The initial public offering (IPO) of Deepa Jewellers was launched on September 1, 2023, and drew investors to look at the company's financial performance, issue structure and grey market premium (GMP).
The public issue will remain open until September 3, and the shares will be listed on the stock exchanges on September 8. Before the IPO, the unofficial grey market premium suggests investors who bid at the higher end of the IPO price band will find it attractive.
But GMP is an unofficial indicator and does not guarantee the actual listing price or returns.
Deepa Jewellers IPO GMP Today
The grey market premium for Deepa Jewellers was Rs 44 as of 1:00 p.m. (AEST) on September 1.
With the IPO price band fixed at Rs 177 per share, the listing price based on GMP is around Rs 221.
This is a potential listing gain of about 24.86% over the price of the upper issue.
The calculation is based only on the prevailing grey market premium. GMP can change before listing and is not an exchange-regulated indicator; investors should not treat the implied price as a prediction of the actual market debut.
Deepa Jewellers IPO subscription status
On the first day of bidding, the Deepa Jewellers IPO had been subscribed 0.56 times as at 1:45 p.m. on Tuesday.
The subscription figure can change considerably in the remainder of the bidding period as institutional and other investors join in on the last day.
So investors will thus be watching subscription levels closely through September 3.
Deepa Jewellers IPO price band and issue size
Deepa Jewellers has fixed the IPO price band at Rs 168 to Rs 177 per share.
The total issue size is Rs 459.72 crore and consists of both a fresh issue and an offer for sale.
The IPO comprises:
- Fresh issue of 1.41 crore shares worth Rs 250 crore.
- Offer for sale of 1.18 crore shares worth Rs 209.72 crore.
- Price band Rs 168-Rs 177 per share.
- Retail lot size: 84 shares
At the upper price of Rs 177 per share, retail investors need to invest a minimum of Rs 14,868 to apply for one lot.
Emkay Global Financial Services Ltd. is the book-running lead manager, while Bigshare Services Ltd. is the registrar for the issue.
Deepa Jewellers IPO Important Dates
The bidding schedule for the IPO is as follows:
- IPO opens: September 1, 2026.
- IPO closes: September 3, 2026.
- Allotment finalisation: September 4, 2026.
- Refund initiation: September 7, 2026.
- Shares credited to demat accounts: September 7, 2026.
- Listing date: September 8, 2026
Investors who get an allotment will receive the shares in demat accounts before the listing.
How will Deepa Jewellers use IPO proceeds?
Much of the new issue proceeds will be put towards the company's working capital requirements.
Deepa Jewellers plans to allocate Rs 215 crore towards long-term working capital needs such as procurement, maintenance and scaling up of inventory.
The remaining proceeds will be used for general corporate purposes.
For jewellery businesses, inventory is a huge source of working capital. The proposed allocation is to cover the company's operating requirements and future expansion.
Deepa Jewellers Financial Performance
Deepa Jewellers reported strong growth in revenue and profitability during FY26.
The total income rose to Rs 1,927.73 crore in FY26 from Rs 1,400.10 crore in FY25, a 38 per cent increase.
Profit after tax also saw a sharp increase. PAT rose to Rs 104.79 crore in FY26 from Rs 40.58 crore in the previous financial year, an increase of about 158%.
The company reported EBITDA of Rs 146.34 crore in FY26 (compared to Rs 56.01 crore in FY25).
The growth in revenue, EBITDA and profit shows that the company’s overall performance (and therefore its bottom line) in the year is very meaningful.
About Deepa Jewellers
Deepa Jewellers Ltd., incorporated in 2016, is in the retail and wholesale jewellery business.
Gold and diamond jewellery is the company’s industry, with traditional as well as contemporary designs. Rings, necklaces, earrings, bangles and customised jewellery are the products of its product range.
The business is the one that is the source, designer, and seller of jewellery for all customer levels.
What Should IPO Investors Watch?
Deepa Jewellers IPO combines strong recent financial growth with an active grey market premium ahead of its market debut. Investors should take more than the GMP into account before making an investment decision.
And the company’s revenue growth, profitability, working capital requirements, valuation, jewellery-market conditions and risks associated with gold prices are among the factors that can affect its post-listing performance.
On September 3, bidding and listing day on September 8, investors will closely track subscription numbers and the status of the grey market premium over the next few days.
Most importantly, the GMP-based expected listing price of Rs 221 is only an unofficial indication. The actual listing price will depend on market conditions, investor demand and trading sentiment when Deepa Jewellers shares make their stock-market debut.
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