Deepa Jewellers Shares Jump Nearly 25% In Market Debut Trade

Shares of Deepa Jewellers Ltd on Tuesday listed with a premium of nearly 25% against the issue price of ₹177.

The stock started trading at ₹221.05, up 24.88% from the issue price on the BSE.

On the NSE, it listed at ₹221, up 24.85%.

The company's market valuation was ₹1,920.56 crore.

The initial public offer of Deepa Jewellers was subscribed nearly 43 times on the final day of bidding on Thursday, driven by strong demand across investor categories, particularly institutional buyers.

The ₹460-crore IPO had a price band of ₹168-177 per share and comprised a fresh issue of equity shares worth up to ₹250 crore and an offer-for-sale of over 1.18 crore shares.

Proceeds from the fresh issue will be utilised by the company to fund long-term working capital requirements for procurement, maintenance and scaling up of inventory, besides general corporate purposes.

Incorporated in 2016, Deepa Jewellers is an organised B2B designer, processor and supplier of hallmarked gold jewellery, primarily operating across Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala.

The company designs, processes and sells a wide range of jewellery through an outsourced manufacturing model, supported by a network of 'karigars'.