Lalithaa Jewellery Mart To Launch Rs 1,700 Cr IPO on Aug 17; Price Band Set at Rs 190–201

New Delhi: Jewellery retailer Lalithaa Jewellery Mart Ltd will open its Rs 1,700 crore Initial Public Offering (IPO) for subscription on August 17, with the company looking to raise funds to expand its store network.

The price band for the issue has been fixed at Rs 190-201 per share, valuing the company at around Rs 11,250 crore at the upper end of the price band.

The IPO comprises a fresh issue of shares worth up to Rs 1,200 crore and an Offer For Sale (OFS) of shares worth up to Rs 500 crore.

Proceeds from the fresh issue will primarily be used to set up new stores, while a portion will be utilised for general corporate purposes.

The IPO will close on August 19, while bidding by anchor investors will take place on August 14.

Lalithaa Jewellery Mart, which opened its first store in T Nagar, Chennai, in 1985, sells gold jewellery, silverware and diamond jewellery.

Of the total issue, 50 per cent is reserved for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors (NIIs), and 35 per cent for retail investors.

The equity shares are proposed to be listed on both the BSE and NSE on August 24.

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