Deepa Jewellers IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 36.73x |
| NII | 109.04x |
| sNII (₹2L–₹10L) | 72.02x |
| bNII (above ₹10L) | 127.56x |
| Retail (RII) | 19.09x |
| Total | 43.4x |
Bidding day 3 · final figures at close of bidding: 8 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 1 Sept 2026
- Close Date
- 3 Sept 2026
- Listing Date
- 8 Sept 2026
- Face Value
- ₹2
- Fresh Issue
- ₹250 Cr
- OFS
- ₹209.72 Cr
- Listing On
- NSE, BSE
- Registrar
- Bigshare Services
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 84 | ₹14,868 |
| Retail (Max) | 14 | 1,176 | ₹2,08,152 |
| B-HNI (Min) | 68 | 5,712 | ₹10,11,024 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 77,91,789 | 30% |
| QIB (ex-anchor) | 51,94,527 | 20% |
| NII | 38,95,895 | 15% |
| — sNII (< ₹10L) | 12,98,631 | 5% |
| — bNII (> ₹10L) | 25,97,264 | 10% |
| Retail | 90,90,422 | 35% |
| Total | 2,59,72,633 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,025.73 | 24.35 | 35.77 | 92.55 | 174.64 | 77.93 | — |
| FY 2025 | 1,400.1 | 40.58 | 56.01 | 133.21 | 217.67 | 80.79 | — |
| FY 2026 | 1,927.73 | 104.79 | 146.34 | 238.07 | 357.18 | 111.11 | 4.95 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 56.45%
- RoE
- 56.45%
- RoCE
- 52.08%
- Debt / Equity
- 0.47
- EPS (pre-issue)
- ₹4.95
- EBITDA Margin
- 7.6%
- PAT Margin
- 5.44%
- NAV / share
- ₹29.03
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by the Company | ₹215 Cr |
| General Corporate Purposes | ₹12.15 Cr |
| Issue Expenses | ₹41.95 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Manager’s fees and commissions (including underwriting commission, brokerage and selling commission, as applicable | ₹27.12 Cr |
| Brokerage, selling commission, bidding charges, processing fees for the Members of the Syndicate, Registered Brokers, SCSBs, RTAs and CDPs, Sponsor Banks | ₹1.44 Cr |
| Fees payable to the Registrar to the Offer | ₹0.34 Cr |
| Listing fees, SEBI filing fees, upload fees, BSE & NSE processing fees, book building software fees and other regulatory expenses | ₹4.36 Cr |
| Printing and distribution | ₹0.52 Cr |
| Advertising and marketing expenses | ₹2.93 Cr |
| Fee payable to legal counsel, the statutory auditor, independent chartered engineers, Industry report provider and other advisors | ₹4.39 Cr |
| Miscellaneous | ₹0.85 Cr |
Promoters & Shareholding
Promoters: <p>Ashish Agarwal, Seema Agarwal, Dev Agarwal</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 72.98%
- Dilution
- 27.02%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| MOTILAL OSWAL FINVEST LTD. | Other | 20,31,464 | ₹177 | 35.96 | 26.07% |
| UNIFI FLEXI CAP FUND | Other | 5,64,984 | ₹177 | 10 | 7.25% |
| TATA INDIA CONSUMER FUND | Other | 5,39,952 | ₹177 | 9.56 | 6.93% |
| HIGH CONVICTION FUND-SERIES I | Other | 5,08,274 | ₹177 | 9 | 6.52% |
| WHITEOAK CAPITAL EQUITY FUND | Other | 5,08,273 | ₹177 | 9 | 6.52% |
| 360 ONE EQUITY OPPORTUNITY FUND-SERIES II | Other | 5,08,274 | ₹177 | 9 | 6.52% |
| ASHOKA INDIA EQUITY INVESTMENT TRUST PLC | Other | 5,08,274 | ₹177 | 9 | 6.52% |
| TATA DIVIDEND YIELD FUND | Other | 3,91,860 | ₹177 | 6.94 | 5.03% |
| MAYBANK SECURITIES PTE.LTD.-ODI | Bank | 3,66,830 | ₹177 | 6.49 | 4.71% |
| CP Capital Ltd. | Other | 3,66,830 | ₹177 | 6.49 | 4.71% |
| GIRIK MULTICAP GROWTH EQUITY FUND-III | Other | 3,66,830 | ₹177 | 6.49 | 4.71% |
| LRSD SECURITIES PVT.LTD. | Other | 2,82,486 | ₹177 | 5 | 3.63% |
| ALCHEMY LONG TERM VENTURES FUND-SERIES III | Other | 2,82,486 | ₹177 | 5 | 3.63% |
| CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD. | FII/FPI | 2,82,486 | ₹177 | 5 | 3.63% |
| NOMURA SINGAPORE LTD. | Other | 2,82,486 | ₹177 | 5 | 3.63% |
Anchor bidding took place on 31 Aug 2026. Anchor lock-in: 50% of shares unlock on 3 Oct 2026, the remainder on 2 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Deepa Jewellers | 12.78 | 29.03 | — | 56.45% | — | Standalone |
| Khazanchi Jewellers Ltd | 36.1 | 129.14 | 22.22x | 32.45% | 6.22x | Consolidated |
| Rbz Jewellers Ltd | 13.7 | 74.96 | 10.08x | 20.11% | 1.86x | Consolidated |
| Shanti Gold International Ltd | 21.22 | 83 | 12.72x | 37.34% | 3.24x | Consolidated |
| Shringar House Of Mangalsutra Ltd | 13.55 | 70.29 | 17.02x | 26.29% | 3.29x | Consolidated |
| Sky Gold And Diamonds Ltd | 13.97 | 72.02 | 57.56x | 23.88% | 11.15x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Deepa Jewellers IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Deepa Jewellers IPO
The Deepa Jewellers mainboard IPO is open between 1 Sept 2026 and 3 Sept 2026, offered at a price band of ₹168–177 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹459.72 crore. Retail investors bid in lots of 84 shares, a minimum application of ₹14,868.
