Deepa Jewellers IPO
DEEPA · BSE, NSE · Mainboard · Diamond & Jewellery
Overview
Updated 12 days agoDeepa Jewellers Limited is an organized B2B designer, processor, and supplier of hallmarked gold jewellery, primarily operating in Southern India. The company plans to raise funds through a fresh issue of equity shares and an offer for sale by its promoters.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 84 | ₹14,868 |
| Retail (max) | 13 | 1,092 | ₹1,93,284 |
| sNII (min) | 14 | 1,176 | ₹2,08,152 |
| bNII (min) | 68 | 5,712 | ₹10,11,024 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | Diamond & Jewellery |
| Price band | ₹168–177 |
| Final issue price | ₹177.00 |
| Face value | ₹2 per share |
| Lot size | 84 shares |
| Minimum investment | ₹14,868 |
| Issue size | ₹460 Cr |
| Fresh issue | ₹250 Cr |
| P/E at upper band | 13.9x |
| Registrar | Bigshare Services Private Limited |
| Lead managers | Emkay Global Financial Services Limited, Valmiki Leela Capital Private Limited |
| NSE symbol | DEEPA |
| ISIN | INE1M2N01020 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
Deepa Jewellers Limited is a B2B company engaged in designing, processing, and supplying hallmarked gold jewellery to retail chains and standalone stores. The company operates through an outsourced manufacturing model with a network of skilled karigars and is currently setting up an in-house manufacturing facility in Hyderabad. Its product portfolio includes vaddanam, CNC machine-cut bangles, and various other gold ornaments. The company has a strong presence in Southern India, which contributes a significant portion of its revenue.
Objects of the issue — how the money will be used
- Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory (₹215 Cr)
- General corporate purposes
Key strengths
- Significant revenue contribution from Southern India
- Well-established customer base with long-standing relationships
- Diverse product portfolio with varied weight ranges and designs
- Established procurement network and long-standing relationship with karigars
- Well-experienced promoters and professional management team
- Robust financial performance with consistent growth
Key risks
- High customer concentration with top 10 customers accounting for a significant portion of revenue
- Significant revenue concentration in Southern India
- Dependence on third-party karigars for manufacturing
- Inventory management risks and potential for unsold inventory returns
- Volatility in gold prices and dependence on timely procurement of gold bullion
- Exposure to counterparty credit risk
- Negative cash flows from operating activities in previous periods
- Dependence on key management personnel and directors
Promoters
Ashish Agarwal, Seema Agarwal, Dev Agarwal
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 1,024.57 | -- | 24.35 | 174.64 | 92.55 | 77.93 |
| FY25 | 1,397.01 | -- | 40.58 | 217.67 | 133.21 | 80.79 |
| FY26 | 1,926.68 | -- | 104.79 | 357.18 | 238.07 | 111.12 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Deepa Jewellers this issue | 1,926.7 | 12.78 | 13.9x | 56.45 | 29.03 |
| Sky Gold and Diamonds Limited | 4,708.4 | 13.97 | 57.6 | 23.88 | 72.02 |
| Shanti Gold International Limited | 2,018.7 | 21.22 | 12.7 | 37.34 | 83.00 |
| Shringar House of Mangalsutra Limited | 2,245.8 | 13.55 | 17.0 | 26.29 | 70.29 |
| RBZ Jewellers Ltd | 636.5 | 13.70 | 10.1 | 20.11 | 74.96 |
| Khazanchi Jewellers Limited | 2,049.2 | 36.10 | 22.2 | 32.45 | 129.14 |
This issue is priced at 13.9x P/E against a peer median of 17.0x: a discount of 19%. A measurement, not a verdict.
Other Diamond & Jewellery IPOs
Same sector, listed just before and after this one, with their listing-day change.
M. K. Sons Fine Jewels LimitedMKSONS · BSE, NSE · Mainboard · Diamond & Jewellery+0.0%4 Nov
Nityas Gems & JewelleryNITYAS · BSE, NSE · Mainboard · Diamond & Jewellery+12.0%8 Oct
Omara Ventures IndiaOMARA · BSE · SME · Diamond & Jewellery+2.6%8 Oct
Augmont EnterprisesAUGMONT · BSE, NSE · Mainboard · Diamond & Jewellery+15.2%31 Aug
Shankesh JewellersSHANKESH · BSE, NSE · Mainboard · Diamond & Jewellery+2.0%25 Aug
Lalithaa Jewellery MartLALITHAA · BSE, NSE · Mainboard · Diamond & Jewellery+23.6%24 Aug Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.