Mumbai: The Initial Public Offering of Deepa Jewellers Limited was subscribed 0.87 times on the first day of bidding, demonstrating strong demand from Retail Investors, followed by non-institutional investors, and qualified institutional buyers (QIB) for this IPO.

The issue received bids of 1,60,34,172 equity shares against the offered 1,85,20,085 equity shares, according to data available on the stock exchanges.

Retail Portion and Non-institutional investors portion were subscribed 1.38 and 0.63 times respectively. Qualified Institutional Buyers (QIB) was subscribed 0.11 times.

The issue kicked off for subscription on Tuesday, September 01, 2026, and will close for subscription on Thursday, September 03, 2026.

A day before the opening of the issue, Deepa Jewellers Limited had raised nearly Rs 137.9 crore from anchor investors.

Brokerage houses recommend company

Leading brokerage firms like Adroit Financial, Anand Rathi , BP Wealth, SBI Securities and Ventura Securities have given their “Subscribe” recommendation to Deepa Jewellers Limited, which is an organized B2B designer, processor and supplier of hallmarked gold jewellery, primarily having operations in Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala.

Anand Rathi highlights the company offers a diversified portfolio comprising 16 product categories and 110 SKUs, including vaddanam, CNC machine-cut bangles, Gents kada, vanky, kangan, earrings, necklaces, rings and other traditional and precious stone-studded jewellery.

On the valuation front, at the upper price band, based on FY26 earnings, the issue is valued at 16.2 times P/E, 5.45 times P/BV and 12.39 times EV/EBITDA. The company is well positioned to benefit from the growing demand for branded and hallmarked gold jewellery.  Recommend “Subscribe for long-term”.

BP Wealth highlights the company generates revenue mainly through the sale of processed jewellery, which accounts for 99% of revenue, followed by job-work services involving customer-provided raw materials, and trading of silver ornaments, gold bullion, and precious stones, which together contribute less than 1%.

On the valuation front, at the upper price band of Rs. 177, the company is valued at 13.9 times its diluted FY26 EPS of Rs. 12.7, compared with the peer average of 24 times. Recommend “Subscribe”.