Deepa Jewellers IPO subscribed 0.86 times on day 1

The offer received bids for 1.59 crore shares as against 1.85 crore shares on offer.

The initial public offer of Deepa Jewellers received bids for 1,59,85,200 shares as against 1,85,20,085 shares on offer, according to stock exchange data at 17:00 IST on 1 September 2026). The issue was subscribed 0.86 times.

Deepa Jewellers' Rs 459.72 crore IPO opened for subscription on 1 September 2026 and it will close on 3 September. The issue comprises a fresh issue of shares worth up to Rs 250 crore and an offer for sale of 1,18,48,340 shares worth up to Rs 209.72 crore at the upper price band. The price band is fixed at Rs 168-177 per share, with a lot size of 84 shares. The shares will be listed on the BSE and NSE.

The company allotted 77,91,789 shares to anchor investors at Rs 177 per share, raising Rs 137.91 crore ahead of the IPO.

Proceeds from the OFS will go to the selling shareholders. The fresh issue will primarily fund the company's working capital requirements, with Rs 215 crore earmarked for procurement, maintenance and scaling up of inventory. Deepa Jewellers is also setting up a 6,696 sq ft in-house manufacturing facility in Hyderabad, which is expected to be operational before the end of H1 FY27.

Deepa Jewellers is a Hyderabad-based B2B designer, processor and supplier of 22-carat hallmarked gold jewellery. It operates primarily across southern India and follows an outsourced processing model supported by a network of 41 karigars. The company also undertakes job work and trades in silver ornaments, 18- and 20-carat gold jewellery, precious stones and gold bullion.

As of 31 July 2026, the company had 373 customers across 13 states and one Union Territory. Its customer base comprised 47 jewellery retail chains and 326 standalone stores. It had 16 product categories and 110 SKUs. Major customers include Joyalukkas, Kalyan Jewellers and Lalithaa Jewellery Mart. The company sold a total of 1,644 kg of jewellery during FY26.

The company's revenue from operations increased 38% to Rs 1,926.68 crore in FY26 from Rs 1,397.01 crore in FY25. Profit before tax increased 158% to Rs 140.33 crore and profit after tax rose 158% to Rs 104.79 crore.

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