Lalithaa Jewellery IPO Gets 69% Subscription on First Day

New Delhi: The initial public offer of Lalithaa Jewellery Mart Ltd was subscribed 69 per cent on the first day of bidding on Monday.

The IPO received bids for 4,35,37,826 shares against 6,27,61,403 shares on offer, as per NSE data.

The category for retail investors was subscribed 74 per cent, while the portion for Qualified Institutional Buyers (QIBs) received 67 per cent subscription. The quota for non-institutional investors was subscribed 61 per cent.

The jewellery retailer on Friday raised Rs 508 crore from anchor investors, including Goldman Sachs, ICICI Prudential Mutual Fund and Bandhan Mutual Fund.

Lalithaa Jewellery Mart's IPO will close on August 19. The price band has been fixed at Rs 190-201 per share, valuing the company at around Rs 11,250 crore at the upper end.

The issue comprises a fresh issue of up to Rs 1,200 crore and an offer-for-sale of up to Rs 500 crore. Proceeds from the fresh issue will primarily fund new stores.

Lalithaa Jewellery Mart, which opened its first store in Chennai's T Nagar in 1985, sells gold, silver and diamond jewellery.

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

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