Latest news with #LalithaaJewelleryMart
New Indian Express
5 hours ago
- Business
- New Indian Express
Lalithaa Jewellery files IPO papers with Sebi; seeks to raise Rs 1,700 crore
NEW DELHI: Jewellery chain Lalithaa Jewellery Mart has filed preliminary papers with markets regulator Sebi seeking its approval to raise Rs 1,700 crore through an Initial Public Offering (IPO). The Chennai-based company's proposed IPO is a combination of a fresh issue of shares worth Rs 1,200 crore and an offer-for-sale of equities valued at Rs 500 crore by M Kiran Kumar Jain, according to the Draft Red Herring Prospectus (DRHP). The issue includes a reservation for a subscription by eligible employees, and a discount is being offered to such employees. As per the draft papers filed on Friday, proceeds from the fresh issue to the tune of Rs 1,014.50 crore will be used for setting up new stores, and a portion would be utilised for general corporate purposes.
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Business Standard
6 hours ago
- Business
- Business Standard
Lalithaa Jewellery files draft papers with Sebi, to raise ₹1,700 cr via IPO
Jewellery player Lalithaa Jewellery Mart has filed preliminary papers with markets regulator Sebi seeking its approval to raise ₹ 1,700 crore through an Initial Public Offering (IPO). The Chennai-based company's proposed IPO is a combination of a fresh issue of shares worth ₹1,200 crore and an offer-for-sale of equities valued at ₹500 crore by M Kiran Kumar Jain, according to the Draft Red Herring Prospectus (DRHP). The issue includes a reservation for a subscription by eligible employees, and a discount is being offered to such employees. As per the draft papers filed on Friday, proceeds from the fresh issue to the tune of ₹1,014.50 crore will be used for setting up new stores, and a portion would be utilised for general corporate purposes. Lalithaa Jewellery Mart, which opened its first store in 1985 in T Nagar locality of Chennai, sells gold jewellery, silverware and diamond jewellery. It had 56 stores, out of which 22 are in Andhra Pradesh, 20 in Tamil Nadu, seven in Karnataka, six in Telangana and one in the Union Territory of Puducherry as of December 31, 2024. On the financial front, Lalithaa Jewellery Mart's consolidated revenue from operations and profit after tax stood at ₹12,594.67 crore and ₹262.33 crore, respectively, for the nine months ended December 31, 2024. Anand Rathi Advisors and Equirus Capital are the book-running lead managers of the issue. The equity shares are proposed to be listed on the BSE and NSE. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
6 hours ago
- Business
- Time of India
Chennai-based jewellery player Lalithaa Jewellery files DRHP for Rs 1700 crore IPO
Chennai-based jewellery player Lalithaa Jewellery Mart , operating under the brand name Lalithaa, offering a diverse range of gold, silver and diamond jewellery across styles, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise Rs 1,700 crore through Initial Public Offering (IPO). The IPO, with a face value of Rs 5, is mix of a fresh issue of up to Rs 1200 crore and an offer-for-sale up to Rs 500 crore by M. Kiran Kumar Jain. It includes a reservation for a subscription by eligible employees and a discount is being offered to eligible employees bidding in the employee reservation portion, as per the filing. The company, in consultation with the book-running lead managers, may consider a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. The pre-IPO placement if undertaken shall not exceed 20 per cent of the size of the fresh issue. The proceeds from the fresh issue to the extent of Rs 1014.50 crore for funding of capital expenditure for setting up new stores in India; and general corporate purposes. The Offer is being made through the book-building process, wherein not more than 50 per cent of the net offer is allocated to qualified institutional buyers, and not less than 15 per cent and 35 per cent of the net offer is assigned to non-institutional and retail individual bidders respectively. Lalithaa Jewellery Mart opened its first store in 1985 in locality of Chennai which is a hub for a silk and jewellery retail outlets, according to a CRISIL report. It primarily sells gold jewellery and other offerings include silverware and diamond jewellery. It serves the southern Indian market with stores operational in Tier I, II and III cities with authenticated BIS-hallmarked jewellery through its 56 stores, out of which 22 in Andhra Pradesh, 20 are in Tamil Nadu, seven in Karnataka, six in Telangana and one in the Union Territory of Puducherry, spread across a total operational area of 6,09,408 sq. ft., as of December 31, 2024, with 47 stores with an aggregate area of each store more than 5,000 sq. ft. It had the highest operating revenue per store amongst the key organised jewellery players in India between Fiscals 2022 to 2024 and the nine-month period ended December 31, 2024, according to a CRISIL report mentioned in the DRHP. The company is also the second fastest growing regional jewellery player amongst key organised jewellery players in India basis operating revenue growth between fiscals 2022 to 2024. The company reported operating revenue CAGR of 43.62 per cent between fiscals 2022 and 2024. The company also offers jewellery schemes such as 'Dhana Vandhanam' and 'Free-yo-Flexi' that attracts customers on a repeated basis. As of December 31, 2024, 420,261 customers are enrolled and are active in its schemes. It operates two manufacturing facilities located in Thirumudivakkam, Chennai (operated through its company) and Maraimalai, Kanchipuram (operated through its wholly owned Subsidiary, Asita Manufacturing Private Limited) in the state of Tamil Nadu. From December onwards, it has commenced operations of its manufacturing facility at Thirumudivakkam, Chennai. As on December 31, 2024, it had engaged 563 Karigars (474 Karigars employed by the company and 89 Karigars employed by Asita Jewellery Manufacturing Private Limited). The company operates one of the largest jewellery stores in India at Vijayawada, which is spread over total carpet area of 1,00,000 Sq. Ft. The company also operates two large format jewellery stores in Somajiguda and Vishakhapatnam, which are spread across total carpet area of 98,210 Sq. Ft. and 65,000 Sq. Ft. respectively and are amongst the largest jewellery retail stores in India, as per the report. Lalithaa Jewellery Mart's restated consolidated revenue from operations increased by 26.07 per cent from Rs 13,316.80 crore in Financial Year 2023 to Rs 16,788.05 crore in Financial Year 2024 due to an increase in number of stores from 47 stores in Financial Year 2023 to 53 stores in Financial Year 2024, increase in average rate of gold and increased sale of gold. For the nine months ended December 31, 2024, restated consolidated revenue from operations and profit after tax stood at Rs 12,594.67 crore and Rs 262.33 crore respectively. The Indian gems and jewellery retail industry was valued at Rs 6.49 trillion in Fiscal 2024 and is expected to grow at a CAGR of 13–14 per cent to reach Rs 12–12.2 trillion by Fiscal 2029. South India remains the largest jewellery consuming region, accounting for 38-43 per cent of India's overall jewellery demand.
