DEEPA JEWELLERS LTD IPO: Company Review, Subscription and Allotment Updates
2026-09-01 — Company overview and issue details DEEPA JEWELLERS LTD IPO (ABOUT THE COMPANY) DEEPA JEWELLERS LTD – COMPANY BACKGROUND Deepa Jewellers Ltd was incorporated in 2016 and is engaged in the retail and wholesale trading of gold…
2026-09-01 — Company overview and issue details
DEEPA JEWELLERS LTD IPO (ABOUT THE COMPANY)
DEEPA JEWELLERS LTD – COMPANY BACKGROUND
Deepa Jewellers Ltd was incorporated in 2016 and is engaged in the retail and wholesale trading of gold and diamond jewellery. It offers a mix of ethnic and contemporary designs. It sources, designs and sells jewellery items like rings, necklaces, ear-rings, bangles, and other customized ornaments. It has a wide ethnic portfolio comprising of Vaddanam, Kada, Bajuband, Gundimala Haaram, Mangtika etc. Its customer list includes 47 jewellery retail chains and 326 standalone stores; spread across 14 states and UTs. It has an omni-channel approach to selling products via offline and online modes.
The promoters of Deepa Jewellers Ltd is Ashish Agarwal, Seema Agarwal, and Dev Agarwal. The IPO will be a mix of a fresh issue of shares and an offer for sale (OFS) component. The fresh issue funds will be used for funding long-term working capital needs and for general corporate purposes. The OFS is being entirely offered by the promoter shareholders of the company. The issue is being lead-managed by Emkay Global Financial Services Ltd and Valmiki Leela Capital Private Ltd; while Bigshare Services Private Ltd is the IPO registrar.
HIGHLIGHTS OF THE IPO ISSUE OF DEEPA JEWELLERS LTD
Here are the key highlights of the public issue of Deepa Jewellers Ltd.
The IPO is open from September 01st, 2026 to September 03rd, 2026. It has a face value of ₹2 per share and IPO price band has been fixed in range of ₹168 to ₹177 per share.
The IPO of Deepa Jewellers Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by the promoter shareholders.
The Fresh Issue portion of the IPO comprises the issue of 1,41,24,293 shares (141.24 lakh shares), which at the upper price band of ₹177 per share, translates into a fresh issue size of ₹250.00 crore.
The offer for sale (OFS) portion of the IPO comprises the sale of 1,18,48,340 shares (118.48 lakh shares), which at the upper price band of ₹177 per share, translates into an OFS size of ₹209.72 crore.
Therefore, the overall IPO comprises of a fresh issue and an offer for sale (OFS) of 2,59,72,633 shares (259.73 lakh shares), which at the upper price band of ₹177 per share, translates into an overall IPO size of ₹459.72 crore.
Due to dilutive impact of the fresh issue and the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 99.9998% pre-IPO to 72.98% post-IPO.
The IPO of Deepa Jewellers Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on August 31, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of Deepa Jewellers Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tuesday, 1 September, 2026 |
| IPO Close Date | Thursday, 3 September, 2026 |
| Basis of Allotment | Friday, 4 September, 2026 |
| Initiation of Refunds to non-allottees | Monday, 7 September, 2026 |
| Credit of Shares to Demat | Monday, 7 September, 2026 |
| Listing Date on NSE and BSE | Tuesday, 8 September, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 77,91,789 shares | 29.61% of total IPO size |
| QIB Shares Offered | 51,55,438 shares | 19.59% of total IPO size |
| NII (HNI) Shares Offered | 40,09,394 shares | 15.24% of total IPO size |
| Retail Shares Offered | 93,55,253 shares | 35.56% of total IPO size |
| Total Shares Offered | 2,63,11,874 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of Deepa Jewellers Ltd for various categories of investors.
| Application | 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 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 84 shares)
FINANCIAL HIGHLIGHTS OF DEEPA JEWELLERS LTD
The table captures the key financials of Deepa Jewellers Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 1,926.68 | 1,397.01 | 1,024.57 |
| Sales Growth (%) | 37.91% | 36.35% | |
| Profit after Tax (₹ in crore) | 104.79 | 40.58 | 24.35 |
| PAT Margins (%) | 5.44% | 2.90% | 2.38% |
| Total Equity (₹ in crore) | 238.07 | 133.21 | 92.55 |
| Total Assets (₹ in crore) | 357.18 | 217.67 | 174.64 |
| Return on Equity (%) | 44.02% | 30.46% | 26.31% |
| Return on Assets (%) | 29.34% | 18.64% | 13.94% |
| Asset Turnover Ratio (X) | 5.39 | 6.42 | 5.87 |
| Earnings per share (₹) | 12.78 | 4.95 | 2.97 |
| EBITDA (₹ in Crore) | 146.34 | 56.01 | 35.77 |
| EBITDA Margins (%) | 7.60% | 4.01% | 3.49% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
While the net margins and the EBITDA margins have improved over the last 3 years, both these ratios are still in single-digits. That is the nature of the jewellery retail business, where the net margins tend to be quite thin. However, the ROE of the company at over 44% in the latest year is quite healthy.
