Hyderabad-based Deepa Jewellers has taken a significant step towards its stock market debut by submitting a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The company aims to launch an initial public offering (IPO) to raise capital, marking a pivotal moment for the organised gold jewellery supplier.
IPO Structure and Fund Allocation
The proposed Deepa Jewellers IPO is a combination of a fresh issue of equity shares worth up to ₹250 crore and an offer for sale (OFS) of 11.84 million shares by the company's promoters, Ashish Agarwal and Seema Agarwal. The fresh capital raised will be strategically deployed to meet the company's long-term working capital requirements. This includes funds for the procurement, maintenance, and scaling up of inventory, alongside general corporate purposes.
The public issue will be conducted through the book-building process. As per the draft papers, up to 50% of the net offer is reserved for qualified institutional buyers (QIBs), not less than 15% for non-institutional investors (NIIs), and at least 35% for retail individual investors.
Deepa Jewellers: Business Profile and Financials
Deepa Jewellers operates as an organised B2B designer, processor, and supplier of hallmarked gold jewellery. The company has a strong foothold in South India, with primary operations spanning Telangana, Karnataka, Andhra Pradesh, Tamil Nadu, and Kerala. Its core business involves 22-karat gold jewellery processing, job-work, and trading, dealing in both plain gold and precious stone-studded jewellery.
The company boasts an extensive product portfolio that includes traditional pieces such as:
- Vaddanam (waist belt)
- CNC machine-cut bangles
- Gents Kada and Vanky (armlet)
- Gundlamala Haaram (traditional neck piece) and necklaces
- Earrings, Mangtika, and Maatil (ear chain)
- Rings and Jada (braid ornament)
As of November 30, 2025, Deepa Jewellers served a network of 315 customers across 13 states and one union territory. This clientele includes 43 jewellery retail chains and 272 standalone stores. The company has cultivated long-standing relationships with major industry players like Joyalukkas India, Kalyan Jewellers, Lalithaa Jewellery Mart, and Tribhovandas Bhimji Zaveri Limited.
Financially, the company has shown robust growth. Its revenue from operations surged to ₹1,397 crore in FY25 from ₹921 crore in FY23. Net profit more than doubled during this period, rising from ₹22 crore in FY23 to ₹40.5 crore in FY25.
Road to Listing and Key Advisors
The book-running lead managers for the Deepa Jewellers IPO are Emkay Global Financial Services and Valmiki Leela Capital. Bigshare Services Private Limited will act as the registrar to the issue. Upon successful completion of the offering, the company's equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
This move by Deepa Jewellers comes at a time when investor sentiment towards new listings is mixed, underscoring the importance of strong fundamentals and clear growth strategies for companies entering the public markets.
