Summary:
Deepa Jewellers IPO subscription reached 1.23x on Day 2, with NII investors leading at 1.78x and retail investors at 1.68x. QIB participation remained weak at 0.01x despite accounting for half of the issue. The ₹459.72 crore IPO closes on September 3, with institutional demand likely to determine the final subscription level. Investors can track live bidding data through NSE, BSE and Ventura.
Deepa Jewellers, the southern India-focused B2B gold jewellery designer and supplier, saw subscription build further on Day 2 of its ₹459.72 crore mainboard IPO, with overall demand reaching 1.23 times as of the update on September 2, 2026.
IPO Details
| Detail | Information |
| Issue Size | ₹459.72 crore (fresh issue ₹250 crore + OFS ₹209.72 crore) |
| Price Band | ₹168-₹177 per share |
| Lot Size | 84 shares |
| Minimum Investment (Retail) | ₹14,868 |
| Face Value | ₹2 per share |
| IPO Open Date | September 1, 2026 |
| IPO Close Date | September 3, 2026 |
| Registrar | Bigshare Services Pvt Ltd |
| Book-Running Lead Managers | Emkay Global Financial Services, Valmiki Leela Capital |
Category-wise Breakdown on Day 2
| Category | Shares Offered/Reserved | Shares Bid For | Subscription (x) |
| Qualified Institutional Buyers (QIBs) | 51,55,438 | 40,320 | 0.01 |
| Non Institutional Investors | 40,09,394 | 71,24,124 | 1.78 |
| NII (bids above ₹10 lakh) | 26,72,930 | 39,62,448 | 1.48 |
| NII (bids ₹2-10 lakh) | 13,36,464 | 31,61,676 | 2.37 |
| Retail Individual Investors (RIIs) | 93,55,253 | 1,57,00,272 | 1.68 |
| Total | 1,85,20,085 | 2,28,84,716 | 1.23 |
Data as of 02-Sep-2026, 12:34 PM IST, sourced from NSE Bid Details (nseindia.com).
Deepa Jewellers IPO - Day 2 Subscription Status
As of the update on September 2, 2026, the issue received bids for 2,28,84,716 shares against 1,85,20,085 shares on offer, taking overall subscription to 1.23 times. Non-Institutional Investors led the demand at 1.78 times, followed by Retail Individual Investors at 1.68 times, while Qualified Institutional Buyers remained almost entirely untouched at 0.01 times.
What Day 2 Numbers Indicate
Subscription climbing from 0.64 times on Day 1 to 1.23 times by Day 2 shows steady improvement in both NII and retail demand, with both categories now comfortably past the full-subscription mark. Within the NII category, the ₹2-10 lakh bracket (2.37x) is running well ahead of the above-₹10-lakh bracket (1.48x), suggesting smaller HNIs are showing considerably more interest than larger applicants at this stage. With QIBs accounting for half the issue and still barely subscribed, institutional demand, which typically surges only in the final bidding session, remains the key factor that will determine the overall subscription level by close on September 3.
Deepa Jewellers IPO - Timetable
| Event | Date |
| IPO Open Date | September 1, 2026 |
| IPO Close Date | September 3, 2026 |
| Allotment Finalisation | September 4, 2026 |
| Listing Date | September 8, 2026 |
| Listing Exchanges | BSE, NSE |
Should You Apply for Deepa Jewellers IPO?
Founded in 2016, Deepa Jewellers is a B2B designer, processor, and supplier of hallmarked gold jewellery with a strong presence across southern India, supplying to retail chains and standalone jewellery stores while also undertaking job work and trading of jewellery-related products. Revenue grew 37.9% year-on-year to ₹1,926.7 crore in FY26, with net profit rising sharply by 158.2% to ₹104.8 crore over the same period.
Investors considering the issue should weigh the company's strong revenue and profit growth, and its established B2B relationships across South India's jewellery retail ecosystem, against sector-specific risks such as gold price volatility, customer concentration among a wholesale-focused client base, and thin margins typical of B2B jewellery trading. As with any IPO, the decision should be based on individual risk appetite, investment horizon, and a review of the RHP rather than subscription numbers alone.
How to Apply for Deepa Jewellers IPO
Investors can apply for the Deepa Jewellers IPO through ASBA via their bank's net banking portal, via UPI-based ASBA through their stock broker's trading app, or offline by submitting a physical ASBA form through their broker. The minimum lot size is 84 shares, requiring a minimum investment of approximately ₹14,868 at the upper price band.
How to Check Deepa Jewellers IPO Subscription Status
How to check Deepa Jewellers IPO Subscription Status on NSE website
- Visit the NSE IPO issue information page (nseindia.com).
- Search for "Deepa Jewellers" or enter the symbol DEEPA.
- Select "Consolidated Bid Details" from the dropdown to view category-wise subscription data.
- The page refreshes periodically to show live bidding figures during market hours.
How to check Deepa Jewellers IPO Subscription Status on BSE website
- Visit the BSE IPO page (bseindia.com).
- Navigate to the "Active IPO" or "IPO Bidding" section.
- Select "Deepa Jewellers Limited" from the list of active issues.
- View category-wise and overall subscription figures, updated through the bidding window.
How to check Deepa Jewellers IPO Subscription Status on Ventura?
Ventura clients can track real-time subscription status for the Deepa Jewellers IPO directly within the IPO section of the Ventura app or web platform, alongside category-wise bid data and allotment updates, without needing to switch between exchange websites.
IPO Subscription History
Previous Day Subscription
The issue opened with solid retail interest but muted institutional participation on Day 1, closing at 0.64 times overall subscription, with Retail Individual Investors leading at 1.08 times while Non-Institutional Investors and QIBs stayed below full subscription.
Conclusion
Deepa Jewellers' IPO continues to build steady momentum on Day 2, with overall subscription reaching 1.23 times on the back of solid NII and retail interest. With QIBs, who account for half the issue, still barely subscribed, a strong last-day institutional push will be needed for the offering to see meaningful overall demand by close on September 3.
