18 Aug 2026 , 11:26 AM
Shankesh Jewellers IPO is a ₹367.18 crore book-built issue comprising a fresh issue of 2.95 crore shares worth ₹274.18 crore and an offer for sale of 1 crore shares worth ₹93 crore. The IPO opened for subscription on August 18, 2026, and will close on August 20, 2026.
Shankesh Jewellers IPO is a book-built public issue of ₹367.18 crore. The IPO consists of a fresh issue and an offer for sale (OFS). The company plans to raise ₹274.18 crore through the fresh issue, while ₹93 crore will be offered through the OFS.
The Shankesh Jewellers IPO opened on August 18, 2026, and will close on August 20, 2026. The IPO allotment is expected to be finalised on August 21, 2026, while the shares are proposed to be listed on both the NSE and BSE on August 25, 2026.
The price band has been fixed at ₹88 to ₹93 per share, with a lot size of 160 shares. Retail investors need to invest a minimum of ₹14,880 to apply for one lot at the upper price band.
| Particulars | Details |
|---|---|
| IPO Name | Shankesh Jewellers IPO |
| IPO Open Date | August 18, 2026 |
| IPO Close Date | August 20, 2026 |
| IPO Size | ₹367.18 crore |
| Fresh Issue | ₹274.18 crore |
| Offer for Sale | ₹93 crore |
| Price Band | ₹88 to ₹93 per share |
| Lot Size | 160 shares |
| Minimum Investment | ₹14,880 |
| Face Value | ₹5 per share |
| Issue Type | Book Building |
| Listing | NSE and BSE |
| Tentative Listing Date | August 25, 2026 |
| Lead Manager | Aryaman Financial Services Ltd. |
| Registrar | KFin Technologies Ltd. |
The Shankesh Jewellers IPO GMP stood at ₹2 per share as of August 18, 2026, based on the latest available grey market data.
At the upper IPO price of ₹93, a GMP of ₹2 indicates an estimated listing price of approximately ₹95 per share.
This represents a potential listing gain of around 2.15% over the IPO price.
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Gain |
|---|---|---|---|---|
| Aug 18, 2026 | ₹93 | ₹2 | ₹95 | 2.15% |
| Aug 17, 2026 | ₹93 | ₹2 | ₹95 | 2.15% |
| Aug 16, 2026 | ₹93 | ₹5 | ₹98 | 5.38% |
| Aug 15, 2026 | ₹93 | ₹6 | ₹99 | 6.45% |
| Aug 14, 2026 | ₹93 | ₹6 | ₹99 | 6.45% |
| Aug 13, 2026 | ₹93 | ₹8 | ₹101 | 8.60% |
| Aug 12, 2026 | ₹93 | ₹7 | ₹100 | 7.53% |
| Aug 11, 2026 | ₹93 | ₹0 | ₹93 | 0.00% |
The GMP has declined from ₹8 on August 13 to ₹2 on August 18, indicating a moderation in grey market sentiment ahead of the IPO opening.
Note: GMP is an unofficial indicator and should not be considered a reliable predictor of the actual listing price or future performance of the stock.
The Shankesh Jewellers IPO opened for subscription on August 18, 2026, and will remain open until August 20.
As of the latest available data, the IPO had been subscribed 0.05 times, indicating that bidding was still at an early stage on the opening day.
Investors can track the subscription figures across the retail, NII and QIB categories as the bidding period progresses.
The Shankesh Jewellers IPO lot size is 160 shares.
At the upper price band of ₹93 per share, the minimum investment required for a retail investor is:
160 × ₹93 = ₹14,880
At the lower price band of ₹88, the investment for one lot would be ₹14,080.
The IPO’s face value is ₹5 per share.
The total issue size of the Shankesh Jewellers IPO is ₹367.18 crore.
The issue comprises:
The fresh issue will result in the company receiving new capital, while proceeds from the OFS will go to the selling shareholders.
The company proposes to utilise the net proceeds from the fresh issue primarily towards strengthening its balance sheet and supporting working capital requirements.
The major objects include:
| IPO Object | Estimated Amount |
|---|---|
| Repayment/pre-payment of certain borrowings | ₹158 crore |
| Funding working capital requirements | ₹38 crore |
| General Corporate Purposes | Balance amount |
The largest portion of the IPO proceeds is earmarked for repayment or pre-payment of borrowings.
This could help reduce the company’s debt burden and improve its financial position following the IPO.
Shankesh Jewellers Limited, incorporated in 2005, is engaged in the manufacturing and supply of customised handcrafted gold jewellery.
The company specialises in 22-karat and 18-karat gold jewellery and offers a wide range of products, including:
Its product portfolio includes antique, semi-antique, Calcutta, temple, gheru polish, yellow gold, rhodium and rose gold jewellery.
The company distributes its products across India and caters to both corporate and non-corporate customers.
