," it said.

Swastika Investmart
Rating: Subscribe
Lalithaa is priced at a 75 per cent discount on a P/E basis compared to national organized peers like Kalyan Jewellers and Titan. While its net margins (4.04 per cent) are slimmer due to its value-pricing stance, its return ratios (ROE over 41 per cent) significantly outperform peer group averages, said Swastika Investmart.

"Due to heavy inventory stocking requirements for store expansion, the operating cash flow turned negative in FY26. Past tax issues are largely resolved, but the Rs 1,066 crore GST dispute and promoter-related matters remain key risks. One may apply with moderate conviction, suitable for listing gains and long-term investors who are comfortable with the associated risks," it added.

SMIFS
Rating: Subscribe
"Backed by strong execution, industry-leading ROE and ROCE among listed peers, and a scalable business model, we believe Lalithaa Jewellery is well positioned to capitalize on the long-term growth opportunity in organized jewellery retail and therefore recommend subscribing to the issue from a long-term investment perspective," said SMIFS.

BP Equities
Rating: Subscribe
The issue is valued at 11.1 times FY26 diluted EPS of Rs 18.0, compared with the listed peer average P/E of 29.7 times, said BP Equities. "The valuation represents a meaningful discount to peers, this combined with the company's return ratios, regional franchise and store expansion opportunities we recommend a 'subscribe' rating for the issue," it added.

Master Capital Services
Rating: Subscribe for long-term
Lalithaa Jewellery is well positioned to benefit through its strong presence across South India, particularly Tier II and Tier III cities. Its 61-store network, in-house manufacturing capabilities, large format stores, diverse jewellery portfolio and customer schemes support its ability to cater to evolving consumer preferences and capture growth in the jewellery market, said Master Capital with a 'subscribe for long-term' tag.

Ventura Securities
Rating: Subscribe
Lalithaa Jewellery Mart is a South India-focused jewellery retailer serving mass and value-conscious consumers through 61 stores across 51 cities. It offers gold, silver and diamond jewellery, with Tier-II and Tier-III markets contributing over 60 per cent of FY26 revenue. Key strengths include high revenue per store, backward integration and customer purchase schemes, noted Ventura.

Its revenue rose from Rs 16,788 crore in FY24 to Rs 25,024 crore in FY26, while PAT increased to Rs 1,010 crore, supported by strong margin expansion. However, risks include high dependence on gold jewellery and Tamil Nadu, gold-price volatility, inventory exposure and negative operating cash flow, it added with a 'subscribe' rating.