IPO Overview
Incorporated in 2016, Deepa Jewellers Limited 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 is an organised B2B designer, processor, and supplier of hallmarked 22K gold jewellery, focused largely on South India — particularly Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, and Kerala. It designs jewellery through an in-house team, sources manufacturing through an outsourced karigar network, and supplies finished hallmarked products to jewellery retail chains and standalone stores. The company combines in-house design and product processing with an outsourced manufacturing model supported by roughly 40 karigars, enabling a broad catalogue of more than 100 SKUs while retaining flexibility for retail-specific and customised demand. Its principal customers are jewellery retail chains and standalone stores rather than consumers directly — as of July 2026, its network included 373 customers, comprising 47 chains and 326 independent stores across 13 states and one union territory.
The Deepa Jewellers IPO is set to open for public subscription on September 1, 2026, and will remain open until September 3, 2026. The company plans to raise approximately ₹459.72 crore through a combination of a fresh issue worth around ₹250 crore and an offer for sale of up to 1,18,48,340 equity shares. The company has fixed the price band at ₹168 to ₹177 per share, with the equity shares proposed to be listed on both BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 31 August 2026 |
| IPO Open Date | 01 September 2026 |
| IPO Close Date | 03 September 2026 |
| Allotment Date | 04 September 2026 (Expected) |
| Refund Initiation | 07 September 2026 |
| Credit to Demat | 07 September 2026 |
| Listing Date | 08 September 2026 (Tentative) |
| Price Band | ₹168 – ₹177 per share |
| Face Value | ₹2 per share |
| Lot Size | 84 shares |
| Minimum Investment (Retail) | ₹14,868 (1 lot = 84 shares) |
| Issue Size | ₹459.72 crore |
| Fresh Issue | ₹250.00 crore (1,41,24,293 shares) |
| Offer For Sale (OFS) | ₹209.72 crore (1,18,48,340 shares) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | 50% — 1,29,86,317 shares |
| Non-Institutional Investors (NII/HNI) | 15% — 38,95,895 shares |
| Retail Individual Investors (RII) | 35% — 90,90,422 shares |
| Anchor Investors | Allotted 77,91,789 shares (₹137.91 crore raised) |
OFS / Selling Shareholders
The OFS consists of up to 59,24,170 equity shares aggregating to ₹104.86 crore by Ashish Agarwal and up to 59,24,170 equity shares aggregating to ₹104.86 crore by Seema Agarwal — both being the Promoter Selling Shareholders. The OFS proceeds will go directly to the selling promoters and will not be received by the company.
Nearly 46% of the total offer size is a pure Offer for Sale by promoters, meaning a large portion of the money raised will exit to selling shareholders rather than strengthen the company’s own growth capital.
Objects of the Issue (Fund Utilization)
Of the ₹250 crore fresh issue proceeds, around ₹215 crore is earmarked for funding long-term working capital requirements — covering procurement, maintenance, and scaling up of inventory — with the remainder allocated toward general corporate purposes.
- Funding long-term working capital requirements (procurement, maintenance, and inventory scale-up) — ₹215 crore
- General corporate purposes — remaining proceeds
Note: The OFS proceeds of ₹209.72 crore will go entirely to the promoter selling shareholders and will not be retained by the company.
Lead Managers & Registrar
- Book Running Lead Managers: Emkay Global Financial Services Limited and Valmiki Leela Capital Private Limited
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The company’s promoters are Ashish Agarwal, Seema Agarwal, and Dev Agarwal. The promoters bring strong sectoral expertise and long-standing industry relationships in the B2B jewellery wholesale and distribution space, particularly across South Indian markets.
Company Details
Deepa Jewellers is an organised B2B designer, processor, and supplier of hallmarked 22K gold jewellery. It designs jewellery through an in-house team, sources manufacturing through an outsourced karigar network, and supplies finished hallmarked products to jewellery retail chains and standalone stores. It also undertakes job-work (processing customer-owned gold) and limited trading in bullion and other jewellery-related products.
Sectors / Markets Served:
- Jewellery Retail Chains
- Standalone Jewellery Stores
- South Indian markets (Telangana, AP, Karnataka, Tamil Nadu, Kerala)
Key Products:
- Traditional and contemporary ornaments such as rings, necklaces, earrings, bangles, and customised jewellery. The company also deals in specialised traditional designs including vaddanam, gents kada, vanky, bajuband, kangan, mangtika, maatil, jada, and other jewellery products.
Key Capabilities:
- Strong presence in the southern market; well-established customer base with long-standing relationships with jewellery retail chains and standalone stores; diverse product portfolio with varied weight ranges, designs, and specialisation in vaddanam and CNC machine cut bangles; established procurement network and long-standing relationships with karigars.
- As of July 31, 2026, the company has a product portfolio of 16 products and 110 SKUs across its product categories.
Registered Office:
- Office No. S6-2, Pinnacle Business Park, Mahakali Caves Road, Mumbai – 400093
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹1,400.10 | ₹40.58 |
| FY26 | ₹1,927.73 | ₹104.79 |
Key Financial Metrics
- Revenue increased by 38% and PAT rose by 158% between FY25 and FY26.
- At the upper price band of ₹177, the issue values Deepa Jewellers at a P/E multiple of approximately 13.85x FY26 diluted earnings — a noticeable discount to the broader B2B/retail jewellery peer group average of around 23.92x.
- As of March 31, 2026, the company’s borrowings stood at ₹111.11 crore against a net worth of ₹238.07 crore — a debt-to-net-worth ratio of approximately 0.47, which is a moderate leverage position. Borrowings rose from ₹80.79 crore in the prior year.
Company Strengths
- The business runs on repeat B2B relationships, which can be sticky because retailers need reliable supply, consistent quality, and fast fulfilment.
- Exceptional financial performance — PAT grew 158% YoY in FY26, demonstrating strong operating leverage in an inventory-driven business model
- Well-diversified customer base of 373 customers across 13 states and one union territory, comprising 47 retail chains and 326 standalone stores — reducing single-customer dependence.
- Specialisation in South Indian traditional jewellery designs (vaddanam, CNC-cut bangles) gives the company a niche, defensible product identity
- Valuation appears attractively priced at ~13.85x FY26 P/E versus peer group average of ~23.92x — offering potential re-rating upside post listing.
- Strong anchor investor response — raised ₹137.91 crore from 15 institutional investors including Tata Mutual Fund, Motilal Oswal Finvest, WhiteOak Capital, and international investors like Nomura and Citigroup
Key Risks & Challenges
- Nearly 46% of the total offer size is a pure OFS by promoters — a large chunk of the money raised exits to selling shareholders rather than strengthening the company’s growth capital.
- The fresh issue proceeds are almost entirely directed toward working capital (inventory financing), with no allocation for capacity expansion or debt repayment — limiting long-term business transformation
- Borrowings rose from ₹80.79 crore to ₹111.11 crore in FY26 — the company continues to add debt even as it raises equity capital.
- Heavy geographic concentration in South India — exposure to regional economic slowdowns, gold demand cycles, or state-specific disruptions
- Dependence on outsourced karigar network for manufacturing — quality control and supply continuity risks remain
- Gold price volatility directly impacts inventory costs, working capital requirements, and profitability margins
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
