Telangana-based hallmarked gold jewellery processor and supplier Deepa Jewellers has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), primarily to support its long-term working capital needs.
According to the draft red herring prospectus (DRHP), the proposed IPO will comprise a fresh issue of equity shares worth ₹250 crore, along with an offer for sale (OFS) of up to 1.18 crore shares by promoters Ashish Agarwal and his wife.
Use of Proceeds
The company plans to deploy around ₹215 crore from the fresh issue towards meeting its long-term working capital requirements, including procurement, maintenance and scaling up of inventory. The remaining proceeds will be utilised for general corporate purposes.
Business Overview
Deepa Jewellers operates as a B2B designer, processor and supplier of hallmarked gold jewellery, with a strong presence across southern India, including Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala. Its core business includes processing of 22-karat gold jewellery, job-work services, and trading of jewellery and related products.
The company caters to established jewellery retail chains as well as standalone stores, supported by long-standing relationships in the southern market.
Financial Performance
For the financial year ended March 2025, Deepa Jewellers reported a profit of ₹40.6 crore, marking a 66.7 percent increase from ₹24.3 crore in the previous year. Revenue during the same period rose 36.3 percent to ₹1,397 crore, compared with ₹1,024.6 crore a year earlier.
In the six months ended September 2025, the company posted a profit of ₹48.6 crore on a revenue of ₹812.1 crore, indicating continued growth momentum.
IPO Management
Emkay Global Financial Services and Valmiki Leela Capital have been appointed as the book-running lead managers for the proposed IPO.
