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Deepa Jewellers IPO opens September 1: Key details and analyst outlook

Deepa Jewellers' IPO opens for subscription on September 1 with a price band of ₹168-177 per share, aiming to raise up to ₹459.72 crore. SBI Securities recommends subscribing for the long term, while the grey market premium stands at ₹55, implying a possible strong listing. The issue closes September 3, with listing expected on September 8.

By Tertius News AI Desk 2 distinct · 2 mastheads · 2 articles Version 1 Coverage Sep 1, 2026 Published 1h ago

IPO opens with ₹459.72 crore target

The initial public offering (IPO) of Deepa Jewellers, a Telangana-based B2B designer, processor and supplier of hallmarked gold jewellery, opens for subscription on September 1. The issue closes on September 3, giving investors a three-day window to place bids.

The company has fixed a price band of ₹168-177 per share. The lot size is 84 shares, making the minimum investment for an individual investor ₹14,868 at the upper end of the price band, as reported by CNBC TV18 and The Economic Times.

Deepa Jewellers aims to raise a total of ₹459.72 crore through a combination of a fresh issue and an offer for sale (OFS). The fresh issue component is worth ₹250 crore, while the OFS comprises over 1.18 crore shares offered by promoter Ashish Agarwal and his wife, Seema Agarwal, raising the remaining ₹209.72 crore, according to both outlets.

Grey market premium and valuation

The issue is commanding a 31% premium in the grey market, with the grey market premium (GMP) at ₹55 over the upper price band of ₹177, as reported by The Economic Times. At this GMP, the estimated listing price would be around ₹232 per share.

The Economic Times reported that the IPO's 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. This is notably lower than the FY26 industry peer average P/E of 23.92 times, suggesting a comparatively lower valuation than peers. The company has also reported a three-year weighted average Return on Net Worth (RoNW) of 45.26%.

CNBC TV18 reported that at the upper end of the price band at ₹177 per share, the IPO is valued at a FY26 price-to-earnings (P/E) multiple of 16.2 times, based on post-issue capital.

Company profile and expansion plans

Deepa Jewellers is a Hyderabad-based B2B jewellery company specialising in the design and wholesale supply of traditional and machine-crafted gold jewellery to regional retailers and prominent jewellery chains, according to SBI Securities as cited by CNBC TV18. The company was established in 2016 and operates in Telangana, Karnataka, Tamil Nadu, and Kerala, as per CNBC TV18. The Economic Times added that the company has a presence across 13 states and one Union Territory, serving 373 customers.

To support future growth, Deepa Jewellers is setting up an in-house manufacturing facility spanning 6,696 square feet in Hyderabad. According to SBI Securities, the facility is expected to help expand EBITDA margins, reduce lead times, and improve gold recovery efficiency. The company also follows a structured hedging framework to mitigate gold price volatility and protect margins.

Of the total fresh issue proceeds, ₹215 crore will be allocated towards working capital requirements, including inventory expansion, as reported by both CNBC TV18 and The Economic Times.

Brokerage recommendation

Brokerage firm SBI Securities has recommended investors subscribe to the issue for the long term, citing the company's strong financial growth, expansion plans, and margin-improvement potential, as reported by CNBC TV18.

SBI Securities noted that the company's revenue, EBITDA, and profit after tax grew at a compound annual growth rate (CAGR) of 37.1%, 102.3%, and 107.5%, respectively, between FY24 and FY26.

Issue mechanics and listing schedule

Emkay Global Financial Services Ltd. is the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. has been appointed as the registrar, according to The Economic Times. CNBC TV18 reported that Motilal Oswal Finvest and Leela Capital are also book-running lead managers.

Share allotment is expected to be finalised on September 4, with shares tentatively scheduled to list on both the BSE and NSE on September 8, as per The Economic Times. CNBC TV18 also reported that the equity shares are proposed to list on BSE and NSE on September 8.

On August 31, Deepa Jewellers raised ₹137.91 crore from 14 anchor investors ahead of the IPO opening, according to CNBC TV18. These anchor investors included Nomura Singapore, Citigroup, and individuals Ashish Agarwal and Seema Agarwal, as reported by the same outlet.

