- By 12:09 PM on day 3, the public issue had been booked 9.69 times, the retail portion had been subscribed 6.04 times, and the NII segment had been filled 28.82 times.
- Axis Capital and SMIF Securities have also assigned a ’subscribe’ tag to Lalithaa Jewellery Mart IPO.
- Ventura has given an ’Apply’ rating to Lalithaa Jewellery Mart, valuing the company at around 11 times FY26 earnings at the upper end of the offer price of ₹201, which is a significant discount to listed peers such as Kalyan Jewellers, Senco Gold and Titan.
- Horizon Industrial Parks’ ₹2,600-crore IPO opened on August 17 and will close on August 19, with a price band fixed at ₹57-60 per share.
- Analyst Harshal Dasani, head of business at INVasset PMS, expressed a preference for Lalithaa Jewellery over Horizon.
- Ventura highlighted Lalithaa’s scale, with revenue of around ₹25,024 crore in FY26, 61 stores across 51 cities and a strong presence in Tier-2 and Tier-3 markets.
- Lalithaa's customer savings scheme is another attraction, with customer advances rising to ₹5,043 crore, providing a source of largely interest-free working capital.
- The brokerage flagged risks for Lalithaa, including the sharp rise in FY26 profit following gold price gains, negative operating cash flow, higher inventory days, and the company’s exposure to Tamil Nadu.
- Ventura noted the unresolved GST demand of around ₹1,066 crore and warned that margins could moderate if gold prices consolidate.
- The weak subscription response for Horizon, at around 0.25 times on the final day, adds to the brokerage’s caution.
- At the upper price band, the issue values Horizon Industrial Parks at a post-issue market capitalisation of around ₹17,298 crore.
Lalithaa Jewellery Mart's IPO, which opened for subscription on August 17, has garnered significant interest, achieving a 9.69 times overall subscription by day three. The retail portion was subscribed 6.04 times, while the non-institutional investor segment saw a remarkable 28.82 times subscription.1456
The company has set its share price between ₹190 to ₹201 per equity share, valuing the issue at approximately ₹1,700 crore. Analysts from KC Securities and Swastika Investmart have given favorable ratings, highlighting that the IPO is priced at a 75% discount on a P/E basis compared to competitors like Kalyan Jewellers and Titan. KC Securities noted that at the upper price band, the issue is valued at 11.14x FY26 P/E, which is attractive compared to listed peers.3
Despite the positive outlook, analysts caution about potential risks, including a sharp rise in profits due to gold price fluctuations and unresolved GST demands of around ₹1,066 crore. Ventura pointed out that Lalithaa's revenue reached ₹25,024 crore in FY26, supported by a strong presence in Tier-2 and Tier-3 markets and a customer savings scheme that has amassed ₹5,043 crore in advances.78
In contrast, the Horizon Industrial Parks IPO, which opened on the same day, has struggled, with a subscription rate of only 0.25 times on the final day, leading analysts to prefer Lalithaa's offering.11
“By 12:09 PM on day 3, the public issue had been booked 9.69 times, with the retail portion subscribed 6.04 times. Ventura highlighted Lalithaa's scale, noting revenue of around ₹25,024 crore in FY26 and a strong presence in Tier-2 and Tier-3 markets.”
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