NewsLalithaa Jewellery Mart IPO Day 2 Live: Flat subscription at 0x - Check analysts view and moreLalithaa Jewellery Mart IPO Day 2 Live: Flat subscription at 0x - Check analysts view and more
Lalithaa Jewellery Mart IPO remains unsubscribed at 0x after Day 2. The company, a major player in South India's jewellery market, reported FY26 revenue of ₹25,023.93 crores. Proceeds will fund new store setups and general corporate purposes. Key risks include high gold dependency and negative operating cash flows.
*this image is generated using AI for illustrative purposes only.
Lalithaa Jewellery Mart’s initial public offering continues to struggle for traction as it enters Day 2, with the subscription status remaining flat at 0x across all investor categories. The jewellery retailer, which has set a price band of ₹190.00000 to ₹201.00000, has failed to register any bids from Qualified Institutional Buyers (QIB), Non-Institutional Investors (NII), or Retail investors so far.
Subscription Status
The IPO saw no movement in bidding activity during the first half of Day 2. As of the latest update, the total subscription stands at 0x. Investors appear hesitant to commit capital in the early stages of the issue.
| Category | Day 1 Subscription | Day 2 Subscription | Total Subscription |
|---|---|---|---|
| QIB | 0.00x | 0.00x | 0.00x |
| NII (bHNI) | 0.00x | 0.00x | 0.00x |
| NII (sHNI) | 0.00x | 0.00x | 0.00x |
| Retail | 0.00x | 0.00x | 0.00x |
| Total | 0.00x | 0.00x | 0.00x |
Intra-day timeline on 14-08-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 05:45 | 0.00x | 0.00x | 0.00x | 0.00x |
| 06:45 | 0.00x | 0.00x | 0.00x | 0.00x |
About the Company
Lalithaa Jewellery Mart is a prominent jewellery retailer operating under the brand name 'Lalithaa'. Founded in 1985, the company offers gold, silver, and diamond jewellery tailored to regional preferences in southern India. It operates 61 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Puducherry, with 45 stores located in Tier II and Tier III cities contributing 60.25% of revenue in fiscal 2026. The company is led by MD M. Kiran Kumar Jain and CEO Hemaa Kiran Kumar Jain.
Financial Highlights
Lalithaa Jewellery Mart has shown consistent revenue growth over the last three years. In fiscal 2026, the company reported revenue from operations of ₹25,023.93 crores, up from ₹16,897.32 crores in fiscal 2025. Profit after tax increased to ₹1,009.82 crores in FY26 from ₹364.73 crores in FY25.
| Particulars | FY2026 (₹ crores) | FY2025 (₹ crores) | FY2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 25023.93 | 16897.32 | 16788.05 |
| Profit After Tax | 1009.82 | 364.73 | 359.83 |
| Total Equity | 2929.73 | 1925.38 | 1564.37 |
Objects of the Issue
- Funding expenditure towards setting up of 10 new stores in India: ₹1,033.23 crores
- General corporate purposes: Balance net proceeds
Risk Factors
- High Dependence on Gold Jewellery Revenue: Gold jewellery accounted for 92.33% of revenue in Fiscal 2026.
- Negative Operating Cash Flows: The company experienced negative cash flows from operating activities of ₹3,977.62 million in Fiscal 2026.
- High Outstanding Borrowings: Total outstanding borrowings were ₹12,381.00 million as of June 30, 2026.
Key Dates
- Close Date: 2026-08-19 17:00:00
- Allotment Date: 2026-08-20
- Listing Date: 2026-08-24
Will Lalithaa Jewellery Mart consider revising its price band or extending the subscription window to attract investor interest before the close date?
How might the company's heavy reliance on gold jewellery (92.33% of revenue) impact investor sentiment given current volatility in global gold prices?
What strategies will management employ to address the negative operating cash flows despite reporting a significant increase in profit after tax?
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