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Lalithaa Jewellery Mart’s Rs 1,700-cr IPO opens: GMP signals 15% premium. Should you subscribe?

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Lalithaa Jewellery Mart's Rs 1,700-cr IPO opens: GMP signals 15% premium. Should you subscribe?
The much-awaited Lalithaa Jewellery Mart IPO opened for subscription on August 17, 2026, giving investors a three-day window to bid for shares of the Chennai-based jewellery retailer. With the issue already commanding a 15% premium in the grey market, investor interest is expected to remain strong.

Lalithaa Jewellery Mart has fixed the IPO price band at Rs 190–Rs 201 per share. The Rs 1,700-crore issue comprises a fresh issue of Rs 1,200 crore and an offer for sale (OFS) of Rs 500 crore by promoter and founder Kiran Kumar Jain.

The IPO will open on August 17 and close on August 19, 2026. The share allotment is expected to be finalised on August 20, while the company’s shares are likely to make their debut on the NSE and BSE on August 24, subject to applicable timelines.

Anand Rathi Investment Banking and Equirus are the book-running lead managers for the issue, while MUFG has been appointed as the registrar.

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Analysts believe the Lalithaa Jewellery Mart IPO could offer a potential long-term investment opportunity, given the company’s strong FY26 financial performance, attractive valuation and expansion plans

Lalithaa Jewellery secures Rs 508 crore from anchor investors

Lalithaa Jewellery Mart Limited has raised Rs 508.20 crore from anchor investors ahead of its IPO. The company informed the stock exchanges that it allotted 2,52,83,581 equity shares at Rs 201 apiece to 22 anchor investors. The anchor book saw participation from several prominent institutions, including 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, Bajaj Life Insurance Limited, Greater India Portfolio and Sanshi Fund-I.

Lalithaa Jewellery Mart IPO Lot Size and Valuation

At the upper end of the price band, investors will need to pay Rs 14,874 for one lot of 74 shares. Bids can be placed in multiples of 74 shares thereafter.Of the net issue, excluding the employee portion, 50% has been reserved for qualified institutional buyers (QIBs). Up to 60% of the QIB allocation can be made available to anchor investors.

Retail investors have been allocated 35%, while 15% has been reserved for non-institutional investors.

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One of the key attractions of the issue is its valuation. At the upper end of the price band, Lalithaa Jewellery Mart’s price-to-earnings (P/E) ratio based on diluted FY26 EPS stands at 9.95 times. At the lower end, the P/E works out to 9.41 times.

That compares favourably with the average industry peer-group P/E of 29.69 times for FY26, suggesting that the IPO is being offered at a relatively modest valuation compared with the broader industry. The floor price represents 38 times the face value, while the cap price represents 40.20 times the face value.

Lalithaa Jewellery IPO use of proceeds

Lalithaa Jewellery plans to deploy the net proceeds from its IPO primarily towards an ambitious retail expansion, earmarking funds to set up 10 new stores. Of the total Rs 1,033.23 crore proposed to be utilised, Rs 34.55 crore will go towards capital expenditure, including store fit-outs, furniture and fixtures, equipment, and IT hardware and software. The bulk of the proceeds—Rs 998.68 crore—will be invested in inventory required to launch and stock these new outlets.

The IPO proceeds therefore underline Lalithaa Jewellery’s strategy of strengthening its physical retail footprint and building inventory capacity to support future growth. While the lion’s share of the funds is directed towards inventory for the new stores, the remaining amount will be used for general corporate purposes, giving the company some flexibility to meet broader business requirements as it expands.

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Strong FY26 financial performance

Lalithaa Jewellery Mart enters the IPO market after reporting a sharp improvement in its financial performance. The company’s total income jumped 48% year-on-year, rising from Rs 16,907.88 crore in FY25 to Rs 25,039.80 crore in FY26. Profitability saw an even stronger acceleration. Profit after tax (PAT) surged 177%, from Rs 364.73 crore in FY25 to Rs 1,009.82 crore in FY26.

About Lalithaa Jewellery Mart

The retailer sells gold, silver and diamond jewellery under the Lalithaa brand, with products tailored to regional preferences across southern India. It operates 61 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and the Union Territory of Puducherry.

Tier II and Tier III cities account for 45 of its stores and contributed 60.25% of the company’s revenue in FY26.

Should you subscribe to the Lalithaa Jewellery Mart IPO?

