Deepa Jewellers IPO Day 3: Subscribed 42.41x; QIB jumps 7772%; NII leads with 193.49x
- Deepa Jewellers IPO subscribed 42.41x on Day 3.
- QIB demand jumped 7772.3% to 37.00x.
- NII category led with 193.49x subscription.
- Retail participation rose to 18.21x.
*this image is generated using AI for illustrative purposes only.
Deepa Jewellers IPO subscription raced ahead on Day 3, surging to 42.41x by 5:15 PM IST. Qualified Institutional Buyers (QIB) drove the late-day momentum, with demand spiking 7772.3% between 11:15 AM and the final snapshot. The Non-Institutional Investor (NII) category maintained its lead in overall subscription.
Subscription Status
The IPO witnessed a dramatic acceleration in demand during the final hours of bidding. After closing Day 2 at 3.48x, the issue saw a massive uptick early on Day 3. By 5:15 PM, the total subscription had climbed to 42.41x, marking a significant shift from the 5.72x recorded at 11:15 AM. This surge was primarily led by institutional and high-net-worth individual participation.
| 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 | 37.00x | 69.55x | 123.94x | 18.21x | 42.41x |
Category-wise Breakdown
The NII segment remains the primary engine of demand for Deepa Jewellers. Big HNI (bHNI) investors subscribed 69.55x, while small HNI (sHNI) investors followed with 123.94x. Combined NII subscription stands at 193.49x. Retail participation also strengthened, rising to 18.21x. Qualified Institutional Buyers (QIB) showed a remarkable improvement, ticking up to 37.00x 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 5:15 PM on 03-09-2026, where all major categories registered double-digit percentage gains. QIB demand increased more than seventy-fold in this window.
| 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 |
| 13:15 | 0.64x | 27.32x | 10.23x | 12.64x |
| 14:15 | 4.33x | 39.76x | 12.36x | 19.14x |
| 15:15 | 10.41x | 55.54x | 14.74x | 28.70x |
| 16:15 | 36.59x | 67.89x | 17.00x | 41.56x |
| 17:15 | 37.00x | 69.55x | 18.21x | 42.41x |
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.
How might the heavy reliance on Southern Indian markets impact Deepa Jewellers' expansion strategy post-IPO?
What specific hedging strategies will the company implement to mitigate risks from gold price volatility given its limited current facilities?
Will the proceeds from this IPO be utilized to diversify the customer base and reduce the 64.67% revenue dependency on top clients?
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