Deepa Jewellers IPO opens today, GMP at 31%: All you need to know

The Deepa Jewellers IPO opens for subscription today, September 1, giving investors a three-day window to place their bids. The company has set the IPO price band at Rs 168-177 per equity share and aims to raise a total of Rs 459.72 crore through a combination of a fresh issue and an offer for sale (OFS). The subscription window will remain open until September 3.

The issue is commanding a 31% premium in the grey market, signalling upbeat investor sentiment and expectations of a strong listing gain.

Of the total issue size, Rs 250 crore will be raised through the fresh issue, while the remaining Rs 209.72 crore will be raised through an offer for sale (OFS) of 1.18 crore shares.


The IPO will open for subscription on September 1, 2026, and close on September 3. The share allotment is expected to be finalised on September 4, while the company’s shares are tentatively scheduled to list on both the NSE and BSE on September 8.

Investors can bid for a minimum of 84 equity shares, with subsequent bids required to be placed in multiples of 84 shares. At the upper end of the price band, the minimum investment amounts to Rs 14,868, excluding applicable charges.

At the valuation front, 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 that Deepa Jewellers is being offered at a comparatively lower valuation than its peers.

The company has also reported a three-year weighted average Return on Net Worth (RoNW) of 45.26%, indicating strong returns generated on shareholders’ capital.

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.

Deepa Jewellers IPO GMP Today

The Deepa Jewellers IPO GMP stands at Rs 55, implying a 31% premium over the upper end of the IPO price band of Rs 177 per share. At the prevailing GMP, the estimated listing price is around Rs 232 per share.

GMP Note: The Grey Market Premium (GMP) is an unofficial indicator of market sentiment and can change rapidly with market conditions and investor demand. The actual listing price may differ significantly from the GMP-based estimate.

IPO Objects of the Issue

Deepa Jewellers plans to use the net proceeds primarily to strengthen its working capital. Of the total proceeds, Rs 215 crore will be allocated towards the procurement, maintenance and expansion of inventory to support the company’s growth and operational requirements.

The remaining proceeds will be used for general corporate purposes, providing the company with greater financial flexibility to meet business needs and pursue strategic initiatives.

Financial Performance

Deepa Jewellers reported a strong financial performance in FY26, with total income rising 38% to Rs 1,927.73 crore from Rs 1,400.10 crore in FY25.

Profit growth was significantly stronger, with PAT surging 158% to Rs 104.79 crore from Rs 40.58 crore in FY25, reflecting a sharp improvement in profitability during the year.

About Deepa Jewellers

Established in 2016, Deepa Jewellers operates across the retail and wholesale jewellery segments, offering gold and diamond jewellery in traditional and contemporary designs. Its portfolio includes bangles, necklaces, earrings, rings, waist belts, armlets, kadas and customised ornaments.

The company focuses on product purity, transparent pricing and customer trust, supported by its physical stores and distribution network. As of July 31, 2026, it had a presence across 13 states and one Union Territory, serving 373 customers, including 47 jewellery retail chains and 326 standalone stores.

Deepa Jewellers offers 16 product categories across 110 SKUs. It also uses its mobile application, Deepa Jewellers Limited, to showcase its collections, engage with customers and expand its market reach.