The Chennai-based jewellery retailer, which operates 61 stores across five southern states, plans to use ₹1,033 crore of the fresh issue proceeds to fund 10 new store openings.
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SRINATH M
Lalithaa Jewellery Mart Limited’s initial public offering closed on Wednesday with total subscriptions of 62.97 times the shares on offer the final day of the three-day issue.
The ₹1,700 crore IPO, priced at a band of ₹190–201 per share, received bids for approximately 39.52 crore shares against 6.27 crore shares offered across all categories.
Qualified Institutional Buyers drove the strongest demand, subscribing 145.38 times their reserved portion. Domestic financial institutions, including banks, insurance companies and financial institutions, were the most active within the QIB segment, bidding for over 110 crore shares. Foreign institutional investors bid for approximately 95.6 crore shares, while mutual funds participation was comparatively modest at 8.53 crore shares.
Non-Institutional Investors subscribed 73.89 times overall. Within this segment, high-value applicants bidding above ₹10 lakh saw 85.51 times subscription, while the ₹2–10 lakh bracket came in at 50.65 times. Retail Individual Investors subscribed 11.81 times their quota, with the bulk opting for the cut-off price. The employee reserved portion was subscribed 8.55 times.
The Chennai-based jewellery retailer, which operates 61 stores across five southern states, plans to use ₹1,033 crore of the fresh issue proceeds to fund 10 new store openings.
SBI Securities, which assigned a Neutral rating to the issue, noted that LJML’s strong revenue and profit growth over FY24–26, a CAGR of approximately 22 per cent and 68 per cent respectively, was substantially aided by a roughly 2.3x surge in gold prices during the period. The brokerage cautioned that since the company carries no hedging policy, margins could moderate once gold prices stabilise. At the upper price band, the stock is valued at 11.1x FY26 earnings, broadly in line with listed peers.
Published on August 19, 2026
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