Lalithaa Jewellery Mart IPO Day 2 Subscription Status: 3.25x Subscribed; GMP at ₹34
Lalithaa Jewellery Mart’s IPO was subscribed 3.25 times on Day 2, as of early evening (5:00 p.m. to 6:30 p.m. IST) on 18 August 2026. Non-Institutional Investors (NIIs) led demand at 6.83x, followed by employees and retail investors. Qualified Institutional Buyers (QIBs) reached 1.08x. The issue closes on 19 August, while the latest Grey Market Premium (GMP) reading is ₹34, although another tracker reports ₹26.
| Metric | Latest update |
| Bidding day | Day 2 |
| Data status | Early evening (5:00 p.m. to 6:30 p.m. IST) on 18 August 2026 |
| Overall subscription | 3.25x |
| QIB subscription | 1.08x |
| NII subscription | 6.83x |
| Retail subscription | 2.95x |
| Employee subscription | 3.28x |
| Current GMP | ₹34 |
| GMP percentage | 16.9% |
| Indicative price | ₹235 |
| Closing date | 19 August 2026 |
Lalithaa Jewellery Mart IPO Day 2 Subscription Status
Lalithaa Jewellery Mart saw a clear acceleration in bidding on its second day. The NII category emerged as the strongest major segment at 6.83x, including 7.04x in the larger NII portion and 6.42x in the smaller NII portion.
Retail demand reached 2.95x, while employees subscribed their reserved portion 3.28x. QIB demand moved just above full subscription at 1.08x.
| Investor category | Day 2 | Day 1 close | Change |
| QIBs | 1.08x | 0.71x | +0.37x |
| NIIs | 6.83x | 0.65x | +6.18x |
| Retail investors | 2.95x | 0.81x | +2.14x |
| Employees | 3.28x | 1.63x | +1.65x |
| Overall | 3.25x | 0.75x | +2.50x |
Subscription multiples represent bid quantity relative to shares reserved for each category, not the number of unique investors. Category size also matters when comparing these figures.
How Subscription Changed From Day 1
Overall subscription increased from 0.75x at the end of Day 1 to 3.25x on Day 2, an absolute rise of 2.50 times.
The main driver was the NII category, which moved from 0.65x to 6.83x. Retail participation also broadened materially, rising from 0.81x to 2.95x. QIB participation increased more gradually from 0.71x to 1.08x.
The Day 2 data therefore shows broader participation than on the opening day, although demand remains particularly concentrated in the NII category. Institutional participation often builds later in the bidding period, but the current figures do not establish how QIB demand will develop on Closing Day.
Lalithaa Jewellery Mart IPO GMP Today and Estimated Listing Price
The most recent available GMP reading is ₹34 per share on 18 August 2026, up from a previous reading of ₹33 on the same date on one tracker. At the IPO’s upper price band of ₹201:
Indicative price = ₹201 + ₹34 = ₹235
GMP percentage = ₹34 ÷ ₹201 × 100 = 16.9%
However, GMP data is not uniform. Another established tracker reported a ₹26 GMP on 18 August 2026, implying an indicative price of ₹227 and a premium of about 12.9%. The readings should not be averaged because the grey market is informal and quotes can vary between trackers.
GMP is unofficial, unregulated, and can change quickly. It is not published by the Securities and Exchange Board of India (SEBI), BSE Limited (BSE), or the National Stock Exchange of India (NSE), and it does not guarantee the eventual listing price or a listing gain.
What Stands Out in Today’s Bidding
The strongest signal is the sharp increase in NII demand. The category rose by more than six times in absolute subscription terms from its Day 1 close. Retail demand also crossed full subscription comfortably, suggesting that Day 2 participation was broader than the opening-day response.
Two limitations matter. First, the 3.25x overall multiple does not establish whether the company’s valuation is fair or whether its shares will perform well after listing. Second, the ₹26 to ₹34 spread between GMP trackers shows why grey-market data should be treated as an informal sentiment indicator rather than a precise forecast.
IPO Details Retail Investors Need
| IPO detail | Information |
| Price band | ₹190 to ₹201 per share |
| Lot size | 74 shares |
| Minimum retail investment | ₹14,874 at upper band |
| Issue size | ₹1,700 crore |
| Fresh issue | ₹1,200 crore |
| Offer for Sale (OFS) | ₹500 crore |
| Issue type | Mainboard book-built IPO |
| Closing date | 19 August 2026 |
| Expected listing date | 24 August 2026 |
| Exchange | BSE and NSE |
The employee portion carries a ₹19-per-share discount. The IPO remains open for one more bidding day, with 19 August 2026 as the scheduled closing date.
Brief Company and Financial Context
Lalithaa Jewellery Mart is a South India-focused jewellery retailer selling gold, silver, and diamond jewellery through 61 stores across 51 cities as of March 2026. Gold jewellery contributed about 92% of FY26 revenue. Revenue from operations increased to ₹25,023.93 crore in FY26 from ₹16,897.32 crore in FY25, while profit after tax rose to ₹1,009.82 crore from ₹364.73 crore.
Fresh proceeds are primarily intended to fund 10 new stores, including inventory and fit-out costs. Key considerations include dependence on gold jewellery, exposure to gold-price movements, and negative operating cash flow reported for FY26.
What Happens Next
The IPO enters its Closing Day on 19 August 2026. The main figures to monitor are whether QIB participation strengthens, whether NII demand continues to lead, how far retail subscription rises from 2.95x, and whether the current GMP range holds or changes as bidding concludes.
Frequently Asked Questions (FAQs)
Q: How many times was the Lalithaa Jewellery Mart IPO subscribed on Day 2?
A: Lalithaa Jewellery Mart IPO subscription reached about 3.25x overall as of early evening on 18 August 2026. NIIs led the major investor categories at 6.83x, while retail investors subscribed 2.95x and QIBs 1.08x.
Q: How did Lalithaa Jewellery Mart IPO demand change from Day 1 to Day 2?
A: Overall subscription rose from 0.75x at the Day 1 close to 3.25x on Day 2. The biggest increase came from NIIs, whose subscription climbed from 0.65x to 6.83x.
Q: What is the Lalithaa Jewellery Mart IPO GMP today?
A: The latest available reading from one tracker is ₹34 per share on 18 August 2026. Another tracker reports ₹26, indicating a material difference in unofficial grey-market quotes. GMP can vary between trackers and change quickly.
Q: What listing price does the current GMP indicate?
A: A ₹34 GMP and ₹201 upper price band imply an indicative price of ₹235 per share. Using the alternative ₹26 GMP reading gives ₹227. Neither figure is a forecast or guarantee of the actual listing price.
Q: Does the high Day 2 subscription guarantee a premium listing?
A: No. Subscription multiples measure bidding demand relative to available shares. They do not prove fair valuation, business quality, or future returns. Market conditions and investor sentiment can also change before listing.
Disclaimer
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