Its clientele includes established jewellery companies such as Joyalukkas India, P. N. Gadgil & Sons, Kalyan Jewellers India, Novel Jewels, Manoj Vaibhav Gems ‘N’ Jewellers and other jewellery houses.
One of the key features of Shankesh Jewellers’ business is its asset-light manufacturing model.
Rather than maintaining a large manufacturing workforce, the company works with skilled local karigars and jobworkers. The company manages important functions such as design, material sourcing and delivery internally.
The company also provides job work services, where customers provide bullion and design specifications and Shankesh Jewellers executes the manufacturing process.
As of May 31, 2026, the company had 46 permanent employees and was associated with 72 jobworkers.
The jewellery manufactured by the company is BIS-hallmarked in accordance with applicable regulatory requirements.
The company’s operations are broadly divided into two segments:
The company’s long-standing relationships with jewellery brands and its focus on customised handcrafted products are among its key business strengths.
Shankesh Jewellers has reported significant improvement in its financial performance over the last three financial years.
The company’s total income increased from ₹1,403.94 crore in FY2025 to ₹1,630.93 crore in FY2026, representing growth of approximately 16%.
More notably, profit after tax increased from ₹40.31 crore to ₹106.68 crore, representing growth of approximately 165%.
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total Income | 1,630.93 | 1,403.94 | 1,061.91 |
| Profit After Tax | 106.68 | 40.31 | 12.82 |
| EBITDA | 157.90 | 65.35 | 28.60 |
| Assets | 403.76 | 249.56 | 177.07 |
| Net Worth | 209.43 | 100.60 | 60.29 |
| Total Borrowings | 167.30 | 145.63 | 109.81 |
Amount in crore
The company’s EBITDA also increased substantially, rising from ₹65.35 crore in FY2025 to ₹157.90 crore in FY2026.
Net worth more than doubled from ₹100.60 crore to ₹209.43 crore during the same period.
The company’s profitability ratios also improved significantly in FY2026.
| Metric | FY2026 | FY2025 |
|---|---|---|
| ROE | 50.94% | 40.08% |
| ROCE | 41.57% | 26.28% |
| Debt/Equity | 0.80 | 1.44 |
| RoNW | 50.94% | 40.07% |
| PAT Margin | 6.54% | 2.87% |
| EBITDA Margin | 9.68% | 4.65% |
| NAV | ₹17.82 | ₹8.58 |
A notable improvement can be seen in the company’s debt-to-equity ratio, which declined from 1.44 in FY2025 to 0.80 in FY2026.
The PAT margin also more than doubled from 2.87% to 6.54%, while the EBITDA margin improved from 4.65% to 9.68%.
At the upper price band of ₹93, the company is valued at a post-issue market capitalisation of approximately ₹1,367.39 crore.
The IPO valuation metrics are as follows:
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | ₹9.08 | ₹7.26 |
| P/E | 10.24x | 12.81x |
| Market Cap | ₹1,093 crore | ₹1,367.39 crore |
The post-issue P/E ratio stands at 12.81x, based on the information provided.
Investors should compare this valuation with listed jewellery companies and other relevant IPO peers before making an investment decision.
Some of the key strengths highlighted for the company include:
While the company has reported strong financial growth, investors should also consider the potential risks associated with the business.
The company operates in the gold jewellery industry, where working capital requirements can be significant and business performance can be influenced by gold prices, consumer demand and broader economic conditions.
The company’s asset-light model provides operational flexibility but also creates dependence on its network of jobworkers and skilled artisans.
In addition, a significant portion of the fresh IPO proceeds is proposed to be used for debt repayment and working capital, making the company’s ability to manage inventory, receivables and borrowings an important factor to monitor.
Investors should also consider the company’s post-IPO valuation and compare it with listed peers before making an investment decision.
The key dates for the Shankesh Jewellers IPO are:
| Event | Date |
|---|---|
| IPO Opens | August 18, 2026 |
| IPO Closes | August 20, 2026 |
| Allotment | August 21, 2026 |
| Refund Initiation | August 24, 2026 |
| Credit of Shares | August 24, 2026 |
| Listing Date | August 25, 2026 |
The Shankesh Jewellers IPO presents a combination of strong recent financial growth, an asset-light operating model, established relationships with jewellery companies and an experienced management team.
The company’s FY2026 performance stands out, with revenue growing 16% and PAT increasing by 165%. Profitability ratios have also improved, while the debt-to-equity ratio has declined.
On the other hand, investors should consider the risks associated with the jewellery industry, working capital requirements, dependence on jobworkers and the company’s post-issue valuation.
With the Shankesh Jewellers IPO GMP currently indicating only a modest potential listing premium, investors may want to focus less on short-term listing gains and more on the company’s fundamentals, valuation and long-term growth prospects.
As with any IPO investment, investors should review the company’s offer documents, financial performance, valuation and risk factors before making an investment decision.
Disclaimer – The stock/s and indices mentioned in this article are discussed solely for informational and educational purposes. It should not be construed as investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult a financial advisor before making any investment decisions. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.
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