VALUATION METRICS OF DEEPA JEWELLERS LTD IPO
On the IPO price of ₹177 per share (upper band price), the latest year EPS of ₹12.78, discounts the IPO at a P/E of 13.8X. This may appear reasonable, but in the jewellery business the higher valuations accrue to established national-level players who also control the designs. Predominantly jewellery retailers tend to get a lower valuations in the market. That is evident if one looks at the valuations of the peer group. However, the real risk for the investors may lie in the composition of the balance sheet.
If one looks at the assets side of the balance sheet, 70% of the assets are accounted for by trade receivables and 95% assets are accounted for by trade receivables and inventories combined. This does make the business model too dependent on current assets. The company does bring some advantages to the table like a strong concentration in high-spending market of South India, a strong institutional client base, and an established supply chain for procurement. Investors in the IPO will have to weigh these benefits against the risk of a predominantly current asset balance sheet, before investing in the IPO.
2026-09-01 — Anchor allocation
DEEPA JEWELLERS LTD IPO (ANCHOR ALLOCATION 29.61%)
BRIEF ON ANCHOR ALLOCATION OF DEEPA JEWELLERS LTD
The anchor issue of Deepa Jewellers Ltd saw a strong response on 31st August 2026 with 29.61% of the IPO size absorbed by anchors. Out of 2,63,11,874 shares (263.12 lakh shares) on offer in the IPO; anchors picked up 77,91,789 shares (77.92 lakh shares) accounting for 29.61% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹177 per share. This includes the face value of ₹2 per share plus a share premium of ₹175 per share. The anchor bidding opened and closed on 31st August 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of Deepa Jewellers Ltd
| Bid Date | August 31, 2026 |
|---|---|
| Shares Offered | 77,91,789 shares |
| Anchor Portion Size (₹ in crore) | ₹137.91 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Oct 05, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Dec 04, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN DEEPA JEWELLERS LTD
On 31st August 2026, Deepa Jewellers Ltd allotted 77,91,789 shares to a total of 15 anchor investors. The allocation was done at the upper IPO price band of ₹177 per share which resulted in overall anchor allocation of ₹137.91 crore. The anchors have already absorbed 29.61% of the total issue size of ₹465.72 crore, after factoring in the employee discount offered in the IPO, if any.
Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹111.42 crores, or, 80.79% of the overall anchor allocation of shares, one trading day ahead of the IPO of Deepa Jewellers Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Motilal Oswal Finvest Ltd | 20,31,464 | 26.07% | ₹ 35.96 |
| 02 | Unifi Flexi Cap Fund | 5,64,984 | 7.25% | ₹ 10.00 |
| 03 | Tata India Consumer Fund | 5,39,952 | 6.93% | ₹ 9.56 |
| 04 | 360-One Equity Opportunities Fund | 5,08,274 | 6.52% | ₹ 9.00 |
| 05 | Ashoka India Equity Investment | 5,08,274 | 6.52% | ₹ 9.00 |
| 06 | High Conviction Fund - Series I | 5,08,274 | 6.52% | ₹ 9.00 |
| 07 | Whiteoak Capital Equity Fund | 5,08,273 | 6.52% | ₹ 9.00 |
| 08 | Tata Dividend Yield Fund | 3,91,860 | 5.03% | ₹ 6.94 |
| 09 | Maybank Securities Pte Ltd | 3,66,830 | 4.71% | ₹ 6.49 |
| 10 | Girik Multi-Cap Growth Equity Fund | 3,66,830 | 4.71% | ₹ 6.49 |
| Grand Total | 62,95,015 | 80.79% | ₹ 111.42 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 77,91,789 shares allocated to the anchors in the IPO, there was an allocation of 14,96,796 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 3 MF schemes of 2 asset management companies (AMC). Mutual funds accounted for 19.21% of the overall anchor allocation.
Out of the 77,91,789 shares allocated to the anchors in the IPO, there was no allocation of shares made to life insurance companies regulated by IRDAI. The remaining anchor allocation was spread across FPIs, ODIs, NBFCs, and alternate investment funds (AIFs).
NEXT STEPS IN DEEPA JEWELLERS LTD IPO
Post the closure of the IPO subscription on 03rd September 2026, the basis of allotment will be finalized on 04th September 2026 and the refunds will be initiated on 07th September 2026. In addition, the demat credits are expected to also happen on 07th September 2026 and the stock will list on 08th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 07th September 2026 under ISIN (INE1M2N01020).
