Deepa Jewellers IPO
Listed +24.9%1–3 Sep 2026
Our IPO analysis
What stands out in the offer document
The five questions
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1How it makes money₹42 of every ₹100 of sales comes from its "Vaddanam" segment. ₹65 of every ₹100 comes from Telangana and Tamil Nadu.
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2Is it growing, and is profit turning into cash?Sales rose 88% from Fiscal 2024 to Fiscal 2026 (₹1,025 cr → ₹1,927 cr). Over 3 years it made ₹170 cr of profit and brought in −₹19.7 cr of cash from operations.
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3How much cushion does it have?It owes ₹0.47 for every ₹1 of its own money. The line for manufacturing is ₹2.
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4What you pay, and who gets the moneyOf every ₹100 raised, ₹46 goes to existing shareholders selling. At ₹177 you pay about ₹21 for every ₹1 of last year's profit (two figures in the document don't match; check p.118). The listed peers the document names: ₹17 (middle of 5).
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5Who controls it, and what is on record?Promoters own 100% before the IPO. The document discloses 3 legal matters.
Every check we run on an offer document, and how often each one fires →
Deepa Jewellers GMP history
| When | GMP | Trackers |
|---|---|---|
| 8 Sept, 03:22 IST | ₹22 (+12.4%) | 1 |
| 7 Sept, 21:45 IST | ₹22 (+12.4%) | 1 |
| 7 Sept, 15:16 IST | ₹22 (+12.4%) | 1 |
| 7 Sept, 13:20 IST | ₹21 (+11.9%) | 1 |
| 6 Sept, 06:00 IST | ₹18 (+10.2%) | 1 |
| 6 Sept, 02:23 IST | ₹18 (+10.2%) | 1 |
| 5 Sept, 22:34 IST | ₹18 (+10.2%) | 1 |
| 5 Sept, 19:11 IST | ₹18 (+10.2%) | 1 |
| 5 Sept, 14:07 IST | ₹18 (+10.2%) | 1 |
| 5 Sept, 12:50 IST | ₹18 (+10.2%) | 1 |
| 5 Sept, 06:03 IST | ₹17 (+9.6%) | 1 |
| 5 Sept, 02:41 IST | ₹17 (+9.6%) | 1 |
Showing the latest 12 of 52 readings.
Grey-market premium is unregulated and self-reported: a sentiment read, not a promise. Today's GMP for every IPO · How often GMP has been right
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Latest update:
Listed at ₹221 vs ₹177 issue price (+24.9%) · Day-one close ₹194 · GMP before listing +12.4% implied, 12.5 pp below the actual open · Subscribed 42.61× (QIB 37.0× · NII 106.0× · Retail 18.5×) · Price band ₹168–₹177 · Closed 3 Sep 2026 · Listed 8 Sep 2026 (Confirmed)
How it actually listed
₹221 on open, against a ₹177 issue price +24.9%
It ended its first day at ₹194 (+9.8% against the issue price), per the NSE's price archive.
On the BSE it opened at ₹221 and closed at ₹194, per the BSE's price archive.
Before it listed, the grey market implied +12.4%. The shares opened 12.5 pp above what that implied. It pointed the right way on whether they would open above the issue price. GMP is unregulated and self-reported.
What Deepa Jewellers does
We are an organized business-to-business (B2B) company, engaged in designing, getting our jewellery manufactured, and supplying gold jewellery to other businesses such as retail chains and standalone stores, rather than selling directly to end customers.
Deepa Jewellers financials
Rs crore · Annual| Fiscal 2024 | Fiscal 2025 | Fiscal 2026 | ||
|---|---|---|---|---|
| Sales | 1,025 | 1,397 | 1,927 | |
| Operating Profit | 36 | 56 | 146 | |
| OPM % | 3.5% | 4.0% | 7.6% | |
| Net Profit | 24 | 41 | 105 | |
| Total Debt | 78 | 81 | 111 |
Deepa Jewellers IPO offer structure
Total: ₹460 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Size and split come from a public aggregator rather than the exchange, cross-checked against a second.