Issue structure
The offer combines a fresh issue of ₹250 crore with an offer for sale (OFS) of ₹209.72 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by the company (₹215 crore), alongside issue expenses (₹41.95 crore). In all, 3 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Deepa Jewellers reported revenue of ₹1,927.73 crore and a net profit of ₹104.79 crore. Revenue grew from ₹1,025.73 crore in FY2024 to ₹1,927.73 crore in FY2026 (+88.0%). Net worth stood at ₹238.07 crore at the end of FY2026. At the upper band, that puts the issue at roughly 35.8× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Peer comparison
The offer document names listed peers including Khazanchi Jewellers Ltd and Rbz Jewellers Ltd, with a median peer P/E of about 17×.
Promoters
The promoters of the company are <p>Ashish Agarwal, Seema Agarwal, Dev Agarwal</p>. Promoter holding stands at 100% before the issue and comes down to 72.98% after listing.
Grey market premium (GMP)
In the unofficial grey market, Deepa Jewellers shares are quoted at a premium of ₹25 implying an expected listing around ₹202, about +14.1% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Deepa Jewellers IPO was subscribed 43.4 times overall. The strongest demand came from non-institutional investors (NII) at 109.04 times, with qualified institutional buyers (QIB) at 36.73× and retail investors at 19.09×.
Listing performance
Deepa Jewellers listed on 8 Sept 2026 at ₹221.05, a premium of +24.9% over the issue price of ₹177.
What to weigh
When evaluating the Deepa Jewellers IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Deepa Jewellers
Deepa Jewellers Ltd. is engaged in the retail and wholesale trading of gold and diamond jewellery, offering a wide range of traditional and contemporary designs catering to diverse customer preferences. The company focuses on sourcing, designing, and selling jewellery products including rings, necklaces, earrings, bangles, and customized ornaments crafted with quality materials and skilled workmanship. Deepa Jewellers Ltd. emphasizes purity, transparent pricing, and customer trust, operating through physical stores and distribution channels while adhering to regulatory standards and evolving jewellery market trends. Product Portfolio: Vaddanam (waist belt), CNC machine cut bangles, gents kada, vanky(armlet), dandpatti (bajuband), gundlamala haaram (traditional neck piece), gundlamala necklace, kangan, earring, mangtika (forehead pendant), maatil (ear chain), champasaralu (ear to hair chain), jada (braid ornament), and rings. As on November 30, 2025, they have a product portfolio of 14 products and 76 SKUs across their product categories. Competitive Strengths: Strong presence in southern market Well established customer base with long-standing relationship with jewellery retail chains and standalone stores Diverse product portfolio with varied weight ranges, designs and specialisation in vadannam and CNC machine cut bangles Established procurement network and long -standing relationship with karigars Well experienced Promoters and a professional management team with sectoral experience
Deepa Jewellers — Contact Details
- Registered office
- Ground floor and first floor,, door no. 3- 6-343 & 344,, Basheerbagh, Himayathnagar,, Hyderabad, Telangana, 500029
- Phone
- + 91 76809 62117
- cs@deepajewel.com
- Website
- www.deepajewel.com/
- Registrar (IPO queries)
- ipo@bigshareonline.com
Frequently asked questions
- What is the Deepa Jewellers IPO price band?
- The Deepa Jewellers IPO price band is ₹168 to ₹177 per share, with a lot size of 84 shares.
- What was the Deepa Jewellers IPO GMP before listing?
- The final grey market premium recorded before the Deepa Jewellers IPO listed was ₹25. The IPO listed on 8 Sept 2026 at ₹221.05, +24.9% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Deepa Jewellers IPO open and close?
- The Deepa Jewellers IPO opens on 1 Sept 2026 and closes on 3 Sept 2026.
- When is the Deepa Jewellers IPO allotment and listing date?
- Allotment is expected on 4 Sept 2026. The shares are scheduled to list on 8 Sept 2026 on NSE and BSE.
- How many times was the Deepa Jewellers IPO subscribed?
- The Deepa Jewellers IPO was subscribed 43.4 times in total across all investor categories.
- What is the reservation split in the Deepa Jewellers IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Deepa Jewellers and what is their holding?
- The promoters are <p>Ashish Agarwal, Seema Agarwal, Dev Agarwal</p>. Promoter holding is 100% before the issue and 72.98% after listing.
- What are the objects of the Deepa Jewellers IPO?
- The net proceeds go primarily toward funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by the company, among 3 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Deepa Jewellers IPO?
- The book-running lead managers are Emkay Global Financial Services Ltd., Valmiki Leela Capital Pvt.Ltd.. Bigshare Services is the registrar to the issue.
- Is Deepa Jewellers a Mainboard or SME IPO?
- Deepa Jewellers is a Mainboard IPO, listing on NSE and BSE.