2026-09-03 — Day-3 subscription update
Deepa Jewellers Ltd (Day-3 Final Subscription at 42.61 times)
DEEPA JEWELLERS LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.10 pm on 03rd September 2026, out of the 185.20 lakh shares on offer in the IPO (excluding anchor portion), Deepa Jewellers Ltd saw bids for 7,891.06 lakh shares. This implies an overall subscription of 42.61X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Deepa Jewellers Ltd was as under:
| Employees (N.A.) | QIBs (37.00X) | HNI / NII (105.96X) | Retail (18.55X) |
|---|
The subscriptions were led by the HNI / NII Investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO. The company saw steady anchor participation a day ahead of the IPO opening with 29.61% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 77,91,789 | 77,91,789 | 137.91 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 37.00 | 51,55,438 | 19,07,76,852 | 3,376.75 |
| HNIs / NIIs | 105.96 | 40,09,394 | 42,48,23,532 | 7,519.38 |
| Retail Investors | 18.55 | 93,55,253 | 17,35,05,948 | 3,071.06 |
| Total | 42.61 | 1,85,20,085 | 78,91,06,332 | 13,967.18 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of Deepa Jewellers Ltd was open up to September 03, 2026, and has closed for subscription as of the close of trading hours on September 03, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹14,105.10 crore.
NEXT STEPS IN THE DEEPA JEWELLERS LTD IPO
Post the closure of the IPO subscription on 03rd September 2026, the basis of allotment will be finalized on 04th September 2026 and the refunds will be initiated on 07th September 2026. In addition, the demat credits are expected to also happen on 07th September 2026 and the stock will list on 08th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 07th September 2026 under ISIN (INE1M2N01020).
2026-09-03 — Allotment guidance and next steps
Deepa Jewellers Ltd IPO (How to check allotment status)
ABOUT THE DEEPA JEWELLERS LTD IPO
The IPO of Deepa Jewellers Ltd opened for subscription on September 01st, 2026 and closed on September 03rd, 2026. The overall IPO comprised of a fresh issue and an offer for sale (OFS) of 2,63,11,874 shares (263.12 lakh shares) worth ₹465.72 crore at the upper band price of ₹177 per share. The allotment status will be finalized by end of day (EOD) of September 04th, 2026. Here is how to check your allotment status for the IPO of Deepa Jewellers Ltd. You can check IPO status on BSE or NSE or IPO Registrar (Bigshare Services Private Ltd) website.
CHECKING ALLOTMENT STATUS OF DEEPA JEWELLERS LTD IPO ON BSE WEBSITE
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select Deepa Jewellers Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip or
Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Deepa Jewellers Ltd allotted into your demat account. You can save a screenshot of the allotment status output for verifying with demat account credits.
CHECKING ALLOTMENT STATUS OF DEEPA JEWELLERS LTD IPO ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select DEEPA from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip and
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input both data points; the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Deepa Jewellers Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF DEEPA JEWELLERS LTD ON BIGSHARE SERVICES PRIVATE LIMITED (REGISTRAR TO THE IPO)
Here are the steps to follow. Visit the Bigshare Services Private Ltd registrar website for IPO status by clicking on the link below:
https://ipo.bigshareonline.com/IPO_Status.html
Here you are given the choice to select 3 servers viz. Server 1, Server 2, and Server 3. There is nothing to be confused, as these are server backups in case one server is experiencing too much traffic, you can select another server and try again. There will be no output difference, whichever server you select.
This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Deepa Jewellers Ltd from the dropdown box. Once the company is selected from the dropdown box, you have 3 methods to check allotment status for the IPO.
Firstly, you can access with Application Number / CAF Number. Enter the Application / CAF number, enter the captcha, and then click on the search button.
Secondly, you can search by Beneficiary ID of your demat account. Remember that the NSDL string is alphanumeric while the CDSL string is numeric. Write it in once single string in the box. Then enter the captcha and press the search button.
Thirdly, you can search by Income Tax PAN number. Once you select PAN from the dropdown menu, enter your 10-digit PAN number, enter the captcha code and then, click on the Search Button.
The IPO status with number of shares of Deepa Jewellers Ltd allotted will be displayed on the screen. You can save a screenshot of the screen for future reference
In case, you have any issues with the output, register an investor query with Bigshare Services India Private Ltd. You can either send an email with all requisite details and problem to info@bigshareonline.com or you can call on (+91)-22-6263-8200 for voice call.
NEXT STEPS IN THE DEEPA JEWELLERS LTD IPO
Post the closure of the IPO subscription on 03rd September 2026, the basis of allotment will be finalized on 04th September 2026 and the refunds will be initiated on 07th September 2026. In addition, the demat credits are expected to also happen on 07th September 2026 and the stock will list on 08th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 07th September 2026 under ISIN (INE1M2N01020).
Interested in applying for this IPO?
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