Deepa Jewellers IPO is expected to finalize its share allotment today after achieving exceptional subscription of 42.61 times on the final day. The ₹459.72 crore book-build issue comprises a fresh issue of about ₹250 crore and an offer for sale (OFS) of ₹210 crore. The subscription window closed on Wednesday, September 3, 2026, with share allotment scheduled for Friday, September 4, 2026. The shares are expected to list on BSE and NSE on Tuesday, September 8, 2026 at 10 AM. The book-building issue has a price band between ₹168 and ₹177 per share, with investors required to apply for at least one lot of 84 shares, making the minimum investment ₹14,868 at the upper price band.
The non-institutional investor (NII) category emerged as the strongest segment with 105.96 times subscription, while the qualified institutional buyer (QIB) category was subscribed 37.01 times. Within the NII segment, high-net-worth individuals bidding over ₹10 lakh drove demand to 123.94 times their reserved quota. The retail individual investor (RII) segment subscribed 18.55 times their portion. This retail-led subscription pattern indicates strong investor confidence in the company's growth prospects and market position in the organized B2B jewellery segment. The basis of allotment is tentatively scheduled for Friday, September 4, 2026, with refunds expected on Monday, September 7, 2026, and shares likely to be credited to demat accounts on the same day. Investors can check their allotment status through NSE's website, BSE's website, or Bigshare Services platform using their application number or PAN details.
The grey market premium (GMP) has moderated to ₹18, indicating shares are trading at a premium of ₹18 based on the upper price band, which is lower than the ₹28 premium reported earlier. This represents a 10.17% premium over the IPO price of ₹177, suggesting strong investor sentiment ahead of the listing. The grey market premium reflects the market's positive sentiment toward Deepa Jewellers and its organized B2B jewellery operations in southern India. The P/E multiple based on diluted FY26 earnings stands at 13.15 times at the floor price and 13.85 times at the cap price, which is notably lower than the FY26 industry peer average P/E of 23.92 times, suggesting that Deepa Jewellers is being offered at a comparatively lower valuation than its industry peers.
Deepa Jewellers has demonstrated exceptional financial performance with revenue from operations increasing to ₹1,926.7 crore in FY26 from ₹1,397 crore in FY25 and ₹1,024.6 crore in FY24. The company's EBITDA rose significantly to ₹146.3 crore in FY26 from ₹56 crore in FY25, while PAT jumped to ₹104.8 crore in FY26 from ₹40.5 crore in FY25 and ₹24.3 crore in FY24. The Hyderabad-based company, incorporated in 2016, operates as a B2B designer and supplier of hallmarked gold jewellery, primarily serving retail chains and standalone stores across South India. Its key products, vaddanam and CNC machine-cut bangles, contributed 72.8 per cent of FY26 revenue. The company is valued at 16.2x P/E, 5.45x P/BV and 12.39x EV/EBITDA based on FY26 earnings, implying a post-issue market capitalization of ₹1,701.4 crore. The company has reported a three-year weighted average Return on Net Worth (RoNW) of 45.26%, reflecting strong returns generated on shareholders' capital.
Ahead of the public issue, Deepa Jewellers raised ₹137.91 crore from 14 anchor investors, with the company allotting 77.91 lakh shares to anchor investors at the upper end of the price band. The anchor book included prominent investors such as Nomura Singapore, Ashoka India Equity Investment Trust Plc Plc and Citigroup. Motilal Oswal Finvest emerged as the largest investor, picking up 20.3 lakh shares worth ₹35.95 crore. WhiteOak Capital and 360 ONE each acquired 5.08 lakh shares, with each investment amounting to nearly ₹9 crore. Of the total anchor allocation, 14.96 lakh shares were allotted to domestic mutual funds, including Tata Asset Management Company and Unifi Mutual Fund. Emkay Global Financial Services serves as the book running lead manager, while Bigshare Services Private is the registrar. Proceeds from the fresh issue are earmarked for long-term working capital requirements and general corporate purposes, with post-issue, promoter holding will reduce from 100 per cent to 73 per cent.
