Lalithaa Jewellery Mart, Shankesh Jewellers IPOs to open next week; jewellery firms eye over ₹2,000 crore

In a fresh development in the primary market, two jewellery companies - Lalithaa Jewellery Mart and Shankesh Jewellers - are set to launch their initial public offerings (IPOs) next week, collectively looking to raise around ₹2,067 crore.

Lalithaa Jewellery Mart will be the first to hit the market, with its ₹1,700-crore IPO opening for subscription on August 17 and closing on August 19. The issue comprises a fresh issue of shares worth ₹1,200 crore and an offer for sale (OFS) of ₹500 crore.

The Chennai-headquartered company has fixed a price band of ₹190-201 per share, with a lot size of 74 shares. Retail investors will need to invest at least ₹14,874 to subscribe to one lot at the upper end of the price band. The shares are proposed to be listed on both the NSE and BSE on August 24.

Shankesh Jewellers will follow with its ₹367.18-crore IPO, which will open on August 18 and close on August 20. The issue consists of a fresh issue of 2.95 crore shares worth ₹274.18 crore and an OFS of 1 crore shares worth ₹93 crore.

The Mumbai-based handcrafted gold jewellery wholesaler and B2B manufacturer has set the price band at ₹88-93 per share and the lot size at 160 shares. A retail investor will require a minimum investment of ₹14,880 at the upper end of the price band. The shares are expected to debut on the NSE and BSE on August 25.

Lalithaa Jewellery Mart is primarily a retail expansion story, with a large portion of its IPO proceeds earmarked for opening 10 new stores and funding their initial inventory. On the other hand, Shankesh Jewellers is focused on jewellery manufacturing and customised products, with a sizeable portion of the issue proceeds going towards reducing its debt and strengthening its working capital.

Lalithaa Jewellery Mart IPO

Founded in 1985, Lalithaa Jewellery Mart is a jewellery retailer with a strong presence in South India. It primarily caters to mass-market and value-conscious consumers and offers gold, silver, diamond, precious and semi-precious jewellery.

The company has established a presence in tier-II and tier-III cities across southern India and operates through large-format and medium-format stores. It follows an asset-light retail model supported by backward integration and inventory management.

A significant portion of the IPO proceeds will be used to fund the expansion of its store network. The company plans 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.

Financially, Lalithaa Jewellery Mart has reported strong growth. Its 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 in FY26 from ₹2,028.80 crore a year earlier. However, total borrowings also increased to ₹1,604.14 crore from ₹949.26 crore during the period.

Shankesh Jewellers IPO

Incorporated in 2005, Shankesh Jewellers is engaged in manufacturing customised handcrafted gold jewellery, with a focus on 22-karat and 18-karat products. Its portfolio includes bangles, bridal jewellery, chokers, jhumkas, necklaces, mangalsutras, rings and other jewellery sets.

The company distributes its products across India to corporate and non-corporate customers. Its clientele includes established jewellery retailers such as Joyalukkas India, P. N. Gadgil & Sons, Kalyan Jewellers India, Novel Jewels, Manoj Vaibhav Gems 'N' Jewellers and others.

Of the IPO proceeds, ₹158 crore will be used towards the repayment or prepayment of borrowings, while ₹38 crore will be deployed towards working capital requirements.

Shankesh Jewellers has also reported a sharp improvement in profitability. Its total income increased to ₹1,630.93 crore in FY26 from ₹1,403.94 crore in FY25, while profit after tax jumped to ₹106.68 crore from ₹40.31 crore.

EBITDA more than doubled to ₹157.90 crore from ₹65.35 crore during the same period. Net worth increased to ₹209.43 crore from ₹100.60 crore, while borrowings rose to ₹167.30 crore from ₹145.63 crore.

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