Shankesh Jewellers IPO Day 2: Subscription, GMP and Key Details to Know

Shankesh Jewellers IPO Day 2 in Focus

The Shankesh Jewellers IPO is witnessing moderate demand on the second day of its subscription period.

The IPO opened for public subscription on Tuesday, August 18, 2026, and will remain open until Thursday, August 20, 2026.

The company has fixed the IPO price band at ₹88 to ₹93 per share.

The public issue comprises a fresh issue of shares worth approximately ₹274.18 crore and an offer for sale (OFS) of 1 crore shares, valued at around ₹93 crore.

Shankesh Jewellers IPO Highlights

Price Band: ₹88–₹93 per share

IPO Opens: August 18, 2026

IPO Closes: August 20, 2026

Fresh Issue: ₹274.18 crore

OFS: ₹93 crore

Total Issue Size: Approximately ₹367.18 crore

Reported GMP: ₹5

Day 2 Overall Subscription: 0.52x

Expected Allotment: August 21, 2026

Expected Listing: August 25, 2026

Proposed Listing: BSE and NSE

Shankesh Jewellers IPO Subscription Status

By 11:35 AM on August 19, the IPO had received an overall subscription of 0.52 times.

The category-wise subscription figures were

Retail: 0.77x

NII: 0.48x

QIB: 0.12x

The subscription levels can change throughout the remaining bidding period, with the final figures expected after the IPO closes on August 20.

Shankesh Jewellers IPO GMP Today

The reported grey market premium (GMP) is ₹5 per share.

At the upper IPO price of ₹93, this indicates an unofficial estimated value of approximately ₹98 per share.

The ₹5 GMP represents an indicative premium of around 5.4% over the upper issue price.

Grey market premiums are unofficial indicators and can change rapidly. They should not be considered a guarantee of the actual listing price or future market performance.

Shankesh Jewellers IPO Price Band

The company has fixed the IPO price band at ₹88 to ₹93 per equity share.

The issue is structured as a book-built public offering.

The fresh issue component will provide funds to the company, while the proceeds from the OFS will be received by the selling shareholders.

Shankesh Jewellers IPO Structure

The IPO consists of

Fresh Issue: 29,482,000 shares, aggregating to approximately ₹274.18 crore.

Offer for Sale: 1 crore shares, aggregating to approximately ₹93 crore.

The overall issue size is therefore approximately ₹367.18 crore.

About Shankesh Jewellers

Shankesh Jewellers is engaged in the business of hand-crafted gold jewellery and customised jewellery services.

The company operates primarily in the business-to-business jewellery segment and works with both corporate and non-corporate customers.

The company relies on third-party job workers for production and manufacturing activities.

Customer Base

According to the company's RHP, its clientele includes several established jewellery businesses and other industry participants.

The corporate customer base mentioned in the RHP includes names such as Joyalukkas India, Kalyan Jewellers India, P N Gadgil Jewellers, D.P. Abhushan and Novel Jewels, among others.

The company also serves non-corporate jewellery businesses.

Its established customer relationships form an important part of its business model.

Shankesh Jewellers Financial Performance

The company reported revenue from operations of approximately ₹1,630.8 crore in FY26.

Profit for FY26 stood at approximately ₹106.7 crore.

According to the brokerage commentary cited in the source, the company is valued at around 12.8 times FY26 earnings at the upper price band.

The financial performance and future profitability will remain important factors for investors and market participants following the IPO.

Brokerage and Analyst Views

Anand Rathi Share and Stock Brokers described the IPO valuation as fairly priced and highlighted the company's financial growth, improving profitability and asset-light business model.

The brokerage also pointed to Shankesh Jewellers' established presence in the B2B handcrafted gold jewellery segment.

Swastika Investmart said the issue appeared fairly priced to fully valued at around 12.8 times FY26 P/E.

It also highlighted the improvement in PAT margin but noted that rising gold prices and inventory gains may have contributed to profitability.

Swastika further highlighted operating cash flow as an area to monitor, noting that cash flow from operations was negative in FY25 and only marginally positive in FY26.

These are the individual views of the respective brokerages and should not be considered investment advice from TrendRipperX.

Key Business Factors to Watch

Market participants may monitor several factors surrounding Shankesh Jewellers following the IPO.

Working capital efficiency: Jewellery businesses can require significant working capital.

Gold price movements: Changes in gold prices can influence inventory values and margins.

Profitability: Sustainability of recent margin improvement will remain important.

Operating cash flow: Cash generation relative to reported profits.

Customer concentration: Dependence on large B2B customers.

Asset-light model: Reliance on third-party job workers for manufacturing.

Shankesh Jewellers IPO Allotment and Listing Dates

The expected IPO timeline is

IPO Opens: August 18, 2026

IPO Closes: August 20, 2026

Allotment: August 21, 2026

Demat Credit: August 24, 2026

Refunds: August 24, 2026

Expected Listing: August 25, 2026

The shares are expected to list on both the BSE and NSE.

These dates are subject to the final IPO processing and exchange timelines.

Lead Managers and Registrar

Book-running Lead Managers: Aryaman Financial Services and Smart Horizon Capital Advisors

Registrar: KFIN Technologies

What to Watch on the Final IPO Day

The final subscription figures will be an important indicator of overall demand for the issue.

Investors and market participants may track

Overall subscription: Whether demand increases before the issue closes.

QIB participation: Institutional demand during the final bidding period.

Retail participation: Changes in retail subscription levels.

NII demand: Participation from non-institutional investors.

GMP movement: Changes in the unofficial grey market premium.

Financial performance: Profitability and cash-flow trends.

Key Takeaways

Shankesh Jewellers IPO opened on August 18, 2026, and closes on August 20.

The IPO price band is ₹88–₹93 per share.

The issue comprises a fresh issue of approximately ₹274.18 crore and an OFS of around ₹93 crore.

By 11:35 AM on August 19, the IPO was subscribed 0.52 times overall.

The retail portion stood at 0.77x, NII at 0.48x and QIB at 0.12x.

The reported GMP of ₹5 indicates an unofficial estimated value of around ₹98 at the upper price band.

Shankesh Jewellers reported FY26 revenue of ₹1,630.8 crore and profit of ₹106.7 crore.

The expected allotment date is August 21, with the proposed BSE and NSE listing scheduled for August 25, 2026.

Disclaimer

This article is published solely for educational and informational purposes.

TrendRipperX is not registered with the Securities and Exchange Board of India (SEBI) as an Investment Adviser or Research Analyst.

The information presented in this article is based on publicly available information and is intended only for general market awareness and educational purposes.

Nothing in this article should be interpreted as a buy, sell, hold, entry or exit recommendation from TrendRipperX.

Brokerage opinions and financial estimates mentioned in this article belong to the respective analysts or broking firms and do not represent investment advice from TrendRipperX.

Grey market premiums are unofficial indicators and may change rapidly. The actual listing price and subsequent market performance may differ significantly from GMP indications.

Readers should conduct their own independent research and consult a SEBI-registered financial professional before making any investment decision.