Deepa Jewellers opens ₹459.7 crore IPO to fund working capital and inventory
South India-focused B2B gold-jewellery supplier Deepa Jewellers has opened its IPO, comprising a ₹250 crore fresh issue and ₹209.72 crore OFS. The company reported FY26 revenue of ₹1,926.68 crore, while its top 10 customers accounted for 64.67% of sales.
What happened
B2B gold-jewellery supplier Deepa Jewellers launched a ₹459.72 crore IPO to fund working capital and inventory expansion. The South India-focused supplier
Key facts
- ₹459.72 crore total issue size
- ₹250 crore fresh issue
- ₹209.72 crore OFS
- Price band ₹168-₹177 per share
- ₹55 grey-market premium
- 31% indicated listing premium
- FY26 revenue ₹1,926.68 crore
- FY26 total comprehensive income ₹104.9 crore
- Top 10 customers contributed 64.67% of FY26 revenue
Why this matters
Deepa Jewellers’ public funding strengthens its ability to scale inventory and supplier relationships, making customer diversification and regional B2B expansion key strategic watchpoints.
What to watch
- Anchor investor participation and quality of institutional bookbuilding.
- QIB, HNI/NII and retail subscription levels relative to comparable SME/mainboard jewellery offerings.
- Grey-market premium direction in the final days before listing, while treating it as a sentiment indicator rather than a valuation signal.
- Gold-price and rupee volatility, which can increase inventory funding needs and affect downstream jeweller purchasing.
- Post-IPO inventory days, receivable days, operating cash flow and finance-cost trends.
- Whether the top-10-customer sales share falls meaningfully below the reported 64.67%.
- Revenue growth and gross-margin stability through the first wedding and festive cycle after capital deployment.
- Deploy fresh capital primarily into gold-jewellery inventory ahead of high-demand wedding and festive cycles.
- Use improved balance-sheet visibility to negotiate longer payment terms or higher credit limits with bullion suppliers and manufacturers.
- Diversify beyond the top 10 customers through new retailer onboarding, geographic expansion and product-category broadening.
- Increase disclosure on inventory turnover, hedging practices, receivable days, customer retention and concentration reduction to support post-listing credibility.
- Monitor issue pricing, anchor-book participation and subscription mix; consider disciplined inventory deployment if gold-price volatility rises after listing.