Deepa Jewellers Limited IPO
ListedMainboardDiamond, Gems and Jewellery
43.40×
Subscribed
Price band
₹168 – ₹177
Lot size
84
1 lot = ₹14,868
Issue size
₹459.72 Cr
Open – close
01 Sept 2026
to 03 Sept 2026
Listing
08 Sept 2026
Listing gain
+24.86%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong6 of 7 dimensions read
The disclosed numbers are strong — 7 of 8 signals read positive
Strength91/100
- Priced in line with peers13.8× earnings against a peer median of 15.9×
- Out-earns its peersReturn on net worth of 56.5% against a peer median of 26.3%
- Strong revenue growthRevenue compounding at 37.1% across the reported years
- Profit growth outpaces salesPAT up 107.5% a year against revenue at 37.1% — check whether that is operating leverage or a one-off before extrapolating it
- High return on equityROE of 44.0%
- Conservative balance sheetDebt/equity of 0.47×
- Minimal related-party dealingsRelated-party transactions are only 0.1% of revenue
- Institutions bid heavilyQIB portion subscribed 36.73×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens01 Sept 2026
- Closes03 Sept 2026
- Allotment04 Sept 2026
- Listing08 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB36.73x
Non-institutionalNII / HNI109.04x
Big NIIabove ₹10L127.56x
Small NII₹2L – ₹10L72.02x
Retail individualRII19.09x
19,74,530 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 03 Sept 2026.
Chance of allotment
Retail19.09× subscribed
~1 in 19.1
Minimum 1 lot · 84 shares · ₹14,868 blocked
Retail is 19.09× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 19.1 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII109.04× subscribed
~1 in 109
Minimum 14 lots · 1,176 shares · ₹2,08,152 blocked
HNI is 109.04× subscribed. This category is allotted proportionately, so a bid receives roughly 1/109 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹55+31.1%
over the upper band · last seen 08 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹168 – ₹177
Face value₹2
Lot size84shares
Minimum application₹14,868at cut-off
Total issue size₹459.72 Cr
Fresh issue₹250 Cr
Offer for sale₹209.72 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band13.85×
EPS₹12.78pre-issue
EPS₹12.78post-issue
NAV per share₹29.03
Return on equity44.02%
Debt / equity0.47×
EBITDA margin7.60%
Related-party0.13%of revenue
ROCE52.08%
RoNW56.45%
PAT Margin5.44%
EBITDA Margin7.60%
NAV29.03
ISININE1M2N01020
RegistrarBIGSHARE
Lead managersEmkay Global Financial Services Limited, Valmiki Leela Capital Private Limited
45.6% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 1,29,86,316 | — |
| Anchor Investor | 77,91,789 | — |
| QIB (Ex. Anchor) | 51,94,527 | — |
| NII (HNI) | 38,95,895 | — |
| bNII > ₹10L | 25,97,264 | 2208.00% |
| sNII < ₹10L | 12,98,631 | 1104.00% |
| Retail | 90,90,422 | 108219.00% |
Total issue 2,59,72,633 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8681 lot · 84 sh
Retail (Max)₹1,93,28413 lots · 1,092 sh
S-HNI (Min)₹2,08,15214 lots · 1,176 sh
S-HNI (Max)₹9,96,15667 lots · 5,628 sh
B-HNI (Min)₹10,11,02468 lots · 5,712 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted77,91,789
Anchor portion₹137.91 Cr
Bid date31 Aug 2026
Lock-in ends (50%)04 Oct 2026
Lock-in ends (rest)03 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by our Company₹215 Cr
- 02General corporate purposes₹12.15 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 1,024.568 | — | 24.347 | 92.553 | — |
| 2025 | 1,397.01 | — | 40.58 | 133.208 | — |
| 2026 | 1,926.676 | — | 104.788 | 238.07 | — |
Revenue CAGR 37.1%PAT CAGR 107.5%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Deepa Jewellers Limitedthis issue | 12.78 | 13.80 | 29.03 | 56.45% |
| Sky Gold and Diamonds Limited | 13.96 | 53.80 | 72.02 | 23.88% |
| Shanti Gold International Limited | 21.22 | 11.40 | 83.00 | 37.34% |
| Shringar House of Mangalsutra Limited | 13.55 | 15.90 | 70.29 | 26.29% |
| RBZ Jewellers Ltd | 13.70 | 11.70 | 74.96 | 20.11% |
| Khazanchi Jewellers Limited | 36.10 | 20.60 | 129.10 | 32.45% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumA significant portion of our business operations and revenue generation is concentrated in Southern India, representing 94.37%, 98.33% and 99.55% of total revenue for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively.
mediumOur revenue from operations is concentrated among a few key customers, with the top 10 customers accounting for 64.67%, 63.27% and 67.36% of revenue for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively.
Litigation
There are no outstanding criminal proceedings, actions taken or penalties imposed by statutory or regulatory authorities, claims related to direct or indirect tax matters, or other pending litigation involving the Company, Directors, Promoters, Key Managerial Personnel, or Senior Management. There are no disciplinary actions or penalties imposed by SEBI or stock exchanges against Promoters in the last five Fiscals. Pending civil cases involving a claim exceeding ₹ 28.29 million are disclosed.
Positives the filing discloses (3)
Low leverage
Debt-to-equity of 0.47x.
Strong revenue growth
Restated revenue CAGR of 37.1%.
Healthy return on equity
ROE of 44.0%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+4.0%
Listed up
5 of 8
Best
+23.6%
HD Fire Protect Limited
Worst
-11.5%
AceVector Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
AceVector Limitedsame segment
4.9× sub-11.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Deepa Jewellers Limited
Deepa Jewellers is a business-to-business (B2B) company engaged in designing, processing and supplying 22-karat hallmarked gold jewellery to jewellery retail chains and standalone stores. The company also undertakes job work assignments and trades in silver ornaments, 18-karat and 20-karat gold ornaments, precious stones, and gold bullion. Its jewellery portfolio includes vaddanam which is a a traditional South Indian gold waist belt, CNC machine-cut bangles, gents kada, vanky, dandpatti, necklaces, kangan, earrings, mangtika, maatil, jada, rings, and bracelets, among other products. As of July 31, 2026, it had 16 product categories and 110 SKUs, with 15 in-house designers. The company follows an outsourced manufacturing model and works with a network of 41 karigars. It supplies gold, alloys, and precious stones to the karigars, who manufacture jewellery according to its designs and specifications. The company is setting up an in-house manufacturing facility in Hyderabad, Telangana, and operates a sales office in Vijayawada, Andhra Pradesh, which was opened in November 2025.
Founded 2016MD Mr Ashish AgarwalSector Diamond, Gems and Jewellery
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Deepa Jewellers Limited IPO GMP today?
The most recent grey-market premium recorded for Deepa Jewellers Limited is ₹55 per share — about 31.1% over the ₹177 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Deepa Jewellers Limited IPO subscribed?
Deepa Jewellers Limited is subscribed 43.40× overall (QIB 36.73×, NII 109.04×, retail 19.09×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, BIGSHARE.
What is the minimum investment in the Deepa Jewellers Limited IPO?
One lot is 84 shares, so a retail application at the ₹177 cut-off price blocks ₹14,868. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Deepa Jewellers Limited IPO?
The retail portion is subscribed 19.09×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 19. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Deepa Jewellers Limited IPO allotment date?
Allotment is scheduled for 2026-09-04, with listing on 2026-09-08. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, BIGSHARE.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.