The initial public offering (IPO) of Shankesh Jewellers opened for public subscription today and will conclude on August 20. The company has set a price band of ₹88 to ₹93 per share for the ₹367-crore issue, with a minimum bid requirement of 160 equity shares and multiples thereof. The face value of each equity share is ₹5.
The issue structure reserves up to 50 per cent of the size for Qualified Institutional Buyers (QIBs), up to 35 per cent for retail investors, and up to 15 per cent for non-institutional investors. The IPO comprises a fresh issue of up to 2.95 crore equity shares amounting to ₹274 crore, alongside an offer-for-sale (OFS) of up to 1 crore equity shares worth ₹93 crore.
Through the OFS component, promoter shareholders Kantilal Kheemraj Jain and Manoj Kantilal Jain are offering 48,00,000 shares and 52,00,000 shares respectively. Prior to the public opening, the B2B jewellery company raised ₹110.15 crore from anchor investors on Monday by allocating over 1.18 crore shares to 14 anchor investors at the upper price band of ₹93 per share.
The anchor allocation included entities such as Tiger Strategies Fund-I, Necta Bloom VCC, Venus Investment VCC, Zeal Global Opportunities Fund, ASAS Global Fund, and Uni Growth Fund. Regulatory filings indicate there was no allocation to domestic mutual funds, life insurance companies, or pension funds in the anchor portion.
Proceeds generated from the fresh issue will be deployed toward the repayment or pre-payment of borrowings, funding working capital requirements, and general corporate purposes. Headquartered in Mumbai, Shankesh Jewellers operates as a B2B entity specializing in handcrafted gold jewellery and customisation services for clients pan-India, functioning as a principal contractor across design and inventory management.
For the financial year ending March 31, 2026, the company reported revenue from operations of ₹1,630.79 crore. Brokerage assessments note that the company recorded a revenue, EBITDA, and PAT CAGR of 23.9 per cent, 134.9 per cent, and 188.4 per cent respectively between FY24 and FY26, with EBITDA margin expanding by about 700 basis points to 9.7 per cent, driven largely by rising gold prices.
The equity shares of Shankesh Jewellers are scheduled to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on August 25. Aryaman Financial Services Ltd serves as the book running lead manager for the issue, while Kfin Technologies Ltd is the registrar.
"The public listing of Shankesh Jewellers highlights the growing maturity of traditional B2B manufacturing and wholesale businesses entering public markets to optimize their capital structures. With proceeds earmarked for debt reduction and working capital, the company is addressing core operational efficiencies. However, as noted by market observers, investors must carefully evaluate how businesses dependent on raw material commodities manage margin stability once price cycles normalize post-listing." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