Time of India
7 hours ago
- Business
- Time of India
Chennai-based Lalithaa Jewellery Mart files DRHP for Rs 1,700 crore IPO to fuel southern expansion
Synopsis Lalithaa Jewellery Mart, a prominent South Indian jewellery retailer, has filed its DRHP with SEBI to raise Rs 1,700 crore through an IPO. The IPO includes a fresh issue and an offer-for-sale, with proceeds aimed at expanding its store network across India.
Economic Times
7 hours ago
- Business
- Economic Times
Chennai-based Lalithaa Jewellery Mart files DRHP for Rs 1,700 crore IPO to fuel southern expansion
Lalithaa Jewellery Mart, a Chennai-headquartered jewellery retailer offering gold, silver, and diamond jewellery designed for southern Indian markets, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 1,700 crore through an initial public offering (IPO). ADVERTISEMENT The proposed Rs 1,700 crore IPO comprises a fresh issue of up to Rs 1,200 crore and an offer-for-sale (OFS) of Rs 500 crore by promoter M. Kiran Kumar Jain. The company also plans a reservation for eligible employees with a bidding discount and may undertake a pre-IPO placement of up to 20% of the fresh issue size, which would proportionally reduce the fresh issue. Proceeds from the fresh issue will be primarily deployed towards capital expenditure for setting up new stores in India, amounting to Rs 1,014.50 crore, with the balance allocated for general corporate purposes, the company said in its filing. The issue will follow the book-building process, allocating no more than 50% of the net offer to qualified institutional buyers (QIBs), and reserving at least 15% and 35% for non-institutional investors and retail individual investors, respectively. The company proposes to list its shares on the National Stock Exchange of India and BSE Ltd. Founded in 1985, Lalithaa Jewellery Mart opened its first store in Chennai's T. Nagar, a hub for silk and jewellery retail. The company operates 56 stores across southern India's Tier I, II, and III cities, including 22 in Andhra Pradesh, 20 in Tamil Nadu, seven in Karnataka, six in Telangana, and one in Puducherry, spanning a total operational area of 6,09,408 sq. ft. As of December 31, 2024, 47 of these stores each cover more than 5,000 sq. ft. According to a CRISIL report cited in the DRHP, Lalithaa Jewellery Mart recorded the highest operating revenue per store among key organised jewellery players in India between fiscal years 2022 and 2024. It is also ranked the second fastest growing regional jewellery player based on operating revenue growth during the same period, posting a compound annual growth rate (CAGR) of 43.62%. ADVERTISEMENT The company's jewellery schemes, 'Dhana Vandhanam' and 'Free-yo-Flexi,' have attracted repeat customers, with 420,261 active enrolments as of December 31, 2024. Lalithaa Jewellery Mart runs two manufacturing units in Tamil Nadu, one at Thirumudivakkam, Chennai, and another at Maraimalai, Kanchipuram, the latter through its wholly owned subsidiary Asita Manufacturing Private Limited. From December 2024, operations commenced at the Thirumudivakkam facility. The company employs a total of 563 Karigars across both manufacturing units. ADVERTISEMENT The company also operates one of India's largest jewellery stores in Vijayawada, with a carpet area of 1,00,000 sq. ft., alongside large-format stores in Somajiguda (98,210 sq. ft.) and Vishakhapatnam (65,000 sq. ft.), making them among the largest jewellery retail outlets in the country, according to Lalithaa Jewellery Mart reported a 26.07% increase in restated consolidated revenue from Rs 13,316.80 crore in fiscal 2023 to Rs 16,788.05 crore in fiscal 2024, driven by the rise in store count from 47 to 53, higher gold rates, and increased gold sales. For the nine months ended December 31, 2024, the company posted revenue of Rs 12,594.67 crore and profit after tax of Rs 262.33 crore. ADVERTISEMENT The Indian gems and jewellery retail industry was valued at Rs 6.49 trillion in fiscal 2024 and is expected to grow at a CAGR of 13–14% to reach Rs 12–12.2 trillion by fiscal 2029. South India remains the largest jewellery-consuming region, accounting for 38–43% of the country's overall jewellery Rathi Advisors and Equirus Capital are the book-running lead managers for the issue, while MUFG Intime India serves as registrar. ADVERTISEMENT Also read | IPO calendar: 4 new issues, 1 listing lined up in a busy mid-June week (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