According to brokerage firm Master Capital Services, India’s gold jewellery retail industry was valued at Rs 10,619 billion in Fiscal 2026, clocking an impressive ~20% CAGR between Fiscal 2022 and Fiscal 2026. However, with gold prices remaining elevated and volatile, growth is expected to moderate to 3–5% CAGR through Fiscal 2030.

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The industry is also witnessing a clear shift towards organised retail. Regulatory tailwinds such as GST, hallmarking and HUID, coupled with evolving consumer preferences, are expected to accelerate the transition from unorganised to organised jewellery retail. Organised chains could capture 45–50% of the market by Fiscal 2030, while online jewellery is projected to contribute 9–11% of industry revenues.

South India continues to be the jewel in India’s jewellery consumption crown, accounting for nearly 40% of total demand. The regional market stood at approximately Rs 5,026 billion in Fiscal 2026 and is expected to grow at 6–7% CAGR, reaching Rs 6,200–6,600 billion by Fiscal 2030. Andhra Pradesh and Telangana are likely to emerge as key growth markets, gradually gaining share.

Against this backdrop, Lalithaa Jewellery Mart Limited appears well placed to capitalise on the next phase of organised jewellery retail. Its strong South India footprint, particularly across Tier II and Tier III cities, gives it access to a large and evolving customer base. The company’s 61-store network, in-house manufacturing capabilities, large-format outlets, wide jewellery assortment and customer-focused schemes provide multiple levers for growth.

With favourable industry dynamics, rising organised retail penetration and a strong regional presence, the Lalithaa Jewellery Mart IPO could offer investors an interesting long-term opportunity to participate in India’s evolving jewellery consumption story.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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WNBA Fan Subreddit Moderators Block Posts Mentioning Sophie Cunningham’s Name, Sparking Fan Backlash

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Sophie Cunningham

Moderators of the WNBA subreddit, r/WNBA, have restricted users from posting content that names Indiana Fever guard Sophie Cunningham, according to screenshots shared online showing an exchange between a Reddit user and the forum’s moderation team, a decision that has drawn criticism from fans who argue the restriction unfairly limits discussion of an active WNBA player.

The screenshots, first reported by OutKick, show a user asking moderators directly why posts mentioning Cunningham were being filtered. “Why do you ban people from posting about Sophie Cunningham, who’s a WNBA player?” the user wrote. A moderator responded that the subreddit had chosen to filter content related to Cunningham because mentions of her tend to attract users who are not regular fans of the league. “We filter content based on Sophi [sic] because it tends to bring out trolls and people who aren’t fans of the W,” the moderator wrote.

The user pushed back, noting that Cunningham has an active fan base within the league regardless of the moderation policy. “But she’s a WNBA player that does have actual fans,” the user replied, adding that restricting discussion of a player fans wanted to follow seemed unreasonable. Moderators maintained their position, telling the user that those wishing to discuss Cunningham freely should seek out other WNBA-focused communities. “We have chosen to filter content. If you want to post freely about Sophie you can go to a different sub,” the moderator wrote, later warning the user that continued questioning of the policy could result in a ban from the subreddit. “You aren’t even a contributor to this sub, so I suggest you go back to the other WNBA subs. This is our decision. If you keep messaging about this you will be banned,” the moderator wrote.

The moderation decision comes amid a period of heightened public attention on Cunningham, who has drawn both support and criticism in recent weeks for comments regarding participation standards in women’s sports. Cunningham has publicly expressed support for policies that would keep transgender women out of women’s sports competitions, a position that has made her a polarizing figure within parts of the WNBA’s fan base, players and coaching ranks, even as public polling has generally shown broad support for such positions among the wider American public.

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The reaction to Cunningham’s stance has extended beyond online discourse. She has faced booing from opposing arenas and organized protests at some games, according to prior reporting, and has been the subject of pointed criticism from other players in the league. During a recent game between the Indiana Fever and the Chicago Sky, Cunningham was involved in a physical altercation with Sky guard DiJonai Carrington, during which Carrington made contact with Cunningham’s face, an incident that drew additional attention to the friction surrounding Cunningham within the league.

The controversy surrounding the subreddit’s moderation policy adds to a broader ongoing conversation within the WNBA regarding gender eligibility standards. According to prior coverage, WNBA Commissioner Cathy Engelbert and league officials have convened discussions on the topic following public remarks from Cunningham and the WNBA draft declarations of former NBA players Enes Kanter Freedom and Royce White for the 2027 WNBA Draft, though the league has not issued a definitive policy statement on the matter as of this report. The league has previously said it has faced external “hate and vitriol” in connection with the debate, according to statements attributed to league officials in earlier reporting, though it did not immediately provide further detail on a formal policy timeline.

