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News Topical, Digital Desk : Tamil Nadu-based jewellery retailer Lalitha Jewellery Mart has decided to resort to the capital market to raise funds through its Initial Public Offering (IPO). The retailer has filed draft papers with SEBI for an IPO of Rs 1,700 crore on June 6. The company has 56 stores in South India. Fresh equity shares worth Rs 1200 crore will be issued in the IPO. The IPO includes an Offer for Sale (OFS) of Rs 500 crore by promoter Kiran Kumar Jain.
The gold jewelery retailer under the Lalitha brand competes with listed companies such as Titan Company, Kalyan Jewellers India, Manoj Vaibhav Gems N Jewellers, PC Jeweller, PN Gadgil Jewellers, Senco Gold, Thangamyal Jewellery and Tribhuvandas Bhimji Zaveri. Incorporated in 1985, Lalitha Jewellery plans to use the proceeds from the fresh issue of up to Rs 1,014.5 crore to open 12 new stores in India and will use the remaining amount for general corporate purposes. The company, which provides jewelry products through its 56 stores in 46 cities across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Union Territory of Puducherry, recorded a CAGR of 43.62 per cent in its revenue from operations to Rs 16,788 crore during FY22-FY24. Profit stood at Rs 359.8 crore in the year ended March 2024, up 51 per cent over the previous year, and revenue grew 26 per cent to Rs 16,788 crore. Profit stood at Rs 262.3 crore and revenue at Rs 12,594.7 crore in the nine-month period ended December 2024.
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