Deepa Jewellers IPO is a ₹459.72 crore book-built mainboard issue, priced at ₹168 to ₹177 per share. It opens on 1 September 2026 and closes on 3 September 2026.
The IPO includes a fresh issue of up to ₹250 crore and an offer for sale worth up to ₹209.72 crore at the upper price band.
Revenue from operations increased from ₹1,024.57 crore in FY2024 to ₹1,926.68 crore in FY2026, while PAT rose from ₹24.35 crore to ₹104.79 crore.
Key risks include customer, supplier, product and geographic concentration, along with dependence on outsourced manufacturing and negative operating cash flow.
Deepa Jewellers IPO is a ₹459.72 crore book-built mainboard issue. It includes a fresh issue of 1,41,24,293 shares aggregating up to ₹250 crore and an offer for sale of up to 1,18,48,340 shares worth ₹209.72 crore at the upper price band.
Bidding opens on 1 September 2026 and closes on 3 September. The allotment is expected to be finalised on 4 September, followed by listing on BSE and NSE on 8 September 2026. The price band is ₹168 to ₹177 per share.
One lot contains 84 shares & the minimum retail investment is ₹14,868 at the upper price band. S-HNI applications start at 14 lots/1,176 shares, requiring ₹2,08,152, while B-HNI applications start at 68 lots/5,712 shares, requiring ₹10,11,024.
Deepa Jewellers IPO Details
The key details of the Deepa Jewellers IPO are listed below:
| Particulars | Details |
| IPO Open Date | 1 September 2026 |
| Close Date | 3 September 2026 |
| Face value | ₹2 per share |
| Price Band | ₹168 to ₹177 per share |
| Issue price | Not yet finalised |
| IPO Lot Size | 84 shares |
| Offer for sale | Up to 1,18,48,340 shares, aggregating up to ₹209.72 crore at ₹177 |
| Fresh issue | Up to 1,41,24,293 shares, aggregating up to ₹250 crore |
| Issue Type | Book Built Mainboard IPO |
| Listing at | BSE, NSE |
| Total Issue Size (₹ Crore) | ₹459.72 crore at the upper price band |
| Minimum Investment | ₹14,868 for 84 shares at ₹177 |
Deepa Jewellers IPO Timeline
The scheduled IPO dates are listed below:
| Particulars | Date |
| IPO Open Date | 1 September 2026 |
| IPO Close Date | 3 September 2026 |
| Tentative Allotment | 4 September 2026 |
| Initiation of Refunds | 7 September 2026 |
| Credit of Shares to Demat | 7 September 2026 |
| Tentative Listing Date | 8 September 2026 |
| Cut-off time for UPI mandate confirmation | 5:00 PM on 3 September 2026 |
Deepa Jewellers Key Performance Indicator
The key performance indicators reported for Deepa Jewellers are listed below:
| KPI | FY2024 | FY2025 | FY2026 |
| ROE | 30.30% | 35.95% | 56.45% |
| ROCE | 22.76% | 30.60% | 52.08% |
| Debt Equity | 0.84 | 0.61 | 0.47 |
| RoNW | 30.30% | 35.95% | 56.45% |
| PAT Margin | 2.37% | 2.90% | 5.44% |
| EBITDA margin | 3.49% | 4.01% | 7.60% |
| Price Book Value | – | – | – |
Deepa Jewellers IPO Financials
The financial performance for the latest three financial years is shown below:
| ₹ crore | FY2024 | FY2025 | FY2026 |
| Revenue from operations | 1,024.57 | 1,397.01 | 1,926.68 |
| Total Asset | 174.64 | 217.67 | 357.18 |
| Profit After Tax | 24.35 | 40.58 | 104.79 |
Deepa Jewellers India IPO Subscription Status
| Date | QIB (Ex Anchor) | NII | Retail | Total |
|---|---|---|---|---|
| Sep 1 (Day 1) | 0.00 | 0.31 | 0.79 | 0.46 |
Deepa Jewellers IPO Grey Market Premium (GMP Today)
The latest GMP, estimated listing price and recent trend for the Deepa Jewellers IPO are shown below:
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 01-09-2026 Open | ₹40 ▼ | ₹217 (22.60%) | ₹3,360 | 1-Sep-2026 11:53 |
| 31-08-2026 | ₹55 ▲ | ₹232 (31.07%) | ₹4,620 | 31-Aug-2026 23:36 |
| 30-08-2026 | ₹45 ▼ | ₹222 (25.42%) | ₹3,780 | 30-Aug-2026 23:31 |
| 29-08-2026 | ₹53 ▲ | ₹230 (29.94%) | ₹4,452 | 29-Aug-2026 23:31 |
| 28-08-2026 | ₹47 ─ | ₹224 (26.55%) | ₹3,948 | 28-Aug-2026 23:36 |
| 27-08-2026 | ₹47 ▲ | ₹224 (26.55%) | ₹3,948 | 27-Aug-2026 23:36 |
| 26-08-2026 | ₹0 ─ | ₹ (%) | 26-Aug-2026 13:10 |
Note:GMP (Grey Market Premium) values are sourced from the grey market and are subject to rapid change based on demand, subscription status and market sentiment.
