Shankesh Jewellers IPO
LISTEDMAINBOARDSHANKESHListing Performance
▲ 11.08%
Issue Price
₹93
Listing Price
₹103
Listed On
25 Aug 2026
- Price Band
- ₹88 – ₹93
- Lot Size
- 160
- Lot Value
- ₹14,880
- Open Date
- 18 Aug18 Aug 2026
- Close Date
- 20 Aug20 Aug 2026
- Min Investment
- ₹14,880
About Shankesh Jewellers
Shankesh Jewellers Limited is a B2B company that specializes in handcrafted gold jewellery. The company operates on a pan-India basis from its headquarters in Mumbai, supplying a wide array of jewellery to well-known corporate clients such as Joyalukkas, Kalyan Jewellers, and P N Gadgil Jewellers, as well as other non-corporate entities. Shankesh Jewellers follows an asset-light business model, outsourcing the manufacturing process to a network of skilled artisans and job workers, which allows the company to focus on design, customization, and inventory management. Its product portfolio includes a diverse range of 22-karat and 18-karat gold items like bangles, bridal sets, chokers, necklaces, and rings, all hallmarked as per BIS standards. The company generates revenue primarily through the direct sale of its jewellery and also offers custom job work services for clients who provide their own bullion. Discuss on Trading Q&A
Manufactures and sells handcrafted gold jewellery through a network of jobworkers and karigars, selling primarily to corporate clients and retail customers.
Use of IPO Proceeds
Total allocation: ₹196.00 Cr (excludes issue expenses)
Promoters
Kantilal Kheemraj Jain
Chairman and Non-Executive Director · age 66
Over three decades of experience in the jewellery industry.
Pre-issue: 74.25%
Mahavir Kantilal Jain
Whole Time Director · age 39
Approximately two decades of experience in the jewellery industry.
Pre-issue: 74.25%
Manoj Kantilal Jain
Managing Director · age 42
Approximately two decades of experience in the jewellery industry.
Pre-issue: 74.25%
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: Equity
Strengths (5)
- •Experienced promoters with a presence of over three decades in the jewellery industry.
- •Established relationships with a large and diversified B2B customer base across India.
- •An asset-light and scalable business model with a focus on design and quality control.
- •A consistent track record of financial growth in revenue and profitability.
- •A wide and diverse portfolio of handcrafted jewellery designs to cater to varied customer demands.
Risk Factors (5)
- •Business success is highly dependent on the ability of its B2B customers to sell to end consumers.
- •The company’s financial stability is exposed to risks from the volatility of gold prices.
- •The business is working capital intensive.
- •Heavy reliance on third-party artisans for the manufacturing of all its jewellery.
- •Faces significant competition from both organized and unorganized players in the jewellery sector.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 2.19x (QIB 1.13x, NII 4.46x, Retail 1.83x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.03x | 0.58x | 1.13x |
| sNII (S-HNI) | 0.19x | 0.72x | 5.07x |
| bNII (B-HNI) | 0.05x | 0.21x | 4.15x |
| Retail | 0.41x | 0.86x | 1.83x |
| Total | 0.23x | 0.68x | 2.19x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
1.83x
Allotment Ratio
1 lot per 2 applicants
Allotment Probability
~54.6%
Non-Institutional Investors (NII / HNI)
Subscription
4.46x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
1.13x
Allotment Type
Discretionary allotment
Total Subscription
2.19x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
18 Aug 2026 · Tue
Issue Closes
20 Aug 2026 · Thu
UPI Deadline
20 Aug 2026 · Thu
Allotment
21 Aug 2026 · Fri
Refund
24 Aug 2026 · Mon
Share Credit
24 Aug 2026 · Mon
Listing
25 Aug 2026 · Tue
Issue Opens
18 Aug 2026 · Tue
Issue Closes
20 Aug 2026 · Thu
UPI Deadline
20 Aug 2026 · Thu
Allotment
21 Aug 2026 · Fri
Refund
24 Aug 2026 · Mon
Share Credit
24 Aug 2026 · Mon
Listing
25 Aug 2026 · Tue
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | Equity |
| ISIN | — |
| Face Value | ₹5 |
| Issue Size | ₹367.18 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | — |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 1,403.83 | 40.31 | 3.43 | — | 30.78% |
| FY24 | 1,061.78 | 12.82 | — | — | — |
| FY23 | 909.19 | 10.44 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Income | 909.2 | 1,061.91 | 1,403.94 |
| EBITDA | 22.6 | 28.72 | 65.46 |
| Net Worth | 47.52 | 60.29 | 100.6 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
27.1x
Price ÷ EPS
EPS (FY25)
₹3
Earnings per share
RoNW
30.78%
Return on net worth
ROCE
26.33%
as reported in filing
EBITDA margin
4.7%
EBITDA ÷ revenue
Price/NAV
10.84x
Price ÷ NAV (as reported)
Check the valuation yourself
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹0.98 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Shankesh Jewellers offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Shankesh Jewellers's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Shankesh Jewellers's filing.
