Q1. What is the business of Deepa Jewellers Limited?

It is an organised B2B designer, processor and supplier of hallmarked 22‑carat gold jewellery, serving retail chains and stores across southern India.

Q2. Why is the company raising funds via IPO?

Deepa Jewellers is raising funds via IPO to support long‑term working capital, inventory expansion and general corporate purposes.

Q3. What is the size of the issue and where will it list?

The issue size of the IPO consists of a fresh issue worth ₹ 250 Cr + OFS of ~1.18 Cr equity shares. It will be listed on BSE and NSE platform.

Q4. What are the key risks to an investor?

Key risks include gold price volatility, reliance on jewellery retailers, inventory management challenges and intense industry competition.

Q5. What are the potential upsides?

Upsides include strong B2B niche positioning, diversified retail network, scalable outsourced model, and healthy revenue/profit growth.

Q6. How to apply for the IPO?

Investors can apply through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

Deepa Jewellers Limited

Closed

Deepa Jewellers Limited

Market Cap

₹ 1,701 Crore

IPO Issue Size

₹ 459.72 Crores

Expected Price by IPOCorner

₹ 168 – 177

IPO Score

*Score varies on actual price

Deepa Jewellers Limited is an organised B2B designer, processor and supplier of hallmarked gold jewellery, serving jewellery retail chains and standalone stores across southern India. It specialises in processing and supplying 22‑carat gold jewellery through an outsourced manufacturing network supported by around 40 karigars.

Deepa Jewellers Limited was incorporated in 2016 & currently Mr. Ashish Agarwal serves as the Chairman & Managing Director of the company.

Deepa Jewellers Limited filed its DRHP with SEBI on December 29, 2025. Issue size of the IPO is ₹ 459.72 Crores and the IPO features a Fresh Issue to raise up to ₹ 250  Crore, and an Offer for Sale of up ₹ 209.72 Crores by the promoters.

It designs, processes and supplies hallmarked 22‑carat gold jewellery to organised retailers through an outsourced manufacturing model and offers a wide product portfolio including vaddanam, bangles, necklaces, earrings, rings and more across 14 product categories. Its customer network spans 315 customers comprising 43 jewellery retail chains and 272 standalone stores across 13 states and 1 union territory.

Subscription date to apply for Deepa Jewellers Limited starts on 01st Sep’26 & Closes on 03rd Sep’26. Price band of the IPO is ₹ 168 – 177 with a lot size of 84 Shares.

Year	2025
Networth	₹ 133.20 Cr
Revenue	₹ 1397.01 Cr
EBITDA	₹ 56.01 Cr
PAT	₹ 40.58 Cr
EBITDA Margin	~4.01%
PAT Margin	~2.90%
Face Value	Rs.02 per Equity Share

IPO Important Dates

#	Date
Open Date	01-Sep'26
Close Date	03-Sep'26
Anchor Investor Bidding	31-Aug'26
Allotment Date	04-Sep'26
Refunds& Demat Credit	07-Sep'26
Tentative Listing Date	08-Sep'26

Use Of Proceeds

Purpose	Amount
Capital Expenditure requirements	₹ 215 Crore
-	-
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	₹ 921.3	₹ 1,024.6	₹ 1,397.0
PAT (₹ Cr)	₹ 22.0	₹ 24.3	₹ 40.6
Asset (₹ Cr)	₹ 152.8	₹ 174.6	₹ 217.7
Net Worth (₹ Cr)	₹ 68.1	₹ 92.6	₹ 133.2

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
03-Sep	₹ 168 - 177	₹ 30	₹ 2,520
02-Sep	₹ 168 - 177	₹ 40	₹ 3,360
01-Sep	₹ 168 - 177	₹ 55	₹ 4,620
31-Aug	₹ 168 - 177	₹ 45	₹ 3,780
30-Aug	₹ 168 - 177	₹ 45	₹ 3,780

Pros

Strong B2B position in organised jewellery supply, tapping growing demand in India’s jewellery market.
Consistent revenue and profit growth in recent years pre‑IPO.
Diversified customer base across 13 states with established retail partners (e.g., Kalyan, Joyalukkas).
Asset‑light outsourced manufacturing model reduces fixed costs.
IPO funds focused on scaling inventory and working capital, potentially boosting growth.

Cons

Jewellery industry is highly competitive with thin margins and cyclical demand.
Lack of wide direct retail presence, revenue depends on third‑party retail clients.
Gold price volatility can impact inventory costs and profitability (industry risk).
As a new public company, valuation and listing gains are uncertain.
IT/data system risks and dependence on vendors could affect operations.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Ashish Agarwal	48.79%
Seema Agarwal	48.78%
Dev Agarwal	2.41%
-	-
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	84 Shares	1	84 Shares	₹ 14,868
Retail (Max)	84 Shares	13	1,092 Shares	₹ 1,93,284
HNI (Min)	84 Shares	14	1,176 Shares	₹ 2,08,152
HNI (Max)	84 Shares	66	5,544 Shares	₹ 9,81,288
Big HNI (Min)	84 Shares	67	5,628 Shares	₹ 9,96,156

Key Performance Index (KPI)

ROE	35.95%
ROCE	30.60%
RoNW	35.95%

Lead / Book Running Lead Managers

Emkay Global Financial Services Limited ,Valmiki Leela Capital Private Limited

Registrar (RTA)

Bigshare Services Private Limited

Q1. What is the business of Deepa Jewellers Limited?
It is an organised B2B designer, processor and supplier of hallmarked 22‑carat gold jewellery, serving retail chains and stores across southern India.
Q2. Why is the company raising funds via IPO?
Deepa Jewellers is raising funds via IPO to support long‑term working capital, inventory expansion and general corporate purposes.
Q3. What is the size of the issue and where will it list?
The issue size of the IPO consists of a fresh issue worth ₹ 250 Cr + OFS of ~1.18 Cr equity shares. It will be listed on BSE and NSE platform.
Q4. What are the key risks to an investor?
Key risks include gold price volatility, reliance on jewellery retailers, inventory management challenges and intense industry competition.
Q5. What are the potential upsides?
Upsides include strong B2B niche positioning, diversified retail network, scalable outsourced model, and healthy revenue/profit growth.
Q6. How to apply for the IPO?
Investors can apply through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.