Shankesh Jewellers IPO Recap: Price Band, Issue Structure and Market Debut
Shankesh Jewellers IPO opens on August 18 with a ₹88–₹93 price band. The ₹367.18 crore issue includes a fresh issue of ₹274.18 crore and an OFS of ₹93 crore.
Shankesh Jewellers IPO: The ₹367.18 crore issue was open from 18 to 20 August 2026 at ₹88 to ₹93 per share. Allotment was completed on 21 August, and the shares listed on 25 August 2026 at ₹103.30 on the NSE and ₹102.20 on the BSE, premiums of 11.08% and 9.89% to the issue price.
Shankesh Jewellers IPO: Shankesh Jewellers is engaged in manufacturing and providing customised handcrafted gold jewellery. Incorporated in 2005, the company specialises in 22-karat and 18-karat gold jewellery, offering bangles, bridal jewellery, chokers, jhumkas, necklace sets, and rings across antique, semi-antique, Calcutta, temple, and polish categories.
The company is launching a ₹367.18 crore IPO, comprising a fresh issue of ₹274.18 crore and an Offer for Sale (OFS) of ₹93.00 crore.
Shankesh Jewellers IPO Details
Here are the key dates and issue details.
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Shankesh Jewellers IPO is worth ₹367.18 crore and consists of a fresh issue of 2.95 crore shares aggregating to ₹274.18 crore and an Offer for Sale of 1.00 crore shares aggregating to ₹93.00 crore.
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Shankesh Jewellers IPO opened for subscription on 18 August 2026 and closed on 20 August 2026. The price band was fixed between ₹88 and ₹93 per share.
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Allotment was finalised on 21 August 2026, and the shares listed on the BSE and NSE on 25 August 2026.
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The promoter and promoter group holding reduced from 95.48% before the IPO to 69.53% after the IPO.
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Aryaman Financial Services Ltd. is the book-running lead manager, while Kfin Technologies Ltd. is the registrar of the issue.
|
Parameter |
Detail |
|---|---|
|
IPO Open Date |
18 August 2026 |
|
IPO Close Date |
20 August 2026 |
|
Allotment Date |
21 August 2026 |
|
Listing Date |
25 August 2026 (BSE & NSE) |
|
Price Band |
₹88 - ₹93 per share |
|
Lot Size |
160 shares |
|
Minimum Investment |
₹14,880 |
|
Fresh Issue |
₹274.18 crore |
|
Offer for Sale (OFS) |
₹93.00 crore |
|
Total Issue Size |
₹367.18 crore |
Shankesh Jewellers IPO Listing Performance
Shankesh Jewellers shares debuted on the NSE at ₹103.30 and on the BSE at ₹102.20 on 25 August 2026, marking an 11.08% and 9.89% premium, respectively, to the IPO issue price of ₹93.
The grey market had signalled almost no premium, around 1%, before listing. The stock's double-digit debut was well ahead of that.
About Shankesh Jewellers IPO
Shankesh Jewellers was incorporated in 2005 and is engaged in the business of manufacturing and providing customised handcrafted gold jewellery. The company specialises in 22-karat and 18-karat gold jewellery, offering a wide product portfolio including bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, rings, and combined sets across categories such as antique, semi-antique, Calcutta, temple, gheru polish, and yellow/rodium/rose gold jewellery.
The company distributes products PAN-India to both corporate and non-corporate clients. Its clientele includes reputed jewellers such as Joyalukkas India Limited, P. N. Gadgil & Sons Limited, Kalyan Jewellers India Limited, Novel Jewels Limited (Aditya Birla Group), Manoj Vaibhav Gems 'N' Jewellers Limited, and other established jewellery houses.
Shankesh Jewellers follows an asset-light model by engaging skilled local karigars and jobworkers for production while managing design, material sourcing, and delivery in-house. In addition to product sales, it offers job work services where clients provide bullion and specific design requirements. All jewellery is BIS-hallmarked as per regulatory guidelines.
Strengths (from DRHP)
- Over three decades of promoter/management experience in handcrafted jewellery manufacturing
- Asset-light business model (design and sourcing in-house, production via jobworkers)
- Established relationships with major corporate retail chains (Kalyan Jewellers, Joyalukkas, P.N. Gadgil & Sons)
- Rapid financial growth — PAT surged 165% from Rs 40.31 cr (FY25) to Rs 106.68 cr (FY26)
Risk Factors (from DRHP)
- Total reliance on third-party jobworkers — no owned production capacity
- Gold price volatility directly affects raw-material costs and margins
- Supplier concentration — top 5 bullion suppliers accounted for 88.43% of raw-material purchases
- Margin volatility — PAT margin swung from 16.92% (FY24) to 8.97% (FY25) to 16.65% (9M FY26); note the recent improvement is partly attributed to gold-price tailwinds/inventory gains, which may not be durable
Shankesh Jewellers IPO Reservation
For the Shankesh Jewellers IPO, the allocation was divided among Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).
|
Investor Category |
Shares Offered |
|---|---|
|
QIB Investors |
50% of the offer |
|
Retail Investors |
35% of the offer |
|
NII (HNI) Investors |
15% of the offer |
Shankesh Jewellers IPO Lot Size
Retail investors could apply for a minimum of 1 lot, comprising 160 shares, requiring an investment of ₹14,880 at the upper price band of ₹93. The maximum retail application was 13 lots.
|
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 |
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Shankesh Jewellers IPO Financial Performance
Shankesh Jewellers reported strong financial growth during FY26. The company's revenue increased by 16% between FY25 and FY26, while profit after tax (PAT) rose by 165% during the same period.
|
Period Ended |
31-Mar-26 |
31-Mar-25 |
31-Mar-24 |
|---|---|---|---|
|
Total Income (₹ Cr) |
1,630.93 |
1,403.94 |
1,061.91 |
|
EBITDA (₹ Cr) |
157.90 |
65.35 |
28.60 |
|
EBITDA Margin (%) |
9.68% |
4.65% |
2.69% |
|
PAT (₹ Cr) |
106.68 |
40.30 |
12.82 |
|
PAT Margin (%) |
6.54% |
2.87% |
1.21% |
|
ROCE (%) |
41.57% |
26.28% |
16.46% |
|
ROE (%) |
50.90% |
40.10% |
21.26% |
|
Net Debt/Equity |
0.8 |
1.44 |
1.80 |
Note: RHP
Conclusion
Shankesh Jewellers IPO was a ₹367.18 crore book-built issue comprising a ₹274.18 crore fresh issue and a ₹93 crore offer for sale. The company specialises in customised handcrafted 22k and 18k gold jewellery on an asset-light model, and reported FY26 total income of ₹1,630.93 crore with PAT of ₹106.68 crore, ROE of 50.90% and ROCE of 41.57%. It planned to use a large part of the fresh issue for debt repayment and working capital. The shares listed at about an 11% premium on 25 August 2026. Gold price swings and working capital intensity are the variables to watch.
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