The Deepa Jewellers IPO opened for subscription on Tuesday, 1 September, and will close on Thursday, 3 September. The Deepa Jewellers IPO price band has been fixed at ₹168 to ₹177 per equity share, with a face value of ₹2 per share. The Deepa Jewellers IPO lot size is 84 equity shares, and investors can bid in multiples of 84 shares thereafter.
Deepa Jewellers IPO GMP today, or grey market premium, is +44. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Deepa Jewellers share price was indicated at ₹221 apiece, which is 24.86% higher than the IPO price of ₹177.
Under the issue reservation, not more than 50% of the shares have been reserved for qualified institutional buyers (QIBs), while not less than 15% has been earmarked for non-institutional investors (NIIs). Retail investors have been allocated not less than 35% of the offer.
The Deepa Jewellers IPO basis of allotment is tentatively scheduled to be finalised on Friday, 4 September. The company is expected to initiate refunds on Monday, 7 September, with shares likely to be credited to the demat accounts of successful allottees on the same day.
The Deepa Jewellers share price is expected to be listed on both the BSE and NSE on Tuesday, 8 September.
Deepa Jewellers IPO subscription status
Deepa Jewellers IPO subscription status was 87% on day 1. The retail portion is subscribed 1.38x, and NII portion has been booked 63%, QIBs portion received 11% bids.
The company has received bids for 1,60,34,172 shares against 1,85,20,085 shares at the end of the first day.
Deepa Jewellers IPO review
Brokerages have largely maintained a positive view on the Deepa Jewellers IPO, citing its strong earnings growth, healthy return ratios and attractive valuation compared with listed peers. However, they have also flagged risks related to customer concentration, regional product preferences and working capital.
Swastika Investmart noted that the issue is priced at a meaningful discount to its peers, with the company valued at around 16x P/E compared with the peer average of nearly 24x. Despite the lower valuation, Deepa Jewellers reported the highest return on net worth (RoNW) among its listed peers at 56.45%.
The brokerage, however, highlighted that the company’s top 10 customers contributed 64.67% of FY26 revenue, while it does not have long-term contracts with them. It also pointed out that Vaddanam and CNC bangles account for a significant portion of revenue, exposing the company to changes in regional jewellery design preferences. Rising receivables and a longer operating cycle of 53 days have also increased the company’s working capital requirements.
Swastika Investmart said investors may consider the issue for listing gains, supported by strong growth, improving profitability and attractive peer valuations. However, it advised caution given the high customer concentration and thin margins.
SBICAP Securities highlighted the company’s structured hedging framework, which is designed to mitigate gold price volatility and protect margins. At the upper price band of ₹177, the issue is valued at a FY26 P/E multiple of 16.2x based on post-issue capital. The brokerage has recommended a ‘Subscribe’ rating for investors with a long-term investment horizon.
Canara Bank Securities highlighted Deepa Jewellers’ rapid growth, with revenue scaling to ₹1,926.68 crore in FY26 despite the company operating with only 41 karigars through a decentralised, machine-led outsourced model. The brokerage noted that IPO proceeds will be used to fund a 6,696 sq ft in-house facility in Hyderabad, which is expected to reduce dependency on craftsmen through the use of high-tech machinery.
According to Canara Bank Securities, Deepa Jewellers recorded revenue, EBITDA and PAT CAGRs of 37%, 102.26% and 107.46%, respectively, between FY24 and FY26. Its inventory holding stood at just 18 days in FY26, while FY26 ROE and ROCE stood at 56.45% and 52.08%, respectively. At the upper price band, the stock is valued at a P/E of 13.85x, below the peer average.
Given the company’s superior operational efficiency and positioning, Canara Bank Securities has recommended investors ‘Subscribe’ to the issue for both the long term
Deepa Jewellers IPO details
Deepa Jewellers, a B2B designer and supplier of hallmarked gold jewellery in southern India, is set to raise ₹250 crore through a fresh issue of equity shares as part of its initial public offering (IPO).
The Deepa Jewellers IPO will also include an offer for sale (OFS) of up to 1.18 crore equity shares by promoter Ashish Agarwal and his wife, Seema Agarwal. The proceeds from the OFS will be received directly by the selling shareholders.
The company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in December 2025 and received regulatory approval in May 2026.
Of the proceeds from the fresh issue, Deepa Jewellers plans to allocate ₹215 crore towards its long-term working capital requirements. The funds will primarily be used to procure, maintain and expand its jewellery inventory. The remaining proceeds will be utilised for general corporate purposes.
Emkay Global Financial Services and Valmiki Leela Capital are acting as the merchant bankers for the Deepa Jewellers IPO, while Bigshare Services Pvt. Ltd. has been appointed as the registrar to the issue.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
