Shankesh Jewellers Limited IPO
ListedMainboardDiamond, Gems and Jewellery
2.80×
Subscribed
Price band
₹88 – ₹93
Lot size
160
1 lot = ₹14,880
Issue size
₹367.18 Cr
Open – close
18 Aug 2026
to 20 Aug 2026
Listing
25 Aug 2026
Listing gain
+11.08%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong5 of 7 dimensions read
The disclosed numbers are strong — 4 of 5 signals read positive
Strength87/100
- Undemanding valuation10.2× earnings at the upper band, with no peer set published to compare against
- High return on equityROE of 50.9%
- Conservative balance sheetDebt/equity of 0.02×
- Minimal related-party dealingsRelated-party transactions are only 0.4% of revenue
- Institutional book coveredQIB portion subscribed 1.32×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens18 Aug 2026
- Closes20 Aug 2026
- Allotment21 Aug 2026
- Listing25 Aug 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB1.32x
Non-institutionalNII / HNI5.68x
Big NIIabove ₹10L5.29x
Small NII₹2L – ₹10L6.46x
Retail individualRII2.42x
1,68,266 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 20 Aug 2026.
Chance of allotment
Retail2.42× subscribed
~1 in 2.4
Minimum 1 lot · 160 shares · ₹14,880 blocked
Retail is 2.42× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 2.4 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII5.68× subscribed
~1 in 5.7
Minimum 14 lots · 2,240 shares · ₹2,08,320 blocked
HNI is 5.68× subscribed. This category is allotted proportionately, so a bid receives roughly 1/5.7 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹88 – ₹93
Face value₹5
Lot size160shares
Minimum application₹14,880at cut-off
Total issue size₹367.18 Cr
Fresh issue₹274.18 Cr
Offer for sale₹93 Cr
Listing atMainboard
Company & valuation
P/E at upper band10.23×
EPS₹9.09pre-issue
NAV per share₹17.82
Return on equity50.94%
Debt / equity0.02×
EBITDA margin9.68%
Related-party0.37%of revenue
ROCE41.57%
RoNW50.94%
PAT Margin6.54%
EBITDA Margin9.68%
NAV17.82
ISININE1WFC01025
RegistrarKARVY
25.3% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 1,97,41,000 | — |
| Anchor Investor | 1,18,44,600 | — |
| QIB (Ex. Anchor) | 78,96,400 | — |
| NII (HNI) | 59,22,300 | — |
| bNII > ₹10L | 39,48,200 | 1762.00% |
| sNII < ₹10L | 19,74,100 | 881.00% |
| Retail | 1,38,18,700 | 86366.00% |
Total issue 3,94,82,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8801 lot · 160 sh
Retail (Max)₹1,93,44013 lots · 2,080 sh
S-HNI (Min)₹2,08,32014 lots · 2,240 sh
S-HNI (Max)₹9,96,96067 lots · 10,720 sh
B-HNI (Min)₹10,11,84068 lots · 10,880 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted1,18,44,600
Anchor portion₹110.15 Cr
Bid date17 Aug 2026
Lock-in ends (50%)19 Sept 2026
Lock-in ends (rest)18 Nov 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company₹158 Cr
- 02Funding working capital requirements of our Company₹38 Cr
- 03General Corporate Purposes₹54.94 Cr
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Shankesh Jewellers Limitedthis issue | 9.09 | 10.23 | 32.89 | 50.97% |
| Shanti Gold International Limited | 21.22 | 10.04 | 83.00 | 23.42% |
| Sky Gold & Diamonds Limited | 18.06 | 34.86 | 77.80 | 23.37% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumA significant portion of our business operations and revenue generation is concentrated in the Top 5 states (Tamil Nadu, Maharashtra, Uttar Pradesh, Bihar and Odissa) which contributed to 67.84%, 63.67% and 62.00% of our revenue from operations in Fiscal 2026, 2025 and Fiscal 2024.
mediumWe operate in a high-value commodity sector and there are certain security risks associated with the transit and delivery of gold jewellery, including potential loss or theft.
mediumWe are dependent on third party Jobworkers for the production and manufacturing of all of our products. Any disruptions at such third-party production or manufacturing facilities, or shortage or scarcity of Karigars employed or deployed such Jobworkers in the future could adversely affect our busine
mediumJewellery purchases are discretionary and often perceived as luxury purchases. Any factor negatively impacting discretionary spending by consumers may adversely affect our business, results of operations, financial condition and prospects.
Positives the filing discloses (2)
Low leverage
Debt-to-equity of 0.02x.
Healthy return on equity
ROE of 50.9%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Shankesh Jewellers Limited
Shankesh Jewellers Limited is engaged in the business of hand-crafted gold jewellery and provides jewellery customisation and job work services. The company offers 22-karat and 18-karat gold jewellery, including bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, rings and combined jewellery sets. Its portfolio includes antique, semi-antique, Calcutta, temple, Gheru polish, and yellow, rhodium, and rose gold jewellery. The company follows an asset-light model and does not manufacture jewellery in-house. Production is outsourced to specialised karigars through third-party job workers, while the company manages designing, material sourcing, customisation and delivery of finished jewellery. Shankesh Jewellers operates from its office in Mumbai, Maharashtra, and supplies its products to corporate and non-corporate clients across India. Its customer network spans 21 states and four Union Territories. Use of proceeds: This is a combination of a fresh issue of shares and an offer for sale. Therefore, the net proceeds from the offer for sale will go to the selling shareholders, whereas the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company — Rs 158 crore Funding working capital requirements of the company — Rs 38 crore General corporate purposes
Founded 2005MD Mr. Manoj Kantilal JainSector Diamond, Gems and Jewellery
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Shankesh Jewellers Limited IPO subscribed?
Shankesh Jewellers Limited is subscribed 2.80× overall (QIB 1.32×, NII 5.68×, retail 2.42×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KARVY.
What is the minimum investment in the Shankesh Jewellers Limited IPO?
One lot is 160 shares, so a retail application at the ₹93 cut-off price blocks ₹14,880. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Shankesh Jewellers Limited IPO?
The retail portion is subscribed 2.42×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 2. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Shankesh Jewellers Limited IPO allotment date?
Allotment is scheduled for 2026-08-21, with listing on 2026-08-25. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KARVY.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.