Deepa Jewellers IPO

Deepa Jewellers IPO is a book-built issue worth ₹459.72 crore. It includes a fresh issue of 1.41 crore shares worth ₹250 crore and an offer for sale of 1.18 crore shares worth ₹209.72 crore. 

The IPO will open for subscription on September 1, 2026, and close on September 3, 2026. The allotment is expected to be finalized on September 4, 2026. The shares are proposed to be listed on both NSE and BSE, with the listing expected on September 8, 2026. 

The IPO price band has been fixed at ₹168 to ₹177 per share. The lot size is 84 shares, meaning retail investors need to invest at least ₹14,868 for one lot at the upper price band. 

Emkay Global Financial Services Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar of the IPO.

About Deepa Jewellers

Deepa Jewellers Limited is a B2B jewellery company that designs, processes, and supplies mainly hallmarked 22-karat gold jewellery. It mainly serves jewellery retailers rather than selling directly to customers. 

The company has a strong presence in South India, including Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, and Kerala. It supplies jewellery to both large retail chains and individual jewellery stores. 

Deepa Jewellers mainly deals in gold jewellery processing, job-work, and trading. Its key products include Vaddanam (traditional gold waist belts) and CNC machine-cut bangles, which contribute significantly to its revenue. 

The company follows an asset-light business model. Instead of manufacturing all jewellery in its own facilities, it works with a network of skilled third-party artisans, known as karigars, who make plain and stone-studded gold jewellery. 

The company sources gold bullion mainly from RBI-registered bullion banks and dealers. Apart from selling finished jewellery, it also earns income by processing gold supplied by customers, known as job-work. It also trades in silver ornaments, gold bullion, and 18-karat and 20-karat jewellery.

Deepa Jewellers IPO Objectives

1. The company will use part of the IPO proceeds to repay or prepay some of its existing loans. This can help reduce its interestcosts and improve its financial position.
2. The company needs funds tomaintain its jewellery inventory and manage day-to-day operations. The IPO proceeds will help meet these working capital needs and support business operations during periods of higher demand.
3. The remaining funds will be used for general business needs, such as expansion, brand-related activities, and other operational expenses.

Industry Outlook

The company belongs to the retail jewellery industry. 

• India’s gems and jewellery retail market is expected to grow at a 12%–14% CAGR from FY25 to FY30, reaching ₹15,100–15,500 billion by FY30.
• The domestic gems and jewellery retail market stood at ₹8,283 billion in FY25, mainly driven by gold jewellery.
• The market is projected to grow by around 33% in FY26, reaching ₹10,800–11,200 billion, supported largely by changes in gold prices.
• The industry grew 18% year-on-year in FY24, driven by higher jewellery volumes and prices.
• Festive demand, changes in customs duties, and rising investment demand for gold are expected to support the industry despite high gold prices.

Financial Performance of Deepa Jewellers

Deepa Jewellers Peer Comparison

Strengths and Opportunities for Deepa Jewellers

1. Deepa Jewellers has a strong presence in Telangana and Andhra Pradesh, giving it good local brand recognition.
2. The company is led by promoters Ashish Agarwal, Seema Agarwal and Dev Agarwal, with an established promoter-led management structure.
3. Its flagship store in Basheerbagh, Hyderabad gives the company access to a major commercial and jewellery market.
4. The company has scope to expand into tier-2 and tier-3 cities across South India as organised jewellery retail gains popularity.
5. The shift from unorganised jewellers to organised and hallmarked retailers could help Deepa Jewellers gain market share.
6. Expanding into lightweight diamond jewellery and daily-wear gold jewellery could help the company attract younger customers.
7. Building a stronger online presence and digital catalogue could help the company reach more customers and generate festive and bridal enquiries.
8. Listing on BSE and NSE could improve the company’s visibility and credibility among customers, suppliers and investors.

Risks and Threats for Deepa Jewellers

1. The company’s growth plans require significant spending on new showrooms and inventory, with ₹207.50 crore from the IPO proceeds earmarked for inventory, which could increase working capital pressure.
2. A large share of revenue comes from Telangana and Andhra Pradesh, making the business vulnerable to regional economic conditions, competition and regulatory changes.
3. The jewellery business requires high inventory levels, exposing the company to gold price fluctuations, inventory holding costs and potential losses from price declines.
4. Promoters Ashish Agarwal and Seema Agarwal are offering up to 59,24,170 shares each through the Offer for Sale, which will reduce their ownership stake after the IPO.
5. The company depends on regular access to working capital financing and equity funds, so any funding shortfall could affect store expansion and operations.
6. Fluctuations in gold and precious stone prices, import duties and foreign exchange rates could increase costs and put pressure on profit margins.
7. Competition from large jewellery chains such as Titan/Tanishq, Kalyan Jewellers and Malabar Gold could put pressure on the company’s market share and margins.
8. Changing preferences among younger consumers, including growing interest in lab-grown diamonds and alternative luxury products, could affect demand for traditional gold jewellery.
9. Changes in gold import duties, hallmarking, AML/KYC and other regulations could increase the company’s compliance costs and operational requirements.

Deepa Jewellers IPO Reservation

Deepa Jewellers IPO Promoter Holding

Deepa Jewellers IPO Registrar and Lead Managers

Deepa Jewellers IPO Lead Managers

1. Emkay Global Financial Services Ltd.
2. Valmiki Leela Capital Pvt.Ltd.

Registrar for Deepa Jewellers IPO 

Name: Bigshare Services Pvt.Ltd.

Phone: 8657578989

Email ID: ipo@bigshareonline.com

How To Check the Allotment Status of the Deepa JewellersIPO ?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Milky Mist Ltd. IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Apply for Deepa Jewellers IPO Online?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Deepa Jewellers IPO 

Address: Ground floor and first floor, door no. 3- 6-343 & 344, Basheerbagh, Himayathnagar, Hyderabad, Telangana, 500029

Phone: + 91 76809 62117

Email ID: cs@deepajewel.com