Deepa Jewellers IPO Reservation
The reservation details for the Deepa Jewellers IPO are given below:
| Investor Category | Shares Offered |
| Market Maker Shares Offered | Not applicable |
| QIB Shares Offered | Not more than 50% of the offer |
| NII (HNI) Shares Offered | Not less than 15% of the offer |
| Retail Shares Offered | Not less than 35% of the offer |
| Total Shares Offered | Up to 2,59,72,633 shares |
Deepa Jewellers IPO Lot Size
The application requirements at the upper price band are shown below:
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 1 | 84 | ₹14,868 |
| Individual investors (Retail) (Max) | 13 | 1,092 | ₹1,93,284 |
| S-HNI (Min) | 14 | 1,176 | ₹2,08,152 |
| S-HNI (Max) | 67 | 5,628 | ₹9,96,156 |
| B-HNI (Min) | 68 | 5,712 | ₹10,11,024 |
Deepa Jewellers IPO Anchor Investors
Deepa Jewellers IPO anchor allocation details have not yet been officially announced.
| Particulars | Details |
| Bid Date | 31 August 2026 |
| Shares Offered | Up to 77,91,790 shares |
| Anchor Portion Size (In Cr.) | – |
| Anchor lock-in period end date for 50% shares (30 Days) | – |
| Anchor lock-in period end date for remaining shares (90 Days) | – |
Deepa Jewellers IPO Prospectus
The available IPO documents are listed below:
About Deepa Jewellers
Deepa Jewellers Limited is an organised B2B designer, processor and supplier of hallmarked gold jewellery. Its core markets include Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala.
- Founded in: 5 May 2016
- Managing Director: Ashish Agarwal
- Parent Organisation: Not applicable
- Services they Provide: Designing, processing and supplying hallmarked gold jewellery, jewellery job work and trading in jewellery and related products
The company designs jewellery through an in-house team and uses an outsourced manufacturing model. It supplies gold, alloys and precious stones to its network of karigars, who manufacture finished ornaments according to the company’s designs and specifications.
Its main business is processing and supplying 22-karat gold jewellery. Deepa Jewellers also undertakes job-work assignments and trades in silver ornaments, 18-karat and 20-karat gold jewellery, precious stones and gold bullion.
As of July 2026 end, the company had 373 customers across 13 states & 1 union territory. This included 47 jewellery retail chains and 326 standalone stores. Its portfolio comprised 16 products and 110 SKUs, including vaddanam, CNC machine-cut bangles, gents kada, necklaces, earrings and other jewellery products.
| Particulars | Name |
| Book running lead manager | Emkay Global Financial Services Limited and Valmiki Leela Capital Private Limited |
| Registrar of the issue | Bigshare Services Private Limited |
Objectives of the Deepa Jewellers
The proposed use of the fresh issue proceeds is shown below:
| Objective | Amount |
| Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory | ₹215 crore |
| General corporate purposes | Balance amount |
Strength Of Deepa Jewellers
- Presence in southern India: The company has developed its core business across Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala.
