Deepa Jewellers files RHP for Rs 250 crore fresh-issue mainboard IPO
Deepa Jewellers Limited has filed its RHP for a mainboard IPO comprising a Rs 250 crore fresh issue and an offer for sale, with bidding set for the first week of September, per the offer document.
The Development
Deepa Jewellers Limited, a Hyderabad-based business-to-business gold jewellery company, has filed its red herring prospectus dated 25 August 2026 for a mainboard initial public offering, per the offer document available on SEBI's website. The issue comprises a fresh issue of equity shares aggregating up to Rs 250 crore and an offer for sale of up to 11,848,340 equity shares of face value Rs 2 each by the company's two principal promoters, the RHP states.
Per the offer document, the equity shares are proposed to be listed on the BSE and the National Stock Exchange, with the BSE as the designated stock exchange. The RHP sets anchor investor bidding for Monday, 31 August 2026, with the public subscription window opening on Tuesday, 1 September 2026 and closing on Thursday, 3 September 2026. The development was surfaced via Mint, which listed the offer among several mainboard issues scheduled for the week. The final price band and lot size are fixed with the price band advertisement ahead of the anchor date and are not stated in the RHP.
The Company
Deepa Jewellers describes itself in the RHP as an organised business-to-business designer, processor and supplier of hallmarked gold jewellery, operating primarily across Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala. The company discloses that it designs jewellery in-house and has it manufactured through an outsourced model supported by a network of 41 karigars, to whom it supplies gold, alloys and precious stones. Its products centre on 22-karat gold ornaments, and the RHP identifies vaddanam (waist belts) and CNC machine cut bangles as its specialisation. As of 31 July 2026, the company discloses a customer base of 373, comprising 47 jewellery retail chains and 326 standalone stores.
On financials, the company discloses revenue from operations of Rs 1,926.68 crore for the financial year ended 31 March 2026, up from Rs 1,397.01 crore in FY2025 and Rs 1,024.57 crore in FY2024. Profit after tax was Rs 104.79 crore in FY2026, per the RHP, against Rs 40.58 crore in FY2025 and Rs 24.35 crore in FY2024. The offer document reports net worth of Rs 238.07 crore and EBITDA of Rs 146.34 crore, an EBITDA margin of 7.60 per cent, for FY2026. The promoters are Ashish Agarwal, Seema Agarwal and Dev Agarwal, who together held 99.98 per cent of the pre-offer equity, the company discloses.
The Offer Structure
The offer is a combination of a fresh issue and an offer for sale, per the RHP. The fresh component aggregates up to Rs 250 crore, while the offer for sale covers up to 11,848,340 equity shares, split as up to 5,924,170 shares each from promoter selling shareholders Ashish Agarwal and Seema Agarwal. Proceeds of the offer for sale go to the selling shareholders, not the company.
Of the net fresh proceeds, the company states it proposes to use Rs 215 crore towards funding long-term working capital requirements for the procurement, maintenance and scaling up of inventory, with the balance for general corporate purposes. The book running lead managers are Emkay Global Financial Services and Valmiki Leela Capital, and the registrar is Bigshare Services, per the RHP. The rupee value of the total offer, the price band, the lot size and the minimum application amount are to be finalised with the price band. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator; prior primary-market coverage sits on the Oquilia news desk.
Risk Factors
Among the risk factors the company discloses, revenue concentration features prominently. The RHP states that the top 10 customers accounted for 64.67 per cent of revenue from operations in FY2026, and that a decision by these customers to reduce or terminate business could significantly affect operations. The company also discloses product concentration: sales of vaddanam and CNC machine cut bangles represented 41.85 per cent and 30.87 per cent of FY2026 revenue respectively.
Geographic concentration is a further disclosed risk, with the RHP stating that Southern India contributed 94.37 per cent of total revenue in FY2026. On the supply side, the company discloses that its top 10 suppliers of gold bullion accounted for 91.81 per cent of total purchases in FY2026, with no long-term contracts in place, and lists exposure to the price and availability of gold bullion in the absence of hedging facilities. The RHP also lists dependence on third-party karigars, with no formal agreements with some of them, and notes that the company experienced negative cash flows from operating activities in previous periods.
What Happens Next
From here, the standard mainboard mechanics apply, per the schedule in the RHP. Anchor investor bidding is set for 31 August 2026, ahead of the three-day public subscription window that opens on 1 September and closes on 3 September 2026, with the UPI mandate confirmation cut-off at 5:00 pm on the closing date. The price band and lot size are set through a separate advertisement before bidding opens.
After the issue closes, the basis of allotment is finalised with the registrar and the designated stock exchange, followed by the unblocking of application amounts for unsuccessful and partially successful applicants and the crediting of shares to allottees, before the equity shares are admitted for trading on the BSE and the NSE. Exchange subscription figures, category-wise, and the eventual listing price will be matters of official record once each stage is reached.
FAQ
Should I apply for this IPO?
Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision.
What does the offer comprise?
Per the RHP, the offer is a fresh issue of equity shares aggregating up to Rs 250 crore plus an offer for sale of up to 11,848,340 equity shares of face value Rs 2 each by promoters Ashish Agarwal and Seema Agarwal. The rupee value of the total offer is finalised with the price band.
When does the issue open and close?
The RHP sets anchor investor bidding for 31 August 2026, with the public subscription window opening on 1 September 2026 and closing on 3 September 2026. The UPI mandate confirmation cut-off is 5:00 pm on the closing date.
What are the objects of the fresh issue?
The company discloses that it proposes to use Rs 215 crore of net fresh proceeds towards long-term working capital requirements for procurement, maintenance and scaling up of inventory, with the balance for general corporate purposes. Proceeds of the offer for sale go to the selling shareholders.
Where can I read the RHP?
The red herring prospectus is available on SEBI's website at sebi.gov.in and on the websites of the BSE and the NSE, as well as the company and the book running lead managers. The exchanges will publish anchor allocation, subscription and allotment data at each stage.
This report is based on the red herring prospectus filed with SEBI. It was surfaced via coverage in Mint.