Deepa Jewellers IPO
LISTEDMAINBOARDSUBSCRIBEListing Performance
▲ 24.86%
Issue Price
₹177
Listing Price
₹221
Listed On
08 Sep 2026
- Price Band
- ₹168 – ₹177
- Lot Size
- 84
- Lot Value
- ₹14,868
- Open Date
- 01 Sep 2026
- Close Date
- 03 Sep 2026
- Min Investment
- ₹14,868
Deepa Jewellers — Live Stock Performance
About Deepa Jewellers
Deepa Jewellers Private Limited is a jewellery manufacturer engaged in the business of dealing in gold, silver, bullion, jewellery, articles, apparels and commodities. The company supplies its products to jewellery retail chains and standalone stores who in turn sell these products to their respective retail customers.
Manufactures and supplies gold jewellery products including vaddanam, CNC machine cut bangles, and other ornamental items to jewellery retail chains and standalone stores.
Use of IPO Proceeds
Total allocation: ₹215.00 Cr (excludes issue expenses)
Promoters
Ashish Agarwal
Promoter, Chairman and Managing Director · age 50
Ashish Agarwal embarked his journey in the gem and jewellery industry in the year 2001, through a partnership firm, and holds an experience of 25 years in the industry.
Pre-issue: 48.79%
Seema Agarwal
Promoter and Non-Executive Non-Independent Director · age 50
Seema Agarwal embarked her journey in the gem and jewellery industry in the year 2001, through a partnership firm, and holds an experience of 25 years in the industry.
Pre-issue: 48.78%
Dev Agarwal
Promoter and Whole Time Director · age 23
Dev Agarwal joined the Company in 2021 and represents the next generation of leadership contributing modern business perspectives, technology-oriented thinking and contemporary strategic direction.
Pre-issue: 2.41%
Investment Analysis
Quick Analysis: 4 strengths · 6 risk factors· Exchange: BSE, NSE
Strengths (4)
- •Significant revenue concentration from top 10 customers indicating established customer relationships and market presence.
- •Diversified product portfolio across vaddanam, CNC bangles, and other precious jewellery items.
- •Skilled workforce with pool of 29 karigars having formal agreements for consistent manufacturing quality.
- •Dedicated quality control team ensuring product standards and customer satisfaction.
Risk Factors (6)
- •Top 10 customers represent over 64% of revenue; loss of major customers could significantly impact business and financial performance.
- •First public offering with no prior market for shares; offer price may not reflect actual post-listing market price.
- •Most directors lack listed-company experience; may struggle managing obligations and maintaining disclosure and internal controls.
- •No guarantee of active or sustained trading post-listing; equity shares carry inherent investment risk and potential total loss.
- •Differences between Ind AS and other accounting standards; financial information may not be comparable to foreign company data.
- •Indian regulatory environment differs from other jurisdictions; legal framework changes could adversely affect operations or share value.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
▲ Listed +24.9%Strong investor demand with 33x subscription suggests positive listing momentum. GMP indicates market expects a listing premium.
Pre-listing prediction: SUBSCRIBE
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 84 | ₹14,868 |
| 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 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.00x | 0.35x | 32.85x |
| sNII (S-HNI) | 0.82x | 4.89x | 51.01x |
| bNII (B-HNI) | 0.31x | 3.86x | 107.99x |
| Retail | 0.75x | 2.73x | 9.76x |
| Total | 0.48x | 2.38x | 33.34x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
9.76x
Allotment Ratio
1 lot per 10 applicants
Allotment Probability
~10.2%
Non-Institutional Investors (NII / HNI)
Subscription
89.00x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
32.85x
Allotment Type
Discretionary allotment
Total Subscription
33.34x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
IPO Timeline
Issue Opens
01 Sep 2026 · Tue
Issue Closes
03 Sep 2026 · Thu
Bidding Cut-off (UPI Mandate)
03 Sep 2026 · 5:00 PM IST
Allotment
04 Sep 2026 · Fri
Listing
08 Sep 2026 · Tue
Issue Opens
01 Sep 2026 · Tue
Issue Closes
03 Sep 2026 · Thu
Bidding Cut-off (UPI Mandate)
03 Sep 2026 · 5:00 PM IST
Allotment
04 Sep 2026 · Fri
Listing
08 Sep 2026 · Tue
IPO Details
| Registrar | Bigshare Services Private Limited |
| Exchange | BSE, NSE |
| ISIN | — |
| Face Value | ₹2 |
| Issue Size | ₹459.72 Cr |
| Fresh Issue | ₹250.00 Cr |
| OFS Size | ₹209.72 Cr |
| Lead Managers | Emkay Global Financial Services Limited, Valmiki Leela Capital Private Limited, Bigshare Services Private Limited |
3-Year Financial Summary
Revenue trend
↑ FY24→FY26
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | 1,926.68 | 104.79 | 12.78 | 13.85 | — |
| FY25 | 1,397.01 | 40.58 | 4.95 | 35.77 | — |
| FY24 | 1,024.57 | 24.35 | 2.97 | 59.61 | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 1,025.73 | 1,400.1 | 1,927.73 |
| EBITDA | 35.77 | 56.01 | 146.34 |
| Cash Flow — Operating | 4.85 | -9.86 | -14.73 |
| Cash Flow — Investing | 5.81 | 10.26 | -4.37 |
| Cash Flow — Financing | -9.48 | -1.5 | 19.11 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
13.8x
Price ÷ EPS
EPS (FY26)
₹13
Earnings per share
RoNW
—
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
7.6%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | — |
| Equity Shares (Pre-Issue) | 8,20,00,000 |
| Equity Shares (Post-Issue) | — |
Source: Deepa Jewellers offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Deepa Jewellers's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Deepa Jewellers's filing.
