Deepa Jewellers sets IPO price band at Rs 168-177; Rs 460 crore issue opens Sept 1

The much-awaited Deepa Jewellers IPO has fixed its price band at Rs 168–177 per equity share. The issue will open for subscription on September 1, 2026, and close on September 3. The jewellery retailer aims to raise Rs 459.72 crore through a combination of a fresh issue and an offer for sale (OFS).

Of the total issue size, Rs 250 crore will come through the fresh issue, while the remaining Rs 209.72 crore will be raised through an OFS of 1.18 crore shares.

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 in multiples of 84. At the upper end of the price band, the minimum lot would cost Rs 14,868, excluding applicable charges.

Valuation

Based on diluted FY26 earnings, the IPO’s P/E multiple stands at 13.15 times at the floor price and 13.85 times at the cap price. This is below the FY26 industry peer average P/E of 23.92 times, indicating a comparatively lower valuation.

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

Emkay Global Financial Services Ltd. is the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. is the registrar.

IPO objects

Deepa Jewellers proposes 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 its growth and operational requirements.

The remaining proceeds will be used for general corporate purposes, providing financial flexibility to pursue strategic initiatives and meet business requirements.

Financial performance

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

PAT grew 158% to Rs 104.79 crore from Rs 40.58 crore, 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, its customer network spanned 13 states and one Union Territory and comprised 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 collections and strengthen customer engagement and market reach.