Deepa Jewellers’ ₹460 crore IPO closes 42.61x subscribed
Hyderabad-based B2B gold jewellery supplier Deepa Jewellers saw strong demand for its IPO, with NII bids at 105.96x, QIB at 37.01x and retail at 18.55x. The ₹250 crore fresh issue is earmarked primarily for working capital and general corporate purposes.
What happened
Hyderabad-based B2B gold jewellery supplier Deepa Jewellers’ ₹460 crore IPO closed with 42.61 times subscription. Fresh-issue proceeds will support working
Key facts
- 42.61x total subscription
- ₹460 crore IPO
- ₹250 crore fresh issue
- ₹210 crore offer for sale
- ₹177 upper price band
- 105.96x NII subscription
- 37.01x QIB subscription
- 18.55x retail subscription
- Promoter holding to fall from 100% to 73%
- ₹19,267 million FY26 revenue
- 37.9% FY26 revenue growth
- ₹1,048 million FY26 PAT
- 72.8% of FY26 revenue from vaddanam and CNC machine-cut bangles
- 16.2x P/E
Why this matters
The IPO equips Deepa Jewellers with ₹250 crore of growth capital, potentially increasing its sourcing and distribution scale and raising competitive pressure on regional B2B jewellery suppliers.
What to watch
- Official allotment data, anchor lock-up details and the final issue-price valuation versus listed jewellery peers.
- Grey-market premium and first-week delivery volumes, which will indicate whether subscription demand converts into sustained investor ownership.
- Quarterly revenue growth, EBITDA margin, inventory days, receivable days and operating cash flow after deployment of the ₹250 crore fresh issue.
- Gold-price direction and volatility, rupee movement, import-duty changes and consumer demand during the upcoming wedding/festive cycle.
- Any increase in promoter pledging, related-party transactions, leverage or working-capital borrowing despite the fresh equity infusion.
- Complete allotment and listing, with market attention focused on the implied listing premium versus issue valuation.
- Deploy fresh capital toward gold inventory and receivables funding, increasing capacity to serve B2B jewellers during festival and wedding-led demand periods.
- Use the public-market profile to pursue additional retailer and wholesale accounts, while competitors may step up inventory financing and channel incentives.
- Strengthen disclosures around inventory turnover, debtor days, gold-price hedging and operating margins to validate the working-capital investment thesis.