Deepa Jewellers IPO opened for subscription on September 1, 2026, recording an overall Day 1 subscription of 0.22x. Retail investors led the charge at 0.38x, while institutional and high-net-worth participation remained subdued on the opening day.

Subscription Status

As of the end of Day 1 (September 1, 2026), the subscription figures across categories are as follows:

Retail investors are the most active category on Day 1, having subscribed 0.38x of their reserved portion. sHNI (small HNI) stands at 0.28x, while bHNI (big HNI) lags at 0.08x. QIB participation has not commenced yet. The issue remains below full subscription at the close of Day 1.

Intra-Day Timeline — September 1, 2026

Subscription figures held steady through the available intra-day snapshot, with retail ticking up early and holding at 0.38x by 11:15 IST.

About the Company

Deepa Jewellers, founded in 2016 and headquartered in Hyderabad, Telangana, is an organised B2B designer, processor and supplier of hallmarked gold jewellery. The company operates primarily across Southern India — Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala — supplying jewellery retail chains and standalone stores. It offers 16 products with 110 SKUs, specialising in vaddanam and CNC machine cut bangles. The management team includes CEO Ashish Agarwal, COO Dev Agarwal, and Director Seema Agarwal.

Financial Highlights

Revenue from operations has nearly doubled from ₹1,024.57 crore in FY2024 to ₹1,926.68 crore in FY2026, while PAT surged from ₹24.35 crore to ₹104.79 crore over the same period, reflecting strong operational scaling.

Objects of the Issue

• Funding long-term working capital requirements: ₹215.00 crore towards procurement of raw materials, maintaining adequate inventory levels, and scaling up operations across Southern India including establishment of sales offices and a manufacturing facility.
• General corporate purposes: Strategic initiatives, growth opportunities, marketing and brand building, corporate contingencies, and ordinary course business expenses.

Risk Factors

• Customer Concentration Risk: Top 10 customers accounted for 64.67%, 63.27% and 67.36% of revenue from operations in FY2026, FY2025 and FY2024 respectively; loss of any key customer could materially impact revenues.
• Gold Price Volatility: Gold bullion prices fluctuated from ₹94,590 to ₹1,54,039 per 10 grams in FY2026; absence of complete hedging facilities exposes the company to significant raw material cost risk.
• Dependence on Third-Party Karigars: All production is outsourced to 41 karigars as of July 31, 2026, with formal agreements in place for only 29; any disruption in their services could adversely affect operations and product quality.

Offer Details

The IPO is open from September 1 to September 3, 2026. Investors can bid at a price band of ₹168–₹177 per share, with a minimum lot size of 84 shares.