Deepa Jewellers and Rays of Belief IPOs Keep Investors Focused on Growth, Valuation and Subscription Trends

Investor attention remained focused on the primary market as the Deepa Jewellers and Rays of Belief IPOs progressed through their subscription periods, with growth prospects, valuations, grey market trends and investor demand emerging as key factors in the evaluation of both issues. Deepa Jewellers attracted attention for its long-term growth potential and valuation considerations. Business Standard reported that experts viewed the company's growth outlook and valuations as factors supporting its longer-term appeal, while market participants continued to assess the public issue against prevailing conditions in the jewellery sector.

By the second day of bidding, Deepa Jewellers' grey market premium had also adjusted, with market coverage indicating a potential listing gain of around 25%. Investors continued to track subscription progress, key issue dates and the broader investment case before making a final decision. Rays of Belief also remained under close watch as its public issue progressed. The ₹125 crore IPO was subscribed 1.18 times by its second day, while the grey market premium suggested a potential listing gain of around 16%, according to the latest market coverage.

The changing GMP in both IPOs highlights an important aspect of the primary market: grey market sentiment can shift during the subscription period. Investors therefore need to look beyond potential listing gains and consider business fundamentals, valuations, demand trends and their own investment horizon. The coverage featuring Swastika Investmart reflected the continuing demand for research-led analysis as investors evaluate IPO opportunities amid an active primary market.

Featured Coverage

• Business Standard: Deepa Jewellers IPO: Growth & valuations lift long-term appeal, say experts
• Mint: Rays of Belief IPO Day 2: Issue subscribed 1.18x so far. GMP signals 16% listing pop. Apply or not?
• Mint: Deepa Jewellers IPO Day 2: GMP hints 25% listing gain. Check subscription, review, key dates. Apply or skip?
• Business Today: Rays of Belief IPO opens today: Should you subscribe or skip? Price band, reviews, fresh GMP & more
• TradingView: Rays of Belief IPO Day 1: GMP signals 20% listing gain. Should you subscribe to ₹125 crore issue?

About Swastika Investmart

Swastika Investmart Limited is a financial services and stockbroking company operating across India's capital markets. The company provides stockbroking, investment research, wealth management and other financial-market services. Its research teams track IPOs, listed companies, market sectors and developments that can influence investor decision-making. Swastika Investmart's IPO research evaluates business fundamentals, valuations, growth prospects, subscription trends, market sentiment and associated risks. The firm's research-led approach aims to help investors assess public issues beyond short-term listing expectations and align decisions with their individual investment objectives.