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₹177 - 177Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Deepa Jewellers Ltd
Diamond, Gems and JewelleryIPO
₹177 - 177
As per the CRISIL Report, we are 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 CRISIL Report, we are one of the key processors and suppliers of vaddanam and CNC machine cut bangles, distributing to jewellery retail chains and standalone stores.
Lot84Min Invest₹14,868Face Value₹2Issue Size₹460 CrFresh Issue₹250 CrOffer for Sale₹210 CrListing Price₹221CMP₹230
Timeline
1 Sept
Bidding opens
3 Sept
Bidding closes
4 Sept
Allotment
7 Sept
Refund & demat credit
8 Sept
Listing
Subscription · As of 7:48 PM, 3 Sept
Demand by day
CategoryDay 2Day 3Now+0.46x+36.55x37.0x+4.81x+101.14x106.0x+4.59x+13.96x18.5xOverall+3.49x+39.12x42.6x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB37.0x1.30 Cr48.06 Cr8,505.89NII106.0x38.96 L41.28 Cr7,306.51Retail18.5x90.90 L16.86 Cr2,984.12Total42.6x2.60 Cr110.67 Cr19,588.67
Reports
Offer Details
Terms
Issue Size₹460 Cr2.60 Cr shares
Fresh Issue₹250 Cr
Offer for Sale₹210 Cr
Face Value₹2
Lot Size84 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8681-13 lots
sNII₹2,08,152from 14 lots
bNII₹10,11,024from 68 lots
Managers & Registrar
Lead ManagerEmkay Global Financial Services Limited
Co-ManagerValmiki Leela Capital Private Limited
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrAshish AgarwalPRMTR59,24,170104.86Seema AgarwalPRMTR59,24,170104.86Total1,18,48,340209.72
Shareholding
CategoryPre IPOPost IPOPromoter Group100%72.97%Public0%27.03%
Objects of the Issue
- Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by its Company
- General Corporate Purpose
Anchor Book
Bid Date31-Aug-2026Shares77,91,789Amount₹138 Cr30-day lock-in03-Oct-202690-day lock-in02-Dec-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 638 | 921 | 1,025 | 1,397 | 1,927 |
| Operating ProfitCr | 25 | 33 | 36 | 56 | 146 |
| OPM% | 4.0 | 3.6 | 3.5 | 4.0 | 7.6 |
| PBTCr | 22 | 30 | 33 | 54 | 140 |
| PATCr | 16 | 22 | 24 | 41 | 105 |
| EPS | 40 | 54 | 59 | 5 | 13 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 4 | 4 | 4 | 4 | 16 |
| ReservesCr | 42 | 64 | 88 | 129 | 222 |
| BorrowingsCr | 51 | 83 | 78 | 81 | 117 |
| Total AssetsCr | 105 | 153 | 175 | 218 | 357 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 8 | -6 | 5 | -10 | -15 |
| Investing Cash FlowCr | 0 | -16 | 6 | 10 | -4 |
| Financing Cash FlowCr | -8 | 22 | -9 | -2 | 19 |
| Net Cash FlowCr | 0 | 0 | 1 | -1 | 0 |
Strengths & Risks
Strengths · as stated in the DRHP
- Significant revenue contribution from Southern India.
- Well established customer base with long-standing relationship with jewellery retail chains and standalone stores.
- Diverse product portfolio with varied weight ranges, designs and specialisation in vaddanam and CNC machine cut bangles.
- Established procurement network and long -standing relationship with karigars.
- Well experienced Promoters and a professional management team with sectoral experience.
- Robust financial performance with consistent growth.
Strategies · as stated in the DRHP
- Setting up in-house manufacturing facility (Proposed Facility).
- Further strengthening our presence in Southern India through new sales offices.
- Expanding our product portfolio by adding new product categories, designs and SKUs.
- Invest in brand building and marketing initiatives by participating in various trade exhibitions and trade shows.
- Leveraging Technology for operational efficiency
Risks · as stated in the DRHP
- The company's top 10 customers accounted for Rs. 12,460.30 million, Rs. 8,839.29 million and Rs. 6,901.89 million representing 64.67%, 63.27% and 67.36% of its revenue from operations based on the company's Restated Financial Information for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. Its revenue from operations based on the company's Restated Financial Information is concentrated among a few key customers and any decision by these customers to reduce or terminate their business with it could significantly impact the company's business, financial condition and results of operations.
- The company derives a significant portion of its revenue from operations from the sale of the company vaddanam and CNC machine cut bangles. Its revenue from operations from the sale of vaddanam for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 was Rs. 8,062.41 million, Rs. 4,830.59 million and Rs. 3,755.56 million representing 41.85 %, 34.58 % and 36.66 % of its revenue from operations for the indicated periods. The company's revenue from operations from the sale of CNC machine cut bangles for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 was Rs. 5,948.53 million, Rs. 5,842.21 million and Rs. 4,075.94 million representing 30.87%, 41.82%, and 39.78% of its revenue from operations for the indicated periods. Any cancellation of the purchase orders of these products, could adversely affect its business, cash flows, financial condition, and overall results of operations.
- A significant portion of the company's business operations and revenue generation is concentrated in Southern India. For the Fiscal 2026, Fiscal 2025 and Fiscal 2024, its revenue from Southern India was Rs. 18,181.87 million, Rs. 13,738.07 million and Rs. 10,199.85 million respectively, representing 94.37%, 98.33% and 99.55% of total revenue for the indicated periods. This regional concentration could expose the Company to economic, cultural, geopolitical and local market risks.
- The company's inventories as of Fiscal 2026, Fiscal 2025 and Fiscal 2024 were Rs. 873.62 million, Rs.827.87 million and Rs.722.56 million representing 4.53%, 5.93%, and 7.05% as a percentage of its revenue from operations for the indicated periods respectively. The company results of operations are dependent on its ability to effectively manage the company's inventory. Its inability to accurately forecast demand or effectively manage the company's inventory may has an adverse effect on its business, financial condition, results of operations and cash flows.
- Timely procurement of gold bullion, the company's key raw material, as well as the quality and the price at which it is procured, play an important role in the successful operation of its business. The prices and availability of gold bullion depends on factors beyond the company's control, including general economic conditions, foreign exchange rates, competition, production levels and regulatory factors such as import duties. The non-availability or volatility in the cost of gold and absence of hedging facilities may has an adverse effect on its business, results of operations, financial condition and prospects.
- The company depends on certain key suppliers for gold bullion, the company's key raw material. Its top 10 suppliers accounted for Rs. 16,021.93 million, Rs. 10,845.93 million and Rs. 9,582.83 million representing 91.81%, 82.32% and 96.89% of the company's total purchase based on its Restated Financial Information for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. The company procures gold bullions from RBI registered bullion bank, independent bullion dealers, exchanges from customers and import through India International Bullion Exchange (IIBX), with whom the company does not has any long-term contracts. In the event of any adverse regulatory development or failure by independent bullion dealers to perform their obligations in a timely manner, it may has an adverse effect on its business, financial condition, results of operations and cash flows.