Price band of Rs 168 – Rs 177 per Equity Share bearing face value of Rs 2 each (“Equity Shares”)
Bid/Offer Opening Date – Tuesday, September 01, 2026 and Bid/Offer Closing Date – Thursday, September 03, 2026
Minimum Bid Lot is 84 Equity Shares and in multiples of 84 Equity Shares thereafter
Mumbai, August 27, 2026: Deepa Jewellers Limited (the “Company”) has fixed the price band of Rs 168/- to Rs 177/- per Equity Share of face value Rs 2 each (“Equity Shares”) for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Tuesday, September 01, 2026, for subscription and close on Thursday, September, 03, 2026.
Investors can bid for a minimum of 84 Equity Shares and in multiples of 84 Equity Shares thereafter. As on the date, there is outstanding of 82,000,000 Equity Shares.
The Offer comprises a fresh issue of up to Rs 2,500.00 million and an offer-for-sale for up to 11,848,340 Equity Shares by the Promoter Selling Shareholders, comprising up to 5,924,170 Equity Shares by Ashish Agarwal and 5,924,170 Equity Shares by Seema Agarwal.
The proceeds from its fresh issuance worth Rs 2,500.00 million will be utilised for funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by the Company, general corporate purposes and Offer Expenses.
The Offer is being made through the book-building process, in compliance with Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”), wherein not more than 50% of the Offer shall be available for allocation to qualified institutional buyers (“QIBs”), not less than 15% of the Offer shall be available for allocation to non-institutional bidders (NIIs), and not less than 35% of the Offer shall be available for allocation to retail individual bidders (RIIs).
Incorporated in 2016, the Company is an organized B2B designer, processor and supplier of hallmarked gold jewellery, primarily having operations in Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala. According to a CRISIL Report, the Company is one of the key processors and suppliers of vaddanam and CNC machine cut bangles, distributing to jewellery retail chains and standalone stores.
The Company is an organized business-to-business (B2B) company, engaged in designing, getting its jewellery manufactured, and supplying gold jewellery to other businesses such as retail chains and standalone stores, rather than selling directly to end customers.
It is engaged in the business of processing and supplying 22 karat gold jewellery, job-work services and trading of jewellery and related products. The Company designs, processes and sells a wide range of hallmarked plain gold and precious stone studded jewellery.
Its products primarily include vaddanam (waist belt), CNC machine cut bangles, gents kada, vanky (armlet), dandpatti (bajuband), gundlamala haaram (traditional neck piece), gundlamala necklace, kangan, earring, mangtika (forehead pendant), maatil (ear chain), champasaralu (ear-to-hair chain), jada (braid ornament), rings, bracelets and precious rings.
In addition to its core jewellery processing operations, the Company also undertakes job work assignments, wherein it receives raw material from its customers, which it processes and delivers finished ornaments to them. Furthermore, the Company is also engaged in the trading of silver ornaments, 18 and 20-karat gold ornaments, precious stones and gold bullion.
As on July 31, 2026, the Company has a product portfolio of 16 products and 110 SKUs across our product categories.
As of July 31, 2026, its customer network spans across 13 states and 1 union territory in India with a total customer base of 373 customers, comprising of 47 jewellery retail chains and 326 standalone stores.
The Company’s team of creative designers allows it to manage a large and wide portfolio of designs. With a diverse product portfolio and team of creative designers, the Company has established a long-standing relationship with jewellery retail chains and standalone stores including, Joyalukkas India Limited, Kalyan Jewellers India Limited and Lalithaa Jewellery Mart Limited, among others.
The Company has implemented a quality control and assurance framework to maintain the consistent standards of craftsmanship and product integrity.
Further, as a part of its marketing initiatives, the Company regularly participates in B2B exhibitions to broaden its brand exposure, visibility and awareness, and to promote its brand and specific product collections. The Company also uses a third-party mobile application, “Deepa Jewellers Limited” to enhance its brand visibility, disseminate information and display product collections, which was commissioned by it on June 25, 2021.
The Company’s revenue from operations was Rs 19,266.76 million during FY26 as against Rs 10,245.68 million during FY24. Its profit after tax was Rs 1,047.88 million during FY26 as against Rs 243.47 million during FY24.
Emkay Global Financial Services Limited and Valmiki Leela Capital Private Limited are the book running lead managers to the Offer (“BRLMs”), and Bigshare Services Private Limited is the registrar to the Offer (“RTA”).
The shares are proposed to be listed on the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE and together with BSE, the “Stock Exchanges”).
Deepa Jewellers Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed a red herring prospectus dated August 25, 2026, with the RoC. The RHP is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLM https://www.emkayglobal.com/, and https://valmikileela.com/, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at https://www.deepajewel.com/home.
Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section “Risk Factors” beginning on page 20 of the RHP. Potential investors should not rely on the DRHP for making any investment decision but should only rely on the information included in the RHP filed by the Company with the RoC.
The Equity Shares offered in the Issue have not been, and will not be, registered under the U.S. Securities Act and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. The Equity Shares offered in the issue are being offered and sold only outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act (“Regulation S”).
Disclaimer Clause of Securities and Exchange Board of India (“SEBI”): SEBI only gives its observations on the offer documents and this does not constitute approval of either the Issue or the specified securities stated in the Offer Documents. The investors are advised to refer to page 299 of the RHP for the full text of the disclaimer clause of SEBI.
Disclaimer Clause of BSE: It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the RHP has been cleared or approved by BSE Limited, nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to the page 301 of the RHP for the full text of the disclaimer clause of BSE.
Disclaimer Clause of NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE, nor does it certify the correctness or completeness of any of the contents of the Issue Document. The investors are advised to refer to page 301 of the RHP for the full text of the disclaimer clause of NSE.
