Lalithaa Jewellery Mart has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 1700 crore through an initial public offering (IPO). The company's proposed IPO is a combination of a fresh issue of shares worth Rs 1,200 crore and an offer-for-sale of equities valued at Rs 500 crore by M Kiran Kumar Jain.
Proceeds from the fresh issue to the tune of Rs 1,014.50 crore will be used for setting up new stores, and a portion would be utilised for general corporate purposes. Anand Rathi Advisors and Equirus Capital are the book-running lead managers of the issue. The equity shares are proposed to be listed on the BSE and NSE.
Lalithaa Jewellery Mart, which opened its first store in 1985 in T Nagar locality of Chennai, sells gold jewellery, silverware and diamond jewellery.
