Shankesh Jewellers IPO
Shankesh Jewellers IPO was a Mainboard book-built issue of ₹367.18 crore, comprising a Fresh Issue of ₹274.18 crore and an Offer for Sale of ₹93 crore. The price band was ₹88 to ₹93 per share, with a lot size of 160 shares.
Shankesh Jewellers IPO Details
Shankesh Jewellers IPO opened for public subscription on August 18, 2026 and closed on August 20, 2026. The basis of allotment was finalized on August 21, refunds and Demat credit were scheduled for August 24, and the shares were listed on BSE and NSE on August 25, 2026.
Shankesh Jewellers IPO GMP
The last reported Shankesh Jewellers IPO GMP before listing was around ₹2.75 against the ₹93 issue price, indicating an estimated price of approximately ₹95.75. GMP is unofficial and does not guarantee the actual listing price. The shares subsequently listed at ₹103.30 on NSE and ₹102.20 on BSE.
Shankesh Jewellers IPO Timeline (Tentative)
Shankesh Jewellers IPO opened on August 18, 2026 and closed on August 20, 2026. The basis of allotment was finalized on August 21, refunds and credit of shares to Demat accounts were scheduled for August 24, followed by listing on BSE and NSE on August 25, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Aug 18, 2026 |
| IPO Close Date | Thu, Aug 20, 2026 |
| Basis of Allotment | Fri, Aug 21, 2026 |
| Initiation of Refunds | Mon, Aug 24, 2026 |
| Credit of Shares to Demat | Mon, Aug 24, 2026 |
| Listing Date | Tue, Aug 25, 2026 |
| IPO Opens | August 18, 2026 |
| IPO Closes | August 20, 2026 |
| Basis of Allotment | August 21, 2026 |
| Refund Initiation | August 24, 2026 |
| Credit of Shares to Demat | August 24, 2026 |
| Listing Date | August 25, 2026 |
Shankesh Jewellers IPO Lot Size
The Shankesh Jewellers IPO lot size was 160 shares. At the upper price band of ₹93 per share, one lot required an investment of ₹14,880. Retail investors could apply for up to 13 lots, or 2,080 shares, amounting to ₹1,93,440.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 160 | 14,880 |
| Retail (Max) | 13 | 2,080 | 1,93,440 |
| S-HNI (Min) | 14 | 2,240 | 2,08,320 |
| S-HNI (Max) | 67 | 10,720 | 9,96,960 |
| B-HNI (Min) | 68 | 10,880 | 10,11,840 |
Shankesh Jewellers IPO Reservation
The Shankesh Jewellers IPO reserved 50% of the offer for Qualified Institutional Buyers, 15% for Non-Institutional Investors and 35% for Retail Individual Investors. The issue was made through the Book Building Process.
Shankesh Jewellers IPO Subscription
Shankesh Jewellers IPO received 2.80x overall subscription by the close of bidding on August 20, 2026. The QIB portion was subscribed 1.32x, NII 5.68x and Retail Individual Investors 2.42x.
| Category | Subscription (times) |
|---|---|
| QIB | 1.32x |
| NII | 5.68x |
| RII | 2.42x |
| Total | 2.80x |
About Shankesh Jewellers
Shankesh Jewellers Limited is a Mumbai-based jewellery company incorporated in 2005. The company is engaged in manufacturing customised handcrafted gold jewellery, primarily in 22-karat and 18-karat gold. Its product range includes bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, rings and other jewellery sets.
The company offers jewellery across several styles and finishes, including antique, semi-antique, Calcutta, temple, gheru polish and yellow, rhodium and rose gold jewellery. It provides customised jewellery solutions to its clients based on their design and product requirements.
Shankesh Jewellers operates primarily through an asset-light manufacturing model. It works with local artisans and job workers for the production of handcrafted jewellery while managing design, material sourcing, quality and customer requirements.
The company supplies jewellery across India to corporate and non-corporate customers. Its disclosed clientele includes established jewellery businesses such as Joyalukkas India Limited, P. N. Gadgil & Sons Limited and Kalyan Jewellers India Limited.
