Deepa Jewellers raised INR 138 crore from 15 anchor investors on August 31, 2026, the day before its mainboard IPO opened. Foreign portfolio investors (FPIs), alternative investment funds (AIFs), and other institutional investors secured the majority of these shares, with domestic mutual funds taking a smaller portion.
Out of the total anchor book, domestic mutual funds accounted for 19.21%, with only two houses, Tata Mutual Fund and Unifi Capital, participating. They collectively received 14,96,796 equity shares across three schemes. The remaining allocation went to a mix of FPIs, AIFs, and other institutional categories.
Oswal Finvestment was the largest single allottee, receiving 20,31,464 shares, representing 26.07% of the anchor portion. Ashoka India Equity Investment Trust and 360 ONE each secured approximately 6.52% of the shares. Maybank Securities (ODI) and CP Capital were allotted 3,66,830 shares each, making up 4.77% of the allocation.
Brokers like GEPL Capital, Ventura Securities, and SMIFS have recommended subscribing to the IPO, citing Deepa Jewellers’ strong revenue and profit growth. The company’s revenue grew from INR 1,024.57 crore in FY24 to INR 1,926.68 crore in FY26, while profit after tax (PAT) increased from INR 24.35 crore to INR 104.79 crore in the same period.
The grey market premium (GMP) for the Deepa Jewellers IPO stood at INR 55 on September 1, 2026, suggesting an estimated listing price of INR 232, a potential gain of about 31.07% from the upper price band of INR 177. The GMP had risen from INR 46 on August 31.
Deepa Jewellers, based in Hyderabad, is a B2B designer and supplier of hallmarked 22-karat gold jewellery. As of July 31, 2026, the company served 373 customers, including major retail chains like Kalyan Jewellers and Joyalukkas.
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