Investors can bid for a minimum of 84 equity shares, with subsequent bids in multiples of 84 shares. The minimum investment at the upper price band is ₹14,868, excluding applicable charges.

How each outlet told it

A framing line is our reading of that outlet's own text — an interpretation, not a quotation and not a fact we assert. Check it against what the outlet published.

CNBC TV18

Framing: Headline poses an evaluative question to potential investors, suggesting the article frames the IPO as an investment decision

as of Sep 1, 2026, 2:46 AM UTC

Facts Included:

Deepa Jewellers IPO to open on September 1
The issue will close on September 3
Price band of ₹168-177 per share
Lot size is 84 shares
Minimum investment by individual investor is ₹14,868 at upper price band
SBI Securities recommends subscribing for long term
In-house manufacturing facility of 6,696 square feet in Hyderabad
Anchor investors include Nomura Singapore, Citigroup, Ashish Agarwal, Seema Agarwal
Total issue size around ₹460 crore, post-issue market cap nearly ₹1,700 crore
₹215 crore of fresh issue proceeds for working capital
Company incorporated in 2016, operates in Telangana, Karnataka, Tamil Nadu, Kerala
Book running lead managers: Motilal Oswal Finvest and Leela Capital
Equity shares proposed to list on BSE and NSE on September 8

Read the source article →

The Economic Times

Framing: Emphasizes the IPO opening date and the notable grey market premium of 31% — Informative and promotional

as of Sep 1, 2026, 4:45 AM UTC

Facts Included:

Deepa Jewellers IPO opens for subscription today, September 1
IPO price band set at Rs 168-177 per equity share
Subscription window open until September 3
GMP at 31% premium, Rs 55 over upper price band
Estimated listing price around Rs 232 per share
Share allotment expected September 4; listing on NSE and BSE on September 8
Minimum bid of 84 equity shares; minimum investment of Rs 14,868
Emkay Global Financial Services Ltd is the book-running lead manager
Bigshare Services Pvt Ltd is the registrar
Company established in 2016, operates retail and wholesale jewellery segments
Presence across 13 states and one Union Territory, serving 373 customers
Plans to allocate Rs 215 crore towards inventory expansion

Read the source article →

What was claimed, and who backed it

AI-extracted; can misattribute a claim — see Methodology.

Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status is Contested when two claims on this page negate each other; otherwise it counts the distinct outlets we found asserting that specific claim — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.

Claim	Confidence	Status
ClaimThe Deepa Jewellers IPO opens for subscription on September 1.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimThe IPO price band is set at Rs 168-177 per equity share.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimThe subscription window remains open until September 3.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimThe grey market premium (GMP) for the IPO is Rs 55, implying a 31% premium over the upper price band.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimAt the current GMP, the estimated listing price is around Rs 232 per share.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimThe IPO aims to raise a total of Rs 459.72 crore.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimOut of the total issue size, Rs 250 crore is raised via a fresh issue and Rs 209.72 crore is raised through an offer for sale (OFS) of 1.18 crore shares.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimThe minimum bid is for 84 equity shares, requiring a minimum investment of Rs 14,868 at the upper price band.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimShare allotment is expected to be finalised on September 3.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimThe shares are expected to list on BSE and NSE on September 8.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimThe IPO's P/E ratio at the diluted FY26 earnings is 13.85 times at the upper price band.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimThe three-year weighted average Return on Net Worth (RoNW) is 45.26%.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimEmkay Global Financial Services is the book-running lead manager for the issue.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimBigshare Services has been appointed as the registrar for the IPO.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimThe Deepa Jewellers IPO aims to raise Rs 459.72 crore through a combination of a fresh issue and an OFS.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimThe issue has an offer for sale (OFS) component.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC
ClaimRs 215 crore of the fresh issue proceeds will be used for working capital requirements.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Sep 1, 2026, 4:45 AM UTC

Transparency & Audit Trail

2 distinct · 2 mastheads · 2 articles consulted: CNBC TV18, The Economic Times 17 claims extracted Version 1 Written 2026-09-01