Strengths
- More than three decades of experience of the promoters in the jewellery industry.
- Broad range of handcrafted 22-karat and 18-karat gold jewellery.
- Established relationships with corporate and non-corporate jewellery customers.
- Asset-light manufacturing model supported by local artisans and job workers.
- Strong growth in revenue and profitability during FY2024-FY2026.
Risks to Consider
- The business is exposed to fluctuations in gold prices.
- Operations are working-capital intensive.
- The company relies significantly on third-party artisans and job workers for jewellery manufacturing.
- The jewellery industry has significant competition from organised and unorganised players.
- Changes in customer demand and working-capital requirements may affect operating performance.
Shankesh Jewellers Financials (₹ Cr)
Shankesh Jewellers reported substantial improvement in revenue and profitability between FY2024 and FY2026. Revenue from operations increased from ₹1,061.91 crore in FY2024 to ₹1,403.94 crore in FY2025 and ₹1,630.93 crore in FY2026. PAT increased from ₹12.82 crore to ₹40.31 crore and ₹106.68 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 1,061.91 | 12.82 | 177.07 | 60.29 |
| FY2025 | 1,403.94 | 40.31 | 249.56 | 100.60 |
| FY2026 | 1,630.93 | 106.68 | 403.76 | 209.43 |
KPIs & Valuation
At the upper IPO price band of ₹93, Shankesh Jewellers had a pre-issue P/E of approximately 10.24x based on pre-issue EPS of ₹9.08. The post-issue EPS was ₹7.26, resulting in a post-issue P/E of approximately 12.81x. FY2026 RoNW was 50.94%, while NAV was ₹17.82 per share.
Objects of the Issue
The fresh issue of ₹274.18 crore was proposed to be used primarily for repayment or prepayment of certain borrowings, funding working capital requirements and general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Repayment and/or prepayment, in full or part, of certain borrowings availed by the company – ₹158 crore.
- Funding working capital requirements of the company – ₹38 crore.
- General corporate purposes – balance amount.
Promoters, Lead Managers & Registrar
Shankesh Jewellers Limited is promoted by Kantilal Kheemraj Jain, Mahavir Kantilal Jain and Manoj Kantilal Jain. Aryaman Financial Services Limited and Smart Horizon Capital Advisors Private Limited acted as the Book Running Lead Managers, while KFin Technologies Limited acted as the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | 040-79615565 |
| shankesh.ipo@kfintech.com | |
| Website | https://www.kfintech.com/ |
Shankesh Jewellers IPO Review
Shankesh Jewellers reported strong growth in revenue and profitability during FY2024-FY2026. Revenue from operations increased from ₹1,061.91 crore in FY2024 to ₹1,403.94 crore in FY2025 and ₹1,630.93 crore in FY2026. PAT increased from ₹12.82 crore to ₹40.31 crore and ₹106.68 crore during the same period.
The company operates in handcrafted gold jewellery and provides customised products to jewellery businesses across India. Its asset-light model allows the company to work with third-party artisans and job workers while maintaining control over customer requirements, design and sourcing.
As of March 31, 2026, the company had borrowings of approximately ₹167.30 crore and a debt-to-equity ratio of 0.80. The company proposed to use ₹158 crore from the fresh issue proceeds toward repayment or prepayment of certain borrowings.
At the upper IPO price of ₹93, the reported pre-issue EPS was ₹9.08, resulting in a pre-issue P/E of approximately 10.24x. Post-issue EPS was ₹7.26, corresponding to a post-issue P/E of approximately 12.81x.
How to Apply
Shankesh Jewellers IPO applications could be made through the ASBA process, including UPI-supported applications. The minimum application consisted of one lot of 160 shares, requiring ₹14,880 at the upper price band of ₹93.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Shankesh Jewellers IPO.
- Enter the number of lots you want to apply for.
- Select the applicable bid price or Cut-off option where permitted.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP, RHP and other offer documents for information relating to its business, financial performance, risk factors, capital structure, objects of the issue and other IPO disclosures. The DRHP was filed with NSE and the RHP was filed through the exchange offer-document process.
Last updated Aug 27, 2026.