Deepa Jewellers IPO Day 1: Subscription status, review — here's what you need to know
- Deepa Jewellers IPO recorded an overall Day 1 subscription of 0.83x.
- Retail investors led the subscription at 1.33x, followed by NII (bHNI) at 1.12x.
- QIB participation started slowly at 0.11x on Day 1.
- The company reported revenue of ₹1,926.68 crore and PAT of ₹104.79 crore in FY2026.
- The issue is priced at ₹168–₹177 per share and closes on September 3, 2026.
*this image is generated using AI for illustrative purposes only.
Deepa Jewellers IPO raced ahead to a total of 3.48x on Day 2, with NII (bHNI) leading the charge at 6.36x. The issue remains fully subscribed, driven by strong institutional and retail momentum in the final hours of trading.
Subscription Status
The issue saw steady momentum on Day 2 (02-09-2026), with the total subscription jumping from 0.83x on Day 1 to 3.48x. QIB interest picked up pace significantly after 2pm, nearly quadrupling its morning numbers. Retail investors continue to lead the charge, while NII (bHNI) also surged significantly.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 01-09-2026 | 0.11x | 1.12x | 0.34x | 1.33x | 0.83x |
| Day 2 | 02-09-2026 | 0.46x | 6.36x | 4.02x | 4.57x | 3.48x |
Intra-day Timeline (02-09-2026)
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.11x | 2.35x | 2.33x | 1.50x |
| 12:15 | 0.11x | 2.99x | 2.80x | 1.84x |
| 13:15 | 0.12x | 3.65x | 3.18x | 2.16x |
| 14:15 | 0.39x | 4.33x | 3.56x | 2.54x |
| 15:15 | 0.44x | 4.93x | 3.95x | 2.84x |
| 16:15 | 0.45x | 5.48x | 4.27x | 3.11x |
| 17:15 | 0.46x | 6.36x | 4.57x | 3.48x |
About the Company
Deepa Jewellers is an organized B2B designer, processor, and supplier of hallmarked gold jewellery, primarily operating in Telangana, Karnataka, Andhra Pradesh, Tamil Nadu, and Kerala. Founded in 2016, the company designs jewellery through in-house designers and processes gold via an outsourced manufacturing model supported by 41 karigars. It supplies plain gold and precious stone-studded jewellery, including vaddanam and CNC machine cut bangles, to retail chains and standalone stores. The management team includes CEO Ashish Agarwal, COO Dev Agarwal, and Director Seema Agarwal.
Financial Highlights
The company has demonstrated robust financial performance with consistent growth over the last three years.
| Particulars | FY 2024 (₹ crore) | FY 2025 (₹ crore) | FY 2026 (₹ crore) |
|---|---|---|---|
| Revenue from Operations | 1024.57 | 1397.01 | 1926.68 |
| Total Profit (PAT) | 24.35 | 40.58 | 104.79 |
| Total Equity | 92.55 | 133.21 | 238.07 |
Revenue increased from ₹1024.57 crore in FY 2024 to ₹1926.68 crore in FY 2026. Similarly, total profit grew significantly from ₹24.35 crore to ₹104.79 crore over the same period.
Objects of the Issue
- Funding long-term working capital requirements: ₹215.00 crore towards procurement, maintenance, and scaling up of inventory.
- General corporate purposes: Deployment towards strategic initiatives, marketing, brand building, and meeting corporate contingencies.
Risk Factors
- Customer Concentration Risk: Top 10 customers accounted for 64.67% of revenue in Fiscal 2026; any reduction could impact operations.
- Product Concentration Risk: Significant revenue derived from vaddanam (41.85%) and CNC machine cut bangles (30.87%) in Fiscal 2026.
- Geographic Concentration Risk: 94.37% of total revenue in Fiscal 2026 came from Southern India, exposing the company to regional risks.
Key Dates
- IPO Open Date: 01-09-2026
- IPO Close Date: 03-09-2026
- Allotment Date: To be announced
- Listing Date: To be announced
Will the significant disparity between strong retail interest and weak QIB participation (0.11x) indicate a potential listing gain or signal institutional skepticism about the company's B2B model?
How might the recent volatility in gold prices (₹94,590 to ₹1,54,039 per 10g) impact Deepa Jewellers' margins post-listing given their limited hedging facilities?
Could the high customer concentration risk, with top 10 clients accounting for over 64% of revenue, deter long-term institutional investors from participating in the final days of the IPO?
16
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
