Lalithaa Jewellery Files IPO to Raise Rs. 1,700 Crore for Store Expansion
Lalithaa Jewellery is a company that has brought major changes to the gold retail business. The average gold lover is very fond of the ads featuring the company's owner, Kiran, who says that if you can buy gold at a lower rate than everyone else in the market, you should buy it. Over the past few years, the company has been expanding rapidly. In this context, Lalithaa Jewellery has decided to raise funds through an IPO.
It has been revealed that Lalithaa Jewellery has filed draft documents with SEBI for its IPO. The company aims to raise Rs. 1,700 crore from the domestic stock markets through this IPO. Of this amount, Rs. 1,200 crore will be fresh equity, and the remaining Rs. 500 crore will be sold by Kiran Kumar Jain through an offer for sale. Additionally, the company will reserve shares at a discounted price for its employees.
The company plans to use the funds raised through the IPO to open new stores across the country. Founded in 1985, the company initially started in Chennai and has since expanded to many cities nationwide. It has two manufacturing units located in Chennai and Kanchipuram, and its largest store is in Vijayawada.
For the nine months ended December, the company's revenue was Rs. 12,597 crore, and its profit was Rs. 262 crore. The shares of this IPO, which will be listed in the main board category, are expected to be simultaneously listed on the NSE and BSE.
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