Lalithaa Jewellery, Horizon Industrial Parks raise ₹1,676 crore via anchor book ahead of IPOs

Lalithaa Jewellery Mart and Blackstone-backed Horizon Industrial Parks have collectively raised ₹1,675.8 crore from anchor investors ahead of the opening of their initial public offerings (IPOs) today. Lalithaa Jewellery raised ₹508 crore from 22 anchor investors, while Horizon Industrial Parks mobilised ₹1,167.8 crore from 54 institutional investors.

The two companies are looking to collectively raise ₹4,300 crore through their IPOs, which will remain open for subscription until August 19.

Lalithaa Jewellery raises ₹508 crore

Jewellery retailer Lalithaa Jewellery Mart allotted 2.53 crore equity shares to 22 anchor investors at ₹201 apiece, the upper end of its IPO price band, as per the exchange filing.

Key investors in the anchor book included Goldman Sachs Bank Europe, ICICI Prudential Mutual Fund, Bandhan Mutual Fund, Sanshi Fund-I, Kotak Mahindra Life Insurance Company, Morgan Stanley India Investment Fund and Bajaj Life Insurance.

The filing noted that four domestic mutual funds were allotted 1.14 crore shares, accounting for 45.26% of the total anchor allocation.

The ₹1,700-crore IPO of Lalithaa Jewellery Mart comprises a fresh issue of shares worth ₹1,200 crore and an offer for sale (OFS) of ₹500 crore. The company has fixed the price band at ₹190-201 per share, with a lot size of 74 shares. At the upper end of the price band, retail investors will need ₹14,874 to bid for one lot.

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

Founded in 1985, Chennai-headquartered Lalithaa Jewellery Mart primarily caters to mass-market and value-conscious consumers and sells gold, silver, diamond, precious and semi-precious jewellery. The retailer has a strong presence across tier-II and tier-III cities in southern India.

The company plans to use a significant portion of the fresh issue proceeds to expand its store network. It proposes to spend ₹34.55 crore on fit-outs, including furniture, fixtures, equipment and IT infrastructure, and ₹998.68 crore on inventory for setting up 10 new stores.

Lalithaa Jewellery's total income rose to ₹25,039.80 crore in FY26 from ₹16,907.88 crore in FY25, while profit after tax more than doubled to ₹1,009.82 crore from ₹364.73 crore. Its net worth increased to ₹3,033.14 crore from ₹2,028.80 crore. However, borrowings also rose to ₹1,604.14 crore from ₹949.26 crore during the period.

Horizon Industrial Parks garners ₹1,168 crore

Blackstone-backed Horizon Industrial Parks raised ₹1,167.8 crore from 54 anchor investors by allotting 19.46 crore equity shares at ₹60 apiece, the upper end of its IPO price band.

The anchor book included global institutional investors such as Morgan Stanley, Carmignac, Millennium Management, Societe Generale, Citigroup Global and Viridian Asset Management.

Domestic mutual funds received 3.88 crore shares through 27 schemes. The investors included WhiteOak Capital, Sundaram Mutual Fund, 360 ONE, PGIM India, JM Financial and Edelweiss.

SBI Life Insurance and Edelweiss Life Insurance were allotted another 1.24 crore shares worth around ₹75 crore.

Horizon Industrial Parks' ₹2,600-crore IPO is entirely a fresh issue of 43.34 crore shares, with a price band of ₹57-60 per share. The minimum bid lot is 250 shares, requiring a minimum investment of ₹15,000 for retail investors at the upper end of the price band.

The industrial and logistics infrastructure developer is owned and managed by three Blackstone affiliates, which collectively hold an 88.74% stake in the company.

The company plans to use the IPO proceeds primarily to repay or prepay, either partly or fully, certain borrowings of the company and its wholly owned subsidiaries, besides meeting general corporate purposes.

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