Source: Deepa Jewellers offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- Anchor+60.00%
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Ashish Agarwal59,24,170 sh
- Seema Agarwal59,24,170 sh
Source: Deepa Jewellers offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Ashish Agarwal₹0.80 Cr p.a.
Chairman and Managing Director
Bachelor of Commerce from Osmania University
Over 25 years of experience in the jewellery industry
- Dev Agarwal₹0.53 Cr p.a.
Whole-Time Director
Bachelor's degree in Business Administration from Amity University Uttar Pradesh
Over 5 years of experience in the jewellery industry
- Seema Agarwal₹0.03 Cr p.a.
Non-Executive Non-Independent Director
Bachelor of Medicine & Bachelor of Surgery and Post Graduate Diploma in Obstetrics and Gynaecology from NTR University of Health Sciences, Andhra Pradesh
Over 25 years of experience in the jewellery industry
- Komal Agarwal₹0.07 Cr p.a.
Independent Director
Bachelor's degree in Commerce from Rashtrasant Tukadoji Maharaj Nagpur University, Member of the Institute of Chartered Accountants of India
Over 10 years of experience in the finance industry
- Grandhi Vittal₹0.07 Cr p.a.
Independent Director
Bachelor's degree in Commerce from Andhra University, Fellow member of the Institute of Chartered Accountants of India
Over 25 years of experience in the field of accounting and finance
- Sirisha Chintapalli₹0.07 Cr p.a.
Independent Director
Bachelor's degree in Commerce from Nagarjuna University, Member of Institute of Cost and Works Accountants of India, Associate member of the Institute of Company Secretaries of India
Over 12 years of experience in the field of compliance and corporate governance
Key Managerial Personnel (2)
- Srinivas Kamoji Gunupudi₹0.17 Cr p.a.
Chief Financial Officer
Bachelor's degree in Commerce from Andhra University, Fellow member of the Institute of Chartered Accountants of India
Overall experience of 30 years in the field of finance and accounts
- Vandana Modani₹0.05 Cr p.a.
Company Secretary and Compliance Officer
Bachelor of Commerce degree from Osmania University, Associate member of the Institute of Company Secretaries of India
Overall experience of 7 years
Source: Deepa Jewellers offer document (DRHP/RHP).
Industry & Market
Per Assessment of gems and jewellery industry in India with focus on the B2B segment, CRISIL Limited, August 2026, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Deepa Jewellers Limited | — | — | 56.45 | — |
| RBZ Jewellers Limited | — | — | 20.11 | — |
| Sky Gold and Diamonds Limited | — | — | 23.88 | — |
| Shanti Gold International Limited | — | — | 37.34 | — |
| Khazanchi Jewellers Limited | — | — | 32.46 | — |
| Shringar House of Mangalsutra Limited | — | — | 26.29 | — |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Criminal | Company | 0 | — |
| Civil | Company | 0 | — |
| Criminal | Directors | 0 | — |
| Civil | Directors | 0 | — |
| Criminal | Promoters | 0 | — |
| Civil | Promoters | 0 | — |
| Tax | Company | 0 | — |
| Tax | Promoters | 0 | — |
No criminal proceedings against the company No material civil litigations against the company No criminal proceedings against directors No material civil litigations against directors No criminal proceedings against promoters No material civil litigations against promoters No direct or indirect tax proceedings for the company No direct or indirect tax proceedings for promoters
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Bigshare Services Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Deepa Jewellers IPO opening?
The Deepa Jewellers IPO opens on 01 Sep 2026 and closes on 03 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Deepa Jewellers IPO?
The price band for the Deepa Jewellers IPO is ₹168 to ₹177. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Deepa Jewellers IPO?
The minimum lot size is 84 shares with a minimum investment of ₹14,868. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Deepa Jewellers IPO today?
The latest Grey Market Premium for Deepa Jewellers is ₹18 (+10.17%). GMP is unofficial data and is not a guarantee of listing price.
When will the Deepa Jewellers IPO list on NSE and BSE?
The Deepa Jewellers IPO is expected to list on 08 Sep 2026 on BSE, NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Deepa Jewellers IPO allotment status?
The registrar for this IPO is Bigshare Services Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Deepa Jewellers IPO a mainboard or SME issue?
Deepa Jewellers is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Deepa Jewellers IPO?
You can apply for the Deepa Jewellers IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Deepa Jewellers IPO?
Based on the current GMP of ₹18, the expected listing price of Deepa Jewellers is ₹195 (issue price ₹177 + GMP ₹18). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Deepa Jewellers IPO?
Based on the retail subscription of 9.76x, the estimated allotment ratio is 1 lot per 10 applicants (approximately 10.2% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to Deepa Jewellers IPO?
Based on our algorithmic analysis, Deepa Jewellers IPO is rated SUBSCRIBE with high confidence. Strong investor demand with 33x subscription suggests positive listing momentum. GMP indicates market expects a listing premium. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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