Source: Shankesh Jewellers offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Kantilal Kheemraj Jain48,00,000 sh
- Manoj Kantilal Jain52,00,000 sh
Source: Shankesh Jewellers offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Kantilal Kheemraj Jain₹0.13 Cr p.a.
Chairman and Non-Executive Director
More than three decades of experience in jewellery sector
- Mahavir Kantilal Jain₹0.32 Cr p.a.
Whole Time Director
Bachelor's of Commerce in Financial Accounting and Auditing (Special) from K. P. B. Hinduja College of Commerce; Post Graduated Programme in Management (Family Managed Business) from S. P. Jain Institute of Management; Diploma in Gemmology from the Gemmological Institute of India
Over a decade experience in jewellery sector
- Manoj Kantilal Jain₹0.32 Cr p.a.
Managing Director
Secondary education
More than a decade's experience in jewellery sector
- Nikhil Ramesh Parmar
Non-Executive Independent Director
Bachelor's Degree of Commerce in Cost & Works Accounting from Savitribai Phule University; Associate member of the Institute of Chartered Accountant of India
More than 7 years of experience in finance sector; around three years in Financial Reporting and Accounting, Statutory Audits and Taxation
- Sanjay Babulal Jain
Non-Executive Independent Director
Bachelor's Degree of Commerce in Financial Accounting and Auditing (Special) from University of Mumbai
More than 23 years of experience in sales sector
- Sunita Amit Modak
Non-Executive Independent Director
Bachelor's degree in commerce from Nagpur University
More than 24 years of experience in accounts and finance sector
Key Managerial Personnel (2)
- Chandrashekhar Koraga Shetty
Chief Financial Officer
Bachelor's in Commerce from the University of Bombay; Master's degree in Finance Management from the University of Mumbai
Over 3 decades of experience in the Finance sector
- Shweta Dattatray Ravankar
Company Secretary and Compliance Officer
Bachelor's of Commerce from the University of Mumbai; Bachelor of Law from the New Law College; Associate member of the Institute of Company Secretaries of India
Over 3.5 years of experience
Source: Shankesh Jewellers offer document (DRHP/RHP).
Industry & Market
Per CareEdge Research, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Shankesh Jewellers Limited | — | 3.43 | 40.07 | 8.56 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Tax | Company | 1 | 0.08 |
| Other | Directors | 1 | 0.551 |
The company has one material tax proceeding: an Income Tax notice for A.Y. 2019-2020 (Rs. 8.00 lakh) at the Notice under Section 250 stage. Promoter directors are co-lessees in a writ petition against Mumbai Municipal Corporation regarding a property redevelopment premium demand of Rs. 5.51 crore, with interim relief granted and the matter pending.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Documents
Frequently Asked Questions
When is the Shankesh Jewellers IPO opening?
The Shankesh Jewellers IPO opens on 18 Aug 2026 and closes on 20 Aug 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Shankesh Jewellers IPO?
The price band for the Shankesh Jewellers IPO is ₹88 to ₹93. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Shankesh Jewellers IPO?
The minimum lot size is 160 shares with a minimum investment of ₹14,880. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Shankesh Jewellers IPO today?
The latest Grey Market Premium for Shankesh Jewellers is ₹5 (+5.38%). GMP is unofficial data and is not a guarantee of listing price.
When will the Shankesh Jewellers IPO list on NSE and BSE?
The Shankesh Jewellers IPO is expected to list on 25 Aug 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the Shankesh Jewellers IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Shankesh Jewellers IPO a mainboard or SME issue?
Shankesh Jewellers is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Shankesh Jewellers IPO?
You can apply for the Shankesh Jewellers IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Shankesh Jewellers IPO?
The GMP-implied price (unofficial, not a forecast) is ₹98: the upper price band of ₹93 plus the latest grey market premium of ₹5, as of 28 Sep 2026, 01:00 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Shankesh Jewellers IPO?
Based on the retail subscription of 1.83x, the estimated allotment ratio is 1 lot per 2 applicants (approximately 54.6% chance of allotment). This is an estimate and actual allotment may vary.
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