Deepa Jewellers IPO: ₹460-cr issue to open on September 1, price band fixed at ₹168-177

Deepa Jewellers Ltd has announced the pricing for its upcoming Initial Public Offering (IPO) with a range of ₹168-177 per share. The company plans to raise ₹460 crore through this IPO, which will be available for subscription from September 1 to September 3. Anchor investors will have the opportunity to bid for shares on August 31.

The IPO consists of a fresh issue of equity shares worth up to ₹250 crore and an offer for sale of over 1.18 crore shares. At the higher end of the price band, the total issue size could reach ₹460 crore, resulting in a post-IPO market capitalisation of around ₹1,700 crore. The proceeds will primarily be used to fund the company's long-term working capital needs, inventory procurement and expansion, as well as general corporate purposes.

Established in 2016, Deepa Jewellers is a B2B designer, processor, and supplier of hallmarked gold jewellery, operating mainly in the southern states of India. The company employs an outsourced manufacturing model, supported by a network of skilled artisans. In terms of investor participation, 50% of the offer is reserved for Qualified Institutional Buyers (QIBs), 15% for non-institutional investors, and 35% for retail investors.

The shares are expected to be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on September 8. The book-running lead managers for this issue are Emkay Global Financial Services and Valmiki Leela Capital, while Bigshare Services acts as the registrar to the issue.