IPO listing: Lalithaa Jewellery Mart shares list at 32% premium; Horizon Industrial Parks debuts flat

Shares of Lalithaa Jewellery Mart and Blackstone-backed Horizon Industrial Parks made contrasting debuts on the stock exchanges on Monday, with the jewellery retailer listing 32% above its issue price, while the industrial and logistics infrastructure developer opened broadly flat.

South India-focused Lalithaa Jewellery Mart shares debuted at ₹265 on the NSE, a 31.84% premium over the issue price of ₹201. On the BSE, the stock listed at ₹265.30, giving the company a market capitalisation of ₹14,849.10 crore.

Meanwhile, shares of Horizon Industrial Parks opened at ₹60.25 on the NSE, a marginal 0.42% premium over the issue price of ₹60. On the BSE, the stock debuted at ₹59.65, a 0.58% discount, giving the company a market capitalisation of ₹17,196.52 crore.

The equity benchmarks, Sensex and Nifty50, were trading marginally higher, as persistent concerns over a spike in crude oil prices and the West Asia crisis capped gains.

Lalithaa Jewellery IPO subscribed 63x

Lalithaa Jewellery Mart’s IPO, which was open for subscription from August 17 to August 19, was subscribed 62.97 times on the final day of bidding, receiving bids for 395.21 crore shares against 6.28 crore shares on offer.

The QIB portion was subscribed 145.38 times, while the NII and retail portions were subscribed 73.90 times and 11.81 times, respectively.

Ahead of the IPO, Lalithaa Jewellery Mart raised ₹508.20 crore from anchor investors by allotting 2.53 crore shares at ₹201 apiece. Anchor investors included Goldman Sachs Bank Europe, Morgan Stanley India Investment Fund, Kotak Mahindra Life Insurance, Bajaj Life Insurance, Greater India Portfolio and Sanshi Fund-I.

Lalithaa Jewellery Mart operates 61 stores across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry, with a total operational area of 650,881 sq ft as of March 31, 2026.

Operating under the Lalithaa brand, the company sells gold, silver and diamond jewellery and has in-house manufacturing facilities in Tamil Nadu. Its focus on tier-II and tier-III markets is a key differentiator, with 45 of its 61 stores located in these cities.

Horizon Industrial Parks IPO booked 1.45 times

Blackstone-backed Horizon Industrial Parks’ ₹2,600-crore IPO was subscribed 1.45 times, receiving bids for 36.38 crore shares against 25.14 crore shares on offer.

The QIB portion was subscribed 1.85 times, while the NII and retail portions were subscribed 98% and 96%, respectively.

Ahead of the IPO, the company raised ₹1,167.8 crore from 54 anchor investors by allotting 19.46 crore shares at ₹60 apiece.

The anchor book included global investors such as Morgan Stanley, Carmignac, Millennium Management, Societe Generale, Citigroup Global and Viridian Asset Management. Domestic mutual funds were allotted 3.88 crore shares across 27 schemes, with investors including WhiteOak Capital, Sundaram Mutual Fund, 360 ONE, PGIM India, JM Financial and Edelweiss.

Horizon Industrial Parks is an industrial and logistics infrastructure developer owned and managed by three Blackstone affiliates, which collectively hold an 88.74% stake. The company plans to use the IPO proceeds primarily to repay or prepay borrowings of the company and its wholly owned subsidiaries, besides meeting general corporate purposes.

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