Deepa Jewellers shares made a strong debut listing at a premium over the fixed IPO issue price on Tuesday, September 8, 2026. The stock closed at ₹221 on NSE and ₹221.05 on BSE, reflecting a premium of nearly 25% over the IPO issue price of ₹177 per share. The stock experienced volatility during the session, declining to ₹201.70 as of 10:16 AM on NSE after the initial surge. The listing performance significantly exceeded market expectations, with the Grey Market Premium (GMP) of around 14% indicating positive sentiment ahead of the listing. The strong listing validates the market's confidence in the B2B jewellery company's growth prospects and operational model.
Investors who received the Deepa Jewellers IPO allotment made a total of ₹3,696 per lot, taking the value of their investment to ₹18,564 based on the listing price on the NSE. A lot consisted of 84 shares and cost ₹14,868 during the subscription period. The IPO was oversubscribed 42.61 times by the final day of bidding on Thursday, with bids received for 78.91 crore equity shares against 1.85 crore offered. The IPO received strong response across all categories, with non-institutional investors (NIIs) subscribing 105.96 times, qualified institutional buyers (QIBs) booking 37 times, and retail investors showing 18.55 times subscription. Under the issue structure, up to 50% of shares were reserved for QIBs, at least 15% for NIIs and a minimum of 35% for retail investors.
Ahead of the listing, Deepa Jewellers IPO GMP was around 14%, indicating strong market sentiment and expectations of a healthy listing gain. However, the actual listing price of ₹221.05 on BSE and ₹221 on NSE delivered 25% gains, significantly outperforming the GMP-estimated opening price. The Grey Market Premium (GMP) is an unofficial measure of market sentiment and is neither regulated nor guaranteed, with actual listing price potentially varying significantly from current GMP levels. The GMP fluctuated between ₹0.00 and ₹55 during the past 13 sessions, as per experts. The listing performance exceeded market expectations, with the actual listing price of ₹221.05 per share delivering 25% gains to IPO allottees.
According to Mahesh M. Ojha, Vice President – Research & Business Development at Kantilal Chhaganlal Securities Pvt Ltd, Deepa Jewellers has established itself as an organised B2B jewellery supplier, specialising in vaddanam (gold waist belts) and CNC machine-cut bangles. The company serves 373 customers, including prominent retail chains such as Joyalukkas, Kalyan Jewellers and Lalithaa. As reported by LiveMint, the company has delivered strong financial growth, with revenue, EBITDA and PAT recording CAGRs of 37%, 102.3% and 107.5% respectively between FY24 and FY26. Its asset-light, machine-led outsourced manufacturing model allows it to operate with only 41 karigars, while inventory holding stood at just 18 days in FY26. Profitability has remained robust, with FY26 ROE and ROCE at 56.5% and 52.1% respectively. The company hedges around 80-85% of its inventory, offering protection against gold-price volatility.
Deepa Jewellers IPO had a price band of ₹168-177 per equity share with a face value of ₹2. The ₹460 crore IPO comprised a fresh issue of ₹250 crore and an offer for sale worth ₹209.72 crore, involving the sale of 1.18 crore shares. The company's post-issue implied market capitalisation is estimated at around ₹1,700 crore at the upper end of the price band. Of the fresh issue proceeds, ₹215 crore is proposed to be utilised towards long-term working-capital requirements, primarily for procurement, maintenance and scaling up of jewellery inventory, with the balance earmarked for general corporate purposes. The ₹459.72 crore IPO comprises a fresh issue of 1.41 crore equity shares worth ₹250 crore and an offer for sale of 1.18 crore equity shares worth ₹209.72 crore. The company had also raised ₹138 crore from 14 anchor investors by allotting 77.91 lakh shares at ₹177 apiece, including Motilal Oswal Finvest, WhiteOak Capital, 360 ONE, Nomura Singapore, Ashoka India Equity Investment Trust and Citigroup. In terms of valuation, Deepa Jewellers' price-to-earnings (P/E) ratio, based on diluted FY26 earnings, stands at 13.15 times at the lower end and 13.85 times at the upper end of the price band, significantly below the FY26 industry peer average P/E of 23.92 times.
