Deepa Jewellers IPO Day 3: Subscribed 8.44x; NII bHNI jumps 52.2%
- Deepa Jewellers IPO subscription surged to 8.44x on Day 3, up from 5.72x earlier in the day.
- NII (bHNI) category led the rally with a 52.2% intraday jump, reaching 17.82x.
- Retail demand also picked up pace, climbing 24.4% to 8.36x within an hour.
- QIB subscription ticked up slightly to 0.53x, while employee quota remained at 0x.
*this image is generated using AI for illustrative purposes only.
Deepa Jewellers IPO subscription raced ahead on Day 3, jumping 47.6% in a single hour to reach 8.44x. The Non-Institutional Investor (NII) category drove the momentum, with big HNI demand spiking 52.2% between 11:15 AM and 12:15 PM IST.
Subscription Status
The IPO witnessed a dramatic acceleration in demand on the final day of bidding. After closing Day 2 at 3.48x, the issue saw a massive uptick early on Day 3. By 12:15 PM, the total subscription had climbed to 8.44x, marking a significant shift from the 5.72x recorded at 11:15 AM.
| 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 |
| Day 3 | 03-09-2026 | 0.53x | 17.82x | 19.27x | 8.36x | 8.44x |
Category-wise Breakdown
The NII segment remains the primary engine of demand for Deepa Jewellers. Big HNI (bHNI) investors subscribed 17.82x, while small HNI (sHNI) investors followed closely with 19.27x. Retail participation also strengthened, rising to 8.36x. Qualified Institutional Buyers (QIB) showed modest improvement, ticking up to 0.53x from 0.47x earlier in the day. Employee quota remained unsubscribed at 0x.
Intra-day Timeline
The most significant activity occurred between 11:15 AM and 12:15 PM on 03-09-2026, where all major categories registered double-digit percentage gains.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.47x | 11.71x | 6.72x | 5.72x |
| 12:15 | 0.53x | 17.82x | 8.36x | 8.44x |
Offer Details
- Price Band: ₹168.00000 - ₹177.00000
- Issue Size: ₹14,868 crore - ₹5,00,000 crore
- Min Bid Qty: 84 shares
- IPO Open Date: 01-09-2026
- IPO Close Date: 03-09-2026
About the Company
Deepa Jewellers is an organized B2B designer, processor, and supplier of hallmarked gold jewellery. Operating primarily in Telangana, Karnataka, Andhra Pradesh, Tamil Nadu, and Kerala, the company designs jewellery through in-house teams and processes it via an outsourced model supported by 41 karigars. It supplies hallmarked plain gold and precious stone-studded jewellery, including vaddanam and CNC machine-cut bangles, to retail chains and standalone stores.
Financial Highlights
Deepa Jewellers has shown consistent revenue growth over the past three years. Revenue from operations rose from ₹1,024.57 crore in Fiscal 2024 to ₹1,926.68 crore in Fiscal 2026. Profit before tax also increased significantly during the same period.
| Particulars | FY 2024 (₹ crore) | FY 2025 (₹ crore) | FY 2026 (₹ crore) |
|---|---|---|---|
| Revenue from Operations | 1024.57 | 1397.01 | 1926.68 |
| Profit Before Tax | 32.68 | 54.47 | 140.33 |
| Total Profit | 24.35 | 40.58 | 104.79 |
| Total Assets | 174.64 | 217.67 | 357.18 |
Objects of the Issue
- Funding long-term working capital requirements towards procurement, maintenance, and scaling up of inventory: ₹215.00 crore
- General corporate purposes including strategic initiatives, 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 in business from these key customers could significantly impact operations.
- Product Concentration Risk: Significant revenue is derived from vaddanam (41.85%) and CNC machine-cut bangles (30.87%) in Fiscal 2026. Changes in consumer preferences could adversely affect the company.
- Geographic Concentration Risk: Southern India contributed 94.37% of total revenue in Fiscal 2026, exposing the company to regional economic and market risks.
- Gold Price Volatility: Fluctuations in gold prices, ranging from ₹94,590 to ₹154,039 per 10 grams in Fiscal 2026, pose risks due to limited hedging facilities.
- Supplier Concentration Risk: Top 10 suppliers accounted for 91.81% of total purchases in Fiscal 2026, with no long-term contracts in place.
Will the strong NII subscription momentum translate into a significant listing premium, or could the low QIB participation signal institutional skepticism about long-term valuation?
How might Deepa Jewellers mitigate the risk of customer concentration given that the top 10 clients accounted for nearly 65% of FY2026 revenue?
What specific strategic initiatives will the company prioritize with the general corporate purposes funds to diversify beyond its heavy reliance on Southern India?
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