Deepa Jewellers IPO Day 2 Subscription Status: 2.60x Subscribed; GMP at ₹44
Deepa Jewellers’ Initial Public Offering (IPO) was subscribed 2.60 times as of the afternoon on Day 2 (2:00 p.m. to 3:30 p.m. IST on 2 September 2026), led by retail demand at 3.68 times. Non-Institutional Investors (NIIs) were at 3.00 times, while Qualified Institutional Buyers (QIBs) stood at 0.39 times. The latest available Grey Market Premium (GMP) was around ₹44, although trackers differed materially. Bidding closes on 3 September 2026.
| Metric | Latest update |
| Bidding day | Day 2 |
| Data status | Afternoon (2:00 p.m. to 3:29 p.m. IST) on 2 September 2026 |
| Overall subscription | 2.60x |
| QIB subscription | 0.39x |
| NII subscription | 3.00x |
| Retail subscription | 3.68x |
| Current GMP | Around ₹44 |
| GMP percentage | About 24.9% |
| Indicative price | Around ₹221 |
| Closing date | 3 September 2026 |
Deepa Jewellers IPO Day 2 Subscription Status
Retail Individual Investors (RIIs) remained the most subscribed broad investor category in Deepa Jewellers IPO on Day 2, reaching 3.68 times. NII demand was also above the shares reserved for that category at 3.00 times.
QIB participation increased to 0.39 times from 0.11 times at the end of Day 1, but remained below full subscription at the latest reading.
| Investor category | Day 2 | Day 1 close | Change |
| Qualified Institutional Buyers | 0.39x | 0.11x | +0.28x |
| Non-Institutional Investors | 3.00x | 0.65x | +2.35x |
| Retail Individual Investors | 3.68x | 1.42x | +2.26x |
| Overall | 2.60x | 0.88x | +1.72x |
Subscription multiples represent the quantity of shares bid for relative to shares available in each category. They do not represent the number of unique IPO applicants.
How Subscription Changed From Day 1
Deepa Jewellers IPO’s overall subscription rose from 0.88 times at the Day 1 close to 2.60 times on Day 2, an increase of 1.72 times.
The largest category-level increase came from NIIs, whose subscription climbed from 0.65 times to 3.00 times. Retail demand also strengthened from 1.42 times to 3.68 times.
This makes the Day 2 response broader than the opening-day pattern, when retail was the clearest source of demand. QIB bidding has also increased, although it remains much lower than the retail and NII multiples. Institutional participation often builds later in the bidding period, but the current data does not establish how QIB demand will develop on the closing day.
Deepa Jewellers IPO GMP Today and Estimated Listing Price
The latest available Deepa Jewellers IPO GMP reading was around ₹44 per share on 2 September 2026. However, grey-market trackers were not fully aligned, with other readings on the day ranging materially below this level.
Using ₹44 as the latest available reference and the upper price band of ₹177:
Indicative price = ₹177 + ₹44 = ₹221 per share
GMP percentage = ₹44 ÷ ₹177 × 100 = about 24.9%
| GMP observation | Reading |
| Latest available reference | Around ₹44 |
| Previous available reading | Around ₹43 to ₹44 |
| Indicative price at ₹44 GMP | ₹221 |
| Indicative premium | About 24.9% |
Because GMP is unofficial, unregulated, and collected from grey-market activity, different trackers can report different numbers at the same stage. It can also change quickly. The ₹221 calculation is therefore an indicative price, not a guaranteed listing price or return.
What Stands Out in Today’s Bidding
Two developments are notable. First, the IPO moved from below full subscription at the Day 1 close to 2.60 times by the latest Day 2 reading. Second, demand has become less concentrated, with both retail and NII categories now subscribed more than three times.
There are important limitations. QIB subscription remains below one time, so the current demand profile is still stronger among non-institutional and retail bidders. Also, GMP readings differ materially across trackers today.
High subscription does not by itself prove that the IPO is fairly valued, that the underlying business is high quality, or that the shares will deliver gains after listing.
IPO Details Retail Investors Need
| IPO detail | Information |
| Price band | ₹168 to ₹177 per share |
| Lot size | 84 shares |
| Minimum retail investment | ₹14,868 at ₹177 |
| Total issue size | ₹459.72 crore |
| Fresh issue | ₹250 crore |
| Offer for Sale (OFS) | ₹209.72 crore |
| Issue type | Book-built mainboard IPO |
| Closing date | 3 September 2026 |
| Expected listing date | 8 September 2026 |
| Exchange | BSE and NSE |
The offer combines a fresh issue with an Offer for Sale (OFS), meaning only the fresh-issue portion brings new capital into the company.
Brief Company and Financial Context
Deepa Jewellers is a business-to-business designer, processor, and supplier of hallmarked gold jewellery, with a strong operating concentration in Southern India. Its portfolio includes vaddanam and CNC machine-cut bangles.
Revenue from operations increased to ₹1,926.68 crore in FY2026 from ₹1,397.01 crore in FY2025, while profit after tax rose to ₹104.79 crore from ₹40.58 crore. The company plans to use ₹215 crore of fresh-issue proceeds for long-term working-capital needs, including inventory. A key risk is geographic concentration, with Southern India accounting for a large majority of its business.
What Happens Next
Deepa Jewellers IPO enters its closing day on 3 September 2026. The main figures to monitor are whether overall subscription accelerates further, whether QIB participation increases, whether NII and retail demand continues to build, and whether the GMP stabilises given the differing grey-market readings reported on Day 2.
Frequently Asked Questions (FAQs)
Q: How many times is Deepa Jewellers IPO subscribed on Day 2?
A: Deepa Jewellers IPO was subscribed 2.60 times overall as of afternoon (2:00 p.m. to 3:29 p.m. IST) on 2 September 2026. Retail demand led at 3.68 times, NII subscription was 3.00 times, and QIB subscription stood at 0.39 times.
Q: How did Deepa Jewellers IPO subscription change from Day 1 to Day 2?
A: Overall subscription increased from about 0.88 times at the Day 1 close to 2.60 times on Day 2. NII demand rose from 0.65 times to 3.00 times, while retail subscription increased from 1.42 times to 3.68 times.
Q: What is the Deepa Jewellers IPO GMP today?
A: The latest available reference was around ₹44 per share on 2 September 2026, but GMP trackers reported materially different readings during the day. GMP is unofficial and can change quickly, so no single reading should be treated as guaranteed.
Q: What listing price does a ₹44 Deepa Jewellers IPO GMP indicate?
A: With an upper IPO price of ₹177 and a ₹44 GMP, the indicative price works out to ₹221 per share, or about 24.9% above the upper price band. This is only a grey-market calculation and does not predict the actual listing price.
Q: Does higher Day 2 subscription guarantee a premium listing for Deepa Jewellers?
A: No. Subscription data measures bidding demand relative to shares available, while GMP is an unofficial market signal. Neither guarantees a premium listing, establishes fair valuation, or predicts the stock’s performance after it starts trading.
Disclaimer
The stocks mentioned in this article are not recommendations. Please conduct your own research and due diligence before investing. Investment in securities market are subject to market risks, read all the related documents carefully before investing. Please read the Risk Disclosure documents carefully before investing in Equity Shares, Derivatives, Mutual fund, and/or other instruments traded on the Stock Exchanges. As investments are subject to market risks and price fluctuation risk, there is no assurance or guarantee that the investment objectives shall be achieved. Lemonn (Formerly known as NU Investors Technologies Pvt. Ltd) do not guarantee any assured returns on any investments. Past performance of securities/instruments is not indicative of their future performance.