Cunningham’s rising profile has coincided with a broader surge in popularity for the WNBA over the past two seasons, a trend widely credited to the arrival of Indiana Fever guard Caitlin Clark, whose presence in the league has been associated with substantial increases in television ratings, attendance figures and player compensation, according to prior league and media reporting. Cunningham, a teammate of Clark’s on the Fever, has benefited from some of that increased attention, even as her public comments on sports eligibility policy have made her a more polarizing figure among sections of the league’s fan base than some of her teammates.

The subreddit in question, r/WNBA, operates independently of the league itself and is moderated by volunteer administrators rather than WNBA staff or Reddit corporate employees, a structure common across most team- and league-specific communities on the platform. Reddit’s platform-wide rules generally grant individual subreddit moderators significant discretion over content policies within their communities, including the ability to filter specific keywords, restrict certain topics, or limit posting privileges for users who violate community-specific guidelines, provided such policies do not violate Reddit’s overarching site-wide content rules.

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Neither Reddit nor representatives for the WNBA have issued public statements specifically addressing the r/WNBA subreddit’s moderation policy regarding Cunningham’s name as of this report. The league itself does not typically comment on the moderation practices of independently operated fan communities on third-party platforms.

The episode has renewed broader commentary about tensions between the WNBA’s expanding fan base — bolstered in part by newer viewers drawn to the league by high-profile players such as Clark and Cunningham — and segments of the league’s more established online fan communities, some of which have expressed friction over the increased attention and differing viewpoints that have accompanied the league’s recent growth in popularity. It remains unclear whether the moderation policy will change in response to the public criticism it has generated since the screenshots began circulating online.

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NICE Posts Another Nice Earnings Beat, As AI-Driven Software Sees Enterprise Demand

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NICE Posts Another Nice Earnings Beat, As AI-Driven Software Sees Enterprise Demand

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Albert Anthony is the pen name of a business author on Amazon and his newest book is “How To Pick Stocks: 8 Steps For Long-Term Investing with Fundamental & Technical Analysis,” now available as a 2026 edition paperback and Kindle ebook in several regions including the US, UK, Canada, and Europe. The author is an analyst & contributor for investing platform Seeking Alpha since 2023, where he has nearly 2,000 followers and has covered hundreds of stocks in multiple sectors including banks/financials, REITs, insurance, pharma, and more. He has also written for platforms like Investing dot com, and has taken part in many business conferences includes Bloomberg Adria’s Investment Outlook 2026 as well as Money Motion 2026. Albert Anthony has Croatian-American roots, having grown up in the US and living in the NYC/New Jersey area as well as the Austin Texas area while working in enterprise IT roles at several prominent companies, including a top 10 financial firm. The author earned a B.A. from Drew University, and also completed certifications from Microsoft, CompTIA, and Corporate Finance Institute where he earned the specialization in risk management. He is founder of a boutique equities research firm, Albert Anthony & Company, which is a trade name both in the US and Croatia. Besides his writing and analyst work, the author has been active on camera as well, as a film/TV extra for casting agencies in Croatia/Europe, and also took part in roundtable panel discussions and appeared in several media stories in that region. You can also check out the author’s video content on the Albert Anthony channel on YouTube where he discusses investing topics, @author.albertanthony Please note: The author does not write about non-publicly traded companies, small cap stocks, crypto, or startup CEOs, so any such mail received and pitches from PR agencies will be deleted. Any official mail to the author should be sent to albertanthony.info@gmail.com. *Author Disclaimer: Albert Anthony and Albert Anthony & Co, is a US-based sole proprietorship registered as a trade name in Austin, Texas, and a sole proprietor registered in Croatia. The author nor his company are registered financial advisors and do not provide personalized financial advisory services to clients and do not manage client assets but provide general markets commentary and research as well as actionable insights based on publicly-available data and their own analysis. The author does not sell or market financial products and services, nor is compensated by any company for rating them. The author does not hold any material position in any stock he rates at the time of writing, unless otherwise disclosed. All investment is assumed to be at risk and readers are expected to do their due diligence beyond the scope of this author’s commentary, agreeing to indemnify the author of any liability for potential investment losses.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Hiscox completes first tranche of $300m buyback program

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Hiscox completes first tranche of $300m buyback program

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GPT Group (GPTGF) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript