Lalithaa Jewellery Mart, a prominent jewellery retailer headquartered in Chennai, has initiated the process for an Initial Public Offering (IPO) valued at Rs 1,700 crore. The IPO will comprise a fresh issue of shares worth Rs 1,200 crore and an offer-for-sale of Rs 500 crore by promoter M Kiran Kumar Jain. According to the Draft Red Herring Prospectus (DRHP) filed with SEBI, the proceeds will largely be used for establishing new stores and general corporate purposes.