Shankesh Jewellers IPO

The Shankesh Jewellers mainboard IPO runs from 18 Aug 2026 to 20 Aug 2026, offered at a price band of ₹88–93 per share, and is set to list on NSE and BSE. The company is looking to raise ₹367.18 crore through the offer. Retail investors bid in lots of 160 shares, a minimum application of ₹14,880.

Issue structure

The offer combines a fresh issue of ₹274.18 crore with an offer for sale (OFS) of ₹93 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward repayment/pre-payment, in full or part, of certain borrowings (₹158 crore), alongside funding working capital requirements (₹38 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Shankesh Jewellers reported revenue of ₹1,630.93 crore and a net profit of ₹106.68 crore. Revenue grew from ₹1,061.91 crore in FY2024 to ₹1,630.93 crore in FY2026 (+54.0%). Net worth stood at ₹209.43 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 12.81× post-issue earnings and 10.84× book value, against a return on net worth of 50.94% and a debt-to-equity ratio of 0.8. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Shanti Gold International Limited and Sky Gold And Diamonds Limited, with a median peer P/E of about 22.6×. The issue's own post-issue P/E works out to 12.81×.

Promoters

The promoters of the company are <p>Kantilal Kheemraj Jain, Mahavir Kantilal Jain, Manoj Kantilal Jain</p>. Promoter holding stands at 95.48% before the issue and comes down to 69.53% after listing.

Grey market premium (GMP)

In the unofficial grey market, Shankesh Jewellers shares are quoted at a premium of ₹2 implying an expected listing around ₹95, about +2.1% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Shankesh Jewellers IPO was subscribed 2.8 times overall. The strongest demand came from non-institutional investors (NII) at 5.68 times, with qualified institutional buyers (QIB) at 1.32× and retail investors at 2.42×.

What to weigh

When evaluating the Shankesh Jewellers IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Shankesh Jewellers

Incorporated in 2005, Shankesh Jewellers Limited 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 &amp; Sons Limited, Kalyan Jewellers India Limited, Novel Jewels Limited (Aditya Birla Group), Manoj Vaibhav Gems &lsquo;N&rsquo; 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. Its product portfolio is classified into two segments: Sales of handcrafted jewellery (22k and 18k) Custom job work services (client-supplied bullion and design execution) With a legacy of over three decades in the handmade jewellery market, the company has built strong relationships with leading jewellery brands by consistently delivering design excellence, craftsmanship, and customised solutions.