Archive · 8 Sep 2026
Deepa Jewellers Shares Debut Strongly Above IPO Price
Deepa Jewellers sold shares to the public at ₹177 each.
On 8 September, the shares began trading at about ₹221.
This gave investors who received shares a gain of roughly 25% at the NSE opening.
The strong debut was better than the prices suggested by the grey market before listing.
The IPO received many more bids than the number of shares available.
Deepa Jewellers supplies hallmarked gold jewellery to businesses and has 373 customers.
An analyst said the company has grown quickly and uses a model with relatively little in-house manufacturing.
Investors were advised to take some profits if they wished and watch the company’s future performance, including its planned Hyderabad facility.
Deepa Jewellers shares opened at ₹221 on the NSE and ₹221.05 on the BSE on Tuesday, 8 September.
The NSE opening represented a 25% gain over the IPO price of ₹177, exceeding grey-market expectations.
Before listing, the grey-market premium was reported at ₹23.5 in one report and ₹25.5 in another, implying estimates of ₹200.5 and ₹202.5, respectively.
The IPO was subscribed 43 times overall, led by non-institutional investors at 105.96 times, while QIBs subscribed 37 times and retail investors 18.55 times.
Analyst Mahesh M. Ojha cited strong financial growth, 373 customers and an upcoming Hyderabad facility, while advising investors to consider partial profit-booking and monitor execution.
- Who
- Deepa Jewellers Limited, its IPO investors and analyst Mahesh M. Ojha.
- What
- Deepa Jewellers shares made a strong stock-market debut at about ₹221, above the ₹177 IPO price.
- When
- Tuesday, 8 September; the shares were scheduled to become available for trading at 10:00 IST.
- Where
- The shares opened on the National Stock Exchange of India and the BSE in India.
- Why
- The listing followed Deepa Jewellers’ IPO, which was open for subscription from 1 September to 3 September and had its allotment finalised on 4 September.
Pre-Listing Caution
Strong Business Outlook
Expected listing performance
Pre-Listing Caution
Before the debut, grey-market premiums of ₹23.5 and ₹25.5 implied estimated prices of ₹200.5 and ₹202.5, below the actual opening price of about ₹221. The grey-market premium had also fluctuated between ₹0 and ₹55 over 13 sessions.
Strong Business Outlook
The shares opened at ₹221 on the NSE and ₹221.05 on the BSE, giving IPO allottees an opening gain of about 25%.
Investment approach
Pre-Listing Caution
Mahesh M. Ojha advised allotted investors to monitor execution, margins and the Hyderabad facility for two to three quarters before considering further accumulation.
Strong Business Outlook
Investors could consider booking partial gains on listing while retaining the remaining shares for the long term.
Growth prospects
Pre-Listing Caution
Future performance will depend partly on the company’s execution, margin trends and ability to bring the planned manufacturing facility into operation.
Strong Business Outlook
Ojha highlighted strong FY24-FY26 revenue, EBITDA and PAT CAGRs of 37%, 102.3% and 107.5%, respectively, along with 373 customers, robust FY26 profitability and inventory hedging.
- NSE opening price
- ₹221 per share
- BSE opening price
- ₹221.05 per share
- IPO price
- ₹177 per share
- Opening gain
- 25% over the IPO price at the NSE opening
- Overall IPO subscription
- 43 times
- Top subscription category
- Non-institutional investors: 105.96 times
- IPO structure
- Fresh issue of up to ₹250 crore plus an offer for sale of more than 1.18 crore shares
- Planned facility
- A 6,696 sq. ft. in-house manufacturing facility in Hyderabad, expected to become operational in H1 FY27
