Valmiki Leela Capital completes maiden mainboard IPO mandate, builds ₹3,000-crore pipeline
Deepa Jewellers’ ₹460-crore IPO subscribed 43.40 times and listed at a 24.86% premium; Upcoming mandates span renewable energy, power infrastructure, pharma, packaging and consumer businesses.
Mumbai, September 15 , 2026: Valmiki Leela Capital Private Limited has completed its maiden mainboard initial public offering mandate as book-running lead manager with the ₹460-crore IPO of Deepa Jewellers Limited. More importantly, the merchant banking entity is working on an IPO pipeline worth approximately ₹3,000 crore over the next 12 to 18 months.
The twin developments mark Valmiki Leela Capital’s entry into mainboard IPO arena and the expansion of its investment banking business across manufacturing, infrastructure, energy and consumption-driven sectors.
The SEBI-registered Category I merchant banker’s pipeline includes proposed issues of around ₹1500 crore in renewable energy and power sector , followed by sectors like pharmaceuticals, packaging and fast-moving electrical goods.
The proposed offerings are subject to regulatory approvals, market conditions and the respective companies’ timelines.
Valmiki Leela Capital’s first completed mainboard mandate was the IPO of Deepa Jewellers, an organised business-to-business 22-karat gold jewellery platform established in 2016 and based in Hyderabad.
The IPO was subscribed 43.40 times overall. The non-institutional investor portion was subscribed 109.04 times, while the qualified institutional buyer and retail portions were subscribed 36.73 times and 19.09 times, respectively.
Deepa Jewellers shares opened at ₹221 apiece on [NSE/BSE], 24.86 percent above the issue price of ₹177.
The IPO’s anchor book drew participation from institutional investors including Motilal Oswal, WhiteOak Capital, 360 ONE, Nomura, Citi, Alchemy Capital, UNIFI and Girik Capital.
Deepa Jewellers serves 373 customers across 13 states and one Union Territory, with a strong presence in South India. Its asset-light business model is supported by an outsourced manufacturing network of 41 skilled karigars.
“Completing our maiden mainboard IPO mandate establishes an important operating base for Valmiki Leela Capital’s investment-banking business. With a pipeline of approximately ₹3,000 crore, our focus is now on preparing issuers for the standards of governance, disclosure and execution demanded by public markets,” said Sandeep Gupta, director, Valmiki Leela Capital.
The firm said its pipeline reflects the widening pool of manufacturing, infrastructure and consumer businesses seeking to access public capital.
“The next set of public-market candidates is emerging across manufacturing, energy infrastructure and domestic consumption. The opportunity for merchant bankers is to help these companies translate their operating record, governance standards and proposed use of capital into an investment case that public-market investors can properly assess,” said Pankaj Agrawal, director, Valmiki Leela Capital.
About Valmiki Leela Capital
Valmiki Leela Capital Private Limited is a SEBI-registered Category I merchant banker providing investment-banking and capital-markets advisory services to companies seeking to raise capital through the public markets.