The Deepa Jewellers IPO opened for subscription on Tuesday, 1 September, and will close today, Thursday, 3 September. The Deepa Jewellers IPO price band has been set at ₹168– ₹177 per equity share, with a face value of ₹2 per share. The Deepa Jewellers IPO lot size is 84 equity shares, and bids can be placed in multiples of 84 shares thereafter.
Deepa Jewellers IPO GMP today
Deepa Jewellers IPO GMP today, or grey market premium, is +28. 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 ₹205 apiece, which is 15.82% higher than the IPO price of ₹177.
According to grey market movements over the past nine sessions, the IPO’s Grey Market Premium (GMP) is showing an upward trend today, suggesting positive expectations for its listing. Throughout this timeframe, the GMP varied from a minimum of ₹0.00 to a peak of ₹55, as noted by experts.
Under the Deepa Jewellers IPO reservation structure, up to 50% of the issue size has been reserved for qualified institutional buyers (QIBs), while at least 15% has been set aside for non-institutional investors (NIIs). Retail investors have been allocated at least 35% of the offer.
The Deepa Jewellers IPO basis of allotment is expected to be finalised on Friday, 4 September. The company is likely to begin processing refunds on Monday, 7 September, while shares are expected to be credited to the demat accounts of successful allottees on the same day.
The Deepa Jewellers share price is likely to be listed on both the BSE and NSE on Tuesday, 8 September.
Deepa Jewellers IPO subscription status
Deepa Jewellers IPO subscription status was 3.60x on day 2. The retail portion is subscribed 4.69x, and the NII portion has been booked 5.10x; the QIBs portion received 46% bids.
The company has received bids for 6,66,95,244 shares against 1,85,20,085 shares, 17:00 IST, as per BSE data.
Deepa Jewellers IPO review
Brokerages have largely retained a positive view on the Deepa Jewellers IPO, citing strong earnings growth, healthy return ratios and an attractive valuation compared with listed peers. However, they have flagged risks related to customer concentration, regional jewellery preferences and working capital requirements.
Swastika Investmart said the issue is attractively priced at a meaningful discount to its listed peers. At the upper price band, Deepa Jewellers is valued at around 16x price-to-earnings (P/E), compared with the peer average of nearly 24x. Despite the lower valuation, the company reported the highest return on net worth (RoNW) among its listed peers at 56.45%.
The brokerage, however, cautioned that the company’s top 10 customers accounted for 64.67% of its FY26 revenue, while Deepa Jewellers does not have long-term contracts with these customers. Swastika Investmart also pointed to the company’s significant dependence on Vaddanam and CNC bangles, which could expose revenue to shifts in regional jewellery design preferences. Rising receivables and an extended operating cycle of 53 days have also increased working capital requirements.
Swastika Investmart said investors could consider the IPO for listing gains, supported by the company’s strong growth, improving profitability and attractive valuation relative to peers. However, it advised caution given the high customer concentration and thin margins.
SBICAP Securities highlighted Deepa Jewellers’ structured hedging framework, which is aimed at mitigating gold price volatility and protecting margins. At the upper price band of ₹177, the issue is valued at 16.2x FY26 P/E based on the post-issue capital. The brokerage has assigned a ‘Subscribe’ rating to the IPO for investors with a long-term investment horizon.
Canara Bank Securities highlighted the company’s rapid growth, with revenue rising to ₹1,926.68 crore in FY26 despite Deepa Jewellers operating with only 41 karigars under a decentralised, machine-led outsourced manufacturing model.
The brokerage noted that the IPO proceeds will be used to establish a 6,696 sq ft in-house manufacturing facility in Hyderabad. The facility is expected to reduce the company’s dependence on craftsmen by deploying high-tech machinery.
According to Canara Bank Securities, Deepa Jewellers recorded CAGRs of 37%, 102.26%, and 107.46% in revenue, EBITDA, and PAT, respectively, between FY24 and FY26. Inventory holding stood at 18 days in FY26, while return on equity (ROE) and return on capital employed (ROCE) were 56.45% and 52.08%, respectively. At the upper end of the price band, the company is valued at a P/E multiple of 13.85x, below the peer average of 24x.
Given the company’s operational efficiency and positioning, Canara Bank Securities recommended a ‘Subscribe’ rating for investors with a long-term investment horizon.
BP Equities said Deepa Jewellers is valued at 13.9x its diluted FY26 earnings per share (EPS) of ₹12.7 at the upper price band of ₹177, compared with the peer average of 24x. The brokerage said the discount to peers, combined with the company’s strong earnings growth profile, provides scope for a potential valuation re-rating. BP Equities has therefore assigned a ‘Subscribe’ rating to the issue.
Deepa Jewellers IPO details
Deepa Jewellers, a B2B designer and supplier of hallmarked gold jewellery in southern India, plans 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 comprise an offer for sale (OFS) of up to 1.18 crore equity shares by promoter Ashish Agarwal and his wife, Seema Agarwal. Proceeds from the OFS will accrue directly to the selling shareholders.
Deepa Jewellers filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in December 2025 and received regulatory clearance for the public issue in May 2026.
The company plans to use ₹215 crore from the fresh issue to meet its long-term working capital requirements. A substantial portion of these funds will be deployed towards the procurement, maintenance and expansion of its jewellery inventory. The balance of the proceeds will be used for general corporate purposes.
Emkay Global Financial Services and Valmiki Leela Capital have been appointed as the merchant bankers for the Deepa Jewellers IPO, while Bigshare Services Pvt Ltd is acting 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.
