Hyderabad-based Deepa Jewellers has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).

The IPO, with a face value of Rs 2, is a fresh issue up to Rs 250 crore and an offer for sale up to 11,848,340 shares by promoters – Ashish Agarwal and Seema Agarwal.

The proceeds from its fresh issuance worth Rs 215 crore will be utilised for funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by the company, and general corporate purposes.

The issue is being made through the book-building process, in line with SEBI ICDR Regulations, with up to 50% reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Individual Investors (RIIs).

Incorporated in 2016, the company is 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 aCRISIL Report, the company is one of the key processors and suppliers of vaddanam and CNC machine cut bangles, distributing to jewellery retail chains and standalone stores.

It is engaged in the business of processing 22-karat gold jewellery, job-work services and trading of jewellery and related products. The company designs, processes and sells a wide range of hallmarked plain gold and precious stone studded jewellery, operating through an outsourced manufacturing model, supported by a network of 40 karigars. Its products primarily include vaddanam (waist belt), CNC machine cut bangles, gents kada, vanki(armlet), dandpatti (bajuband), gundlamala haaram (traditional neck piece), gundlamala necklace, kangan, earring, mangtika (forehead pendant), maatil (ear chain), champasaralu (ear-to-hair chain), jada (braid ornament), and rings.

In addition to its core jewellery processing, the company also undertakes job work assignments, wherein it receives raw material from its customers, which it processes and delivers finished ornaments to them. Furthermore, the company is also engaged in the trading of silver ornaments, 18 and 20-karat gold ornaments, precious stones and gold bullion.

As on November 30, 2025, the company has a product portfolio of 14 products and 76 SKUs across its product categories.

As of November 30, 2025, its customer network spans across 13 states and 1 union territory with a total customer base of 315 customers, comprising of 43 jewellery retail chains and 272 standalone stores. Its products span over a wide range of price points, enabling it to cater to customers across diverse segments. Its team of creative designers allows it to manage a large and wide portfolio of designs.With a diverse product portfolio and team of creative designers, the company has established a long-standing relationship with jewellery retail chains and standalone stores including, Joyalukkas India Limited, Kalyan Jewellers India Limited and Lalithaa Jewellery Mart Limited, among others.

Its revenue from operations for half year ended September 30, 2025 was Rs 812 crore and its net profit was Rs 48.6 crore. Its revenue from operations was Rs 1,397 crore during FY25 vis-à-vis Rs 921 crore during FY23. Its net profit was Rs 40.5 crore during FY25 vis-à-vis Rs 22 crore during FY23.

Emkay Global Financial Services and Valmiki Leela Capital are the book running lead managers, and Bigshare Services Private Limited is the registrar to the issue. The shares are proposed to be listed on the BSE and NSE.