The stock opened at ₹265 on the NSE, marking a 31.84% premium over its issue price of ₹201. On the BSE, it opened at ₹265.30.
Ahead of the listing, grey-market sentiment had pointed to a strong debut. The IPO was commanding a 37% grey market premium (GMP), indicating expectations of a listing well above the issue price.
The ₹1,700-crore IPO, which was open for subscription from August 17 to August 19, received an exceptional response, with the issue subscribed 62.97 times overall.
The retail portion was subscribed 11.81 times, while the non-institutional investor (NII) category saw 73.90 times subscription.
The qualified institutional buyers (QIB) category led the demand, with the portion reserved for them subscribed a staggering 145.38 times.
Lalithaa Jewellery Mart had fixed the IPO price band at ₹190-201 per share. At the upper end of the price band, the company was valued at around ₹11,250 crore.
Ahead of the IPO opening, Lalithaa Jewellery Mart raised ₹508.2 crore from 22 anchor investors, including Goldman Sachs, Morgan Stanley and ICICI Prudential AMC.
Of the total anchor allocation, 1.14 crore shares were allotted to four domestic mutual funds – ICICI Prudential AMC, Bandhan Mutual Fund, Samco Mutual Fund and Bank of India Mutual Fund – through nine schemes.
Kotak Mahindra Life Insurance and Bajaj Life Insurance also invested ₹43.19 crore for 21.49 lakh shares.
The IPO comprised a fresh issue of ₹1,200 crore and an offer for sale (OFS) of up to ₹500 crore by promoter Kiran Kumar Jain.
Lalithaa Jewellery Mart plans to use ₹1,033.2 crore of the net fresh issue proceeds to set up 10 new stores across India. The remaining funds will be used for general corporate purposes.
The jewellery retailer currently operates 61 stores across 51 cities in southern India, selling gold, silver and diamond jewellery, with products tailored to regional preferences.
The company plans to use the IPO proceeds to expand its store network and strengthen its presence across India.
Lalithaa Jewellery Mart reported a sharp improvement in its financial performance in FY26.
Its net profit jumped 177% year-on-year to ₹1,009.8 crore in the financial year ended March 2026, compared with ₹364.7 crore in FY25.
Revenue increased 48.1% to ₹25,023.9 crore from ₹16,897.3 crore during the same period.
