The Initial Public Offering of Lalithaa Jewellery Mart Limited was subscribed 0.69 times on the first day of bidding, August 17, 2026. The issue received bids for 4,35,37,826 equity shares against 6,27,61,403 shares on offer, according to stock exchange data.

The retail portion was subscribed 0.74 times, the non-institutional portion 0.61 times, and Qualified Institutional Buyers (QIB) 0.67 times. The employee reserved portion was subscribed 1.51 times. The issue opened on August 17 and closes for subscription on August 19, 2026.

A day before the opening, the company raised nearly Rs 508.19 crore from anchor investors, with participation from Goldman Sachs Bank Europe SE – ODI, Morgan Stanley India Investment Fund Inc., Morgan Stanley Investment Funds Indian Equity Fund, Kotak Mahindra Life Insurance Company Limited and Bajaj Life Insurance Limited, among others.

Brokerage firms including Adroit Financial, BP Wealth, GEPL Capital, SMIFS Limited and Ventura Securities have issued "Subscribe" recommendations. BP Wealth noted the company operates a mass-market, value-conscious retail model. At the upper price band of Rs 201, the issue is valued at 11.1 times FY26 diluted EPS of Rs 18.0, against a listed peer average P/E of 29.7 times.

The IPO comprises a fresh issue of up to Rs 1,200 crore and an offer-for-sale of up to Rs 500 crore by promoter M. Kiran Kumar Jain. The minimum bid lot is 74 equity shares.

Lalithaa operates 61 stores across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry, spanning 650,881 sq. ft. as of March 31, 2026.