- Established customer relationships: Deepa Jewellers supplies jewellery to retail chains and standalone stores. Its customer network comprised 373 customers as of 31 July 2026.
- Focused product portfolio: The company had 16 products and 110 SKUs as of 31 July 2026. It has a particular presence in vaddanam and CNC machine-cut bangles.
- Procurement and karigar network: The company sources its key raw materials through its procurement network and works with 41 karigars for jewellery manufacturing.
- Experienced management: Promoters Ashish Agarwal and Seema Agarwal have worked in the gems and jewellery industry since 2001. Dev Agarwal joined the company in 2021.
Risk of Deepa Jewellers
- Customer concentration: The top 10 customers accounted for 64.67% of revenue from operations in FY2026. A reduction in orders from major customers can affect revenue.
- Product concentration: Vaddanam generated 41.85% of FY2026 revenue, while CNC machine-cut bangles contributed 30.87%. Together, these two product groups accounted for a large share of the business.
- Geographic concentration: Southern India contributed 94.37% of revenue from operations in FY2026. This increases exposure to changes in regional demand and operating conditions.
- Supplier concentration: The top 10 suppliers accounted for 91.81% of total purchases in FY2026. The company also does not have long-term contracts with several suppliers of gold bullion.
- Dependence on karigars: Jewellery manufacturing is outsourced to third-party karigars. Production disruptions, quality issues or loss of key karigars can affect order fulfilment.
- Operating cash flow: The company reported negative cash flow from operating activities in FY2025 and FY2026, despite reporting profits during both years.
Deepa Jewellers IPO Review
Deepa Jewellers recorded an increase in revenue from operations from ₹1,024.57 crore in FY2024 to ₹1,926.68 crore in FY2026. PAT increased from ₹24.35 crore to ₹104.79 crore over the same period. Its FY2026 ROCE stood at 52.08%, while the debt-to-equity ratio was 0.47.
The fresh issue will mainly support working-capital requirements, with ₹215 crore allocated towards inventory-related needs. Concentration remains an important risk, as the top 10 customers accounted for 64.67% of FY2026 revenue. SEBI-registered analyst Naveen Kumar also highlights customer concentration as a key point to assess in the Deepa Jewellers IPO. The company also depends on outsourced manufacturing and reported negative operating cash flow in FY2025 and FY2026.
Other Recent IPO List
The current and upcoming IPOs are listed below:
| Ashutosh Fibre IPO | Phychem Technologies IPO |
| Purple Style Labs IPO | Shanti Inorganics IPO |
| Priority Jewels IPO | Complete Sports & Management India IPO |
| Rays of Belief IPO | Lumino Industries IPO |
Deepa Jewellers IPO FAQs
Deepa Jewellers IPO is a ₹459.72 crore book-built mainboard issue at the upper price band. It comprises a fresh issue of up to ₹250 crore and an OFS of up to ₹209.72 crore.
Investors can apply through the IPO section of their broker or through an ASBA-enabled bank. Select Deepa Jewellers IPO, enter the number of lots and complete the required payment authorisation.
Deepa Jewellers has reported higher revenue and PAT between FY2024 and FY2026. However, customer, supplier, product and geographic concentration, outsourced manufacturing and negative operating cash flow are risks investors should consider.
IPO returns are not fixed or guaranteed. The actual return will depend on the listing price compared with the final allotted issue price.
Deepa Jewellers IPO opens on 1 September 2026 and closes on 3 September 2026.
One lot contains 84 shares. The minimum retail application is one lot, requiring ₹14,868 at the upper price band of ₹177.
Open the IPO section of a broker or use an ASBA-enabled bank account. Choose the IPO, enter the required bid quantity and authorise the application amount.
The tentative allotment date for Deepa Jewellers IPO is 4 September 2026.
Deepa Jewellers IPO is expected to list on BSE and NSE on 8 September 2026.
