Deepa Jewellers’ $48M IPO lands 43x subscription, marks Valmiki Leela’s mainboard debut
What's the deal? Hyderabad-based Deepa Jewellers has completed a ₹460 crore (roughly $48 million) mainboard IPO, its first offering led by merchant bank Valmiki Leela Capital. The issue was subscribed 43.40 times overall, and shares opened at ₹221 — 24.86% above the ₹177 issue price.
Who's involved? The anchor book drew Motilal Oswal, WhiteOak Capital, 360 ONE, Nomura, Citi, Alchemy Capital, UNIFI, and Girik Capital. Demand was strongest from non-institutional investors, whose portion was subscribed 109.04 times.
Who is Deepa Jewellers? Founded in 2016, it runs a business-to-business platform for 22-karat gold jewellery, serving 373 customers across 13 states and one Union Territory, mostly in South India. Its asset-light model relies on an outsourced network of 41 karigars.
Why it matters for the banker. The deal is Valmiki Leela Capital's first completed mainboard mandate as book-running lead manager, marking the SEBI-registered Category I merchant banker's entry into the arena.
What's next? The firm is building an IPO pipeline worth about ₹3,000 crore over the next 12 to 18 months, spanning manufacturing, infrastructure, energy, and consumption. Around ₹1,500 crore of that sits in renewable energy and power, followed by pharmaceuticals, packaging, and fast-moving electrical goods.
All proposed offerings remain subject to regulatory approvals, market conditions, and issuer timelines.
What they're saying. "Completing our maiden mainboard IPO mandate establishes an important operating base for Valmiki Leela Capital's investment-banking business," said director Sandeep Gupta. Fellow director Pankaj Agrawal added that "the next set of public-market candidates is emerging across manufacturing, energy infrastructure and domestic consumption."
The signal: A widening pool of manufacturing, infrastructure, and consumer businesses is lining up to tap Indian public markets — and smaller merchant banks see room to build practices around that demand.
Source : Deepa Jewellers' $48M IPO lands 43x subscription, marks Valmiki Leela's mainboard debut