February 12, 2024
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Lalithaa Jewellers may enter primary market with a Rs 1,600 crore IPO
Lalithaa Jewellery, one of the largest jewellery retailers in India, is gearing up to enter the primary market. With a strong presence in key gold consumption hubs across the country, Lalithaa Jewellery aims to raise Rs 1,400-1,600 crore through its upcoming IPO. The IPO DRHP is anticipated to be filed by the end of March 2024.
Sources also added that Lalithaa Jewellery’s IPO is set to have a large fresh issue which means the entire Rs 1,400-1,600 crore raised is expected to come into the company. The earmarked funds are intended for expanding the retail footprint, primarily focusing on Tier II and Tier III cities in South India. From operating 26 stores in the financial year 2020, Lalithaa Jewellery has doubled its count by the financial year 2024, illustrating its ambitious expansion plans.
Humble beginnings
Dr Kiran Kumar, the Chairman & MD of Lalithaa Jewellery started as an errand boy at a jewellery factory in Nellore, Andhra Pradesh. He pledged his mother’s jewellery to raise capital for his business. Driven by his experience in making jewellery as affordable as possible, Lalithaa Jewellery’s turnover is over Rs. 18,000 crore with a retail chain spanning 52 showrooms in 4 states & across 34 cities in South India.
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