Lalithaa Jewellery Mart Sparkles with IPO Ambition

Lalithaa Jewellery Mart, a prominent player in the jewellery industry, has submitted preliminary documents to the market regulator SEBI to raise Rs 1,700 crore via an Initial Public Offering (IPO).

Hailing from Chennai, the company plans to raise Rs 1,200 crore through fresh shares and offer equities worth Rs 500 crore, held by M Kiran Kumar Jain. This allocation is highlighted in the Draft Red Herring Prospectus.

A portion of the proceeds, approximately Rs 1,014.50 crore, is earmarked for expanding its retail presence, with additional funds allocated for general corporate purposes.

(With inputs from agencies.)