Shares of Lalithaa Jewellery Mart on Monday made a strong debut on the stock exchanges, listing at ₹265, a 32 per cent premium over the IPO price of ₹201 even as Blackstone-backed Horizon Industrial Parks witnessed a muted start. Lalithaa Jewellery ended at ₹248.44 on the NSE with 24 per cent gain.
Meanwhile, Horizon Industrial had a dull day, closing with over 3 per cent loss at ₹58.16 and ₹57.95 on the NSE and BSE, respectively against the IPO price of ₹60 after opening flat.
According to Shivani Nyati, Head of Wealth at Swastika Investmart, Lalithaa Jewellery strong debut reflects robust investor interest. She noted that the company remains attractively valued compared with organised peers such as Kalyan Jewellers and Titan, while its ROE of over 41 per cent indicates strong capital efficiency. However, negative operating cash flow of around ₹397.7 crore in FY26, the ₹1,066 crore GST dispute and promoter-related concerns remain key risks.
On Horizon Industrial Parks, Nyati said the muted debut does not alter the long-term positive outlook. She highlighted the company’s 93.56 per cent committed occupancy across 118 enterprise tenants and the fact that 54.05 per cent of leased space is occupied by Fortune 500 companies. Its FY26 EBITDA margin stood at around 79.16 per cent, while the planned debt reduction through IPO proceeds is expected to improve cash generation and financial flexibility. She suggested a closing-basis stop loss of ₹55, with ₹65-₹68 as the initial upside levels.
IPO subscription, anchor book details
The initial public offer of Lalithaa Jewellery Mart received 62.97 times subscription overall. The issue received bids for 395.22 crore shares against 6.27 crore shares on offer, as per NSE data.
Qualified institutional buyers bid for 145.38 times the shares reserved for them. The non-institutional investor category was subscribed 73.90 times, while the retail investor portion received 11.81 times subscription.
Lalithaa Jewellery Mart raised ₹508 crore from anchor investors, including Goldman Sachs, ICICI Prudential Mutual Fund and Bandhan Mutual Fund.
The price band for the IPO was fixed at ₹190-201 per share, valuing the company at around ₹11,250 crore at the upper end.
The issue comprised a fresh issue of up to ₹1,200 crore and an offer-for-sale of up to ₹500 crore. Proceeds from the fresh issue will primarily fund new stores.
Lalithaa Jewellery Mart opened its first store in Chennai’s T Nagar in 1985 and sells gold, silver and diamond jewellery.
Horizon Industrial Parks listing and IPO details
The initial share sale of Horizon Industrial Parks was subscribed 1.45 times on the last day of bidding. The ₹2,600-crore IPO received bids for 36,37,98,000 shares against 25,13,56,273 shares on offer, according to NSE data.
The QIB portion was subscribed 1.85 times, while the non-institutional investor category received 98 per cent subscription. The retail quota was subscribed 96 per cent. It had raised ₹1,168 crore from anchor investors. The price band was fixed at ₹57-60 per share.
The IPO comprised entirely a fresh issue of equity shares, with no offer-for-sale component. At the upper price band, the IPO values the company at a post-issue market capitalisation of around ₹17,298 crore. The company proposes to use the IPO proceeds primarily to repay borrowings.