2 weeks ago
Lalithaa Jewellery secures ₹508 crore anchor investment ahead of IPO
Lalithaa Jewellery is a big Indian shop that sells gold, silver and diamond jewellery.
It started in 1985 with one store in Chennai.
Soon, it will sell part of itself to the public for the first time.
This is called an IPO.
Before that, some big investment companies gave it 508 crore rupees.
These companies include Goldman Sachs and ICICI Prudential.
The money is mostly going to help open new stores.
People will be able to buy shares in the company from August 17 to August 19.
After that, the company could be worth about 11,250 crore rupees.
It will be listed on the big stock exchanges, BSE and NSE, on August 24.
Lalithaa Jewellery Mart Ltd raised ₹508 crore from 22 anchor investors ahead of its ₹1,700-crore initial public offering, allotting 2.53 crore shares at ₹201 apiece.
Anchor investors include Goldman Sachs, ICICI Prudential Mutual Fund, Bandhan Mutual Fund, Sanshi Fund-I, Kotak Mahindra Life Insurance Company, Morgan Stanley India Investment Fund and Bajaj Life Insurance.
The IPO will open on August 17 and close on August 19, with a price band of ₹190–201 per share, valuing the company at around ₹11,250 crore at the upper end.
The issue includes a fresh issue of up to ₹1,200 crore and an offer-for-sale of up to ₹500 crore, with fresh-issue proceeds primarily funding new stores.
Shares are proposed to be listed on the BSE and NSE on August 24; the company, which opened its first store in Chennai's T Nagar in 1985, sells gold, silver and diamond jewellery.
- Who
- Lalithaa Jewellery Mart Ltd, a Chennai-based gold, silver and diamond jewellery retailer, and its 22 anchor investors, including Goldman Sachs, ICICI Prudential Mutual Fund and Bandhan Mutual Fund.
- What
- The company raised ₹508 crore through an anchor allotment of 2.53 crore equity shares at ₹201 apiece ahead of its ₹1,700-crore IPO, which comprises a fresh issue of up to ₹1,200 crore and an offer-for-sale of up to ₹500 crore.
- Where
- India — the company, which opened its first store in Chennai's T Nagar in 1985, will list its shares on the BSE and NSE.
- When
- The anchor allotment happened on Friday; the IPO opens on August 17 and closes on August 19, with listing planned for August 24.
- Why
- To raise capital, with proceeds from the fresh issue primarily funding new stores.
Key facts
- Anchor investment
- ₹508 crore from 22 anchor investors
- Shares allotted
- 2.53 crore equity shares at ₹201 per share
- IPO size
- ₹1,700 crore (₹1,200 crore fresh issue; ₹500 crore offer-for-sale)
- Price band
- ₹190–201 per share
- Valuation
- Around ₹11,250 crore at upper end of price band
- IPO schedule
- Opens August 17; closes August 19
- Listing
- BSE and NSE on August 24
- Company background
- First store opened in Chennai's T Nagar in 1985; sells gold, silver and diamond jewellery
Quotes
Lalithaa Jewellery Mart Ltd representative
Company’s senior management
“The company allotted 2.53 crore equity shares to 22 anchor investors at Rs 201 apiece”
CNBC TV 18
Sources
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