Deepa Jewellers IPO Day 2 Live: Total hits 3.48x; NII leads - Check analysts view and more
- Deepa Jewellers IPO total subscription reached 3.48x on Day 2.
- NII (bHNI) category led with 6.36x subscription, surging 170.6% intraday.
- QIB interest jumped 318.2% to 0.46x, showing late-day institutional pickup.
- Company revenue grew from ₹1024.57 crore in FY24 to ₹1926.68 crore in FY26.
- IPO closes on 03-09-2026; allotment and listing dates to be announced.
*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
How might the heavy reliance on Southern Indian markets impact Deepa Jewellers' expansion strategy post-IPO?
What specific measures will the company implement to mitigate the risk associated with its top 10 customers accounting for nearly 65% of revenue?
Could the significant product concentration in vaddanam and CNC bangles limit diversification opportunities in other jewellery segments?
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