Use of proceeds- Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by our Company: ₹215 cr
- General corporate purposes
Deepa Jewellers promoters and holding
- Ashish Agarwal: Chairman and Managing Director
- Seema Agarwal: Non-Executive Non-Independent Director
- Dev Agarwal: Whole-Time Director
Deepa Jewellers risks and strengths
- Our top 10 customers accounted for a significant portion of our revenue, and any decision by them to reduce or terminate business could impact us. (p.24)
- We derive a significant portion of our revenue from operations from the sale of our vaddanam and CNC machine cut bangles. (p.25)
- A significant portion of our business operations and revenue generation is concentrated in Southern India. (p.26)
- Significant revenue contribution from Southern India (p.186)
- Well established customer base with long-standing relationship with jewellery retail chains and standalone stores (p.186)
- Diverse product portfolio with varied weight ranges, designs and specialisation in vaddanam and CNC machine cut bangles (p.186)
Deepa Jewellers peer comparison: DRHP median P/E 17.0x
DRHP data only| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Sky Gold and Diamonds Limited | — | 57.6x | — | — | DRHP |
| Shanti Gold International Limited | — | 12.7x | — | — | DRHP |
| Shringar House of Mangalsutra Limited | — | 17.0x | — | — | DRHP |
| RBZ Jewellers Ltd | — | 10.1x | — | — | DRHP |
| Khazanchi Jewellers Limited | — | 22.2x | — | — | DRHP |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Deepa Jewellers market and competition
According to CRISIL Report, we are one of the key processors and suppliers of vaddanam and CNC machine cut bangles, distributing to jewellery retail chains and standalone stores.
Deepa Jewellers outlook, as the document states it
To equip ourselves to cater to the projected rise in gold demand and to strengthen our operational capabilities, we are currently setting up an in-house manufacturing facility spanning across 6,696 square feet in Hyderabad. We have opened a sales office in Vijayawada, Andhra Pradesh and plan to further strengthen our physical presence across South India, by setting up an additional sales office in Bengaluru in Fiscal 2027.
Deepa Jewellers IPO: common questions
What was the Deepa Jewellers IPO listing price?
The Deepa Jewellers IPO listed at ₹221, 24.9% above its issue price of ₹177. Before listing, the grey-market premium had implied +12.4%, so the grey market was 12.5 points too low. The listing price is the opening price set by the pre-open call auction on listing day, as reported by the exchange. Listing price vs GMP for every recent IPO →
When does the Deepa Jewellers IPO open and close?
The Deepa Jewellers IPO opened for bidding on 1 Sep 2026 and closed on 3 Sep 2026. Under the T+3 timetable the basis of allotment is fixed on the working day after the close, refunds and demat credits follow a day later, and the shares list on the third working day after the close. Open, allotment and listing dates for every IPO →
What is the Deepa Jewellers IPO price band?
The Deepa Jewellers IPO price band is ₹168–₹177 per share. You can bid at any price inside the band, and a retail investor can bid at cut-off, which accepts the final issue price, usually the top of the band. The minimum investment is always worked out at that upper end. How book building sets the price →
What is the lot size and minimum investment for the Deepa Jewellers IPO?
One lot is 84 shares, and a retail application must be at least one lot. That is about ₹14,868 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category. Lot size and minimum investment, explained →
How much is the Deepa Jewellers IPO subscribed?
The Deepa Jewellers IPO closed on 3 Sep 2026 subscribed 42.61× in total, the final figure: investors bid for that many times the shares on offer. Each category (QIB, NII and retail) is counted separately, and when retail is oversubscribed its allotment is decided by a lottery for one lot each. What "subscribed 3x" means →
When does the Deepa Jewellers IPO list?
The Deepa Jewellers IPO listed on 8 Sep 2026 on NSE. On listing day the shares go through a pre-open call auction from 9 to 10 am that sets the opening price, and normal trading starts at 10 am. Allotted shares reach demat accounts the working day before. Listing dates for every IPO →
How do I check the Deepa Jewellers IPO allotment status?
On the allotment status page published by Bigshare Services, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. Allotment status links for every recent IPO →
Deepa Jewellers IPO allotment status
Listed 8 Sep 2026. Allotment is decided and published by the registrar, not by us. This issue's registrar is Bigshare Services.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →
Check it at the source: The offer document · Bigshare Services (registrar) · NSE issues · SEBI offer documents
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Source: Deepa Jewellers IPO data, IPO agent by Kredfit, updated 16 Oct 2026. https://ipoagent.kredfit.com/ipo/deepa-jewellers-limited-4390.htmlSource: <a href="https://ipoagent.kredfit.com/ipo/deepa-jewellers-limited-4390.html">Deepa Jewellers IPO data – IPO agent by Kredfit</a> (updated 16 Oct 2026)