2 weeks ago
Shankesh Jewellers IPO draws interest, GMP signals modest gains
Shankesh Jewellers is selling shares to the public through an IPO.
The shares are priced between ₹88 and ₹93 each.
The IPO opened on 18 August 2026 and closes on 20 August.
Reports gave different subscription figures because they may have used different reporting times or stages of bidding.
One report said the issue was subscribed 0.52 times, while another said it was subscribed 1.28 times.
An unofficial market called the grey market priced the shares about ₹5 above the top IPO price.
Some analysts think the company could be a good long-term investment.
Other analysts warned that cash flow and profit margins should be watched carefully.
Shankesh Jewellers’ IPO is open from 18 to 20 August 2026 at ₹88–₹93 per share.
Subscription figures differed by reporting time: one report showed 0.52 times on day two, while another reported 1.28 times on day two.
The fresh issue comprises 29,482,000 shares worth ₹274.18 crore, alongside an offer for sale of 1 crore shares.
The grey market premium was reported at ₹5, implying an indicative listing price near ₹98, or about a 5% premium.
Brokerages described the valuation as fair but differed between recommending long-term participation and urging caution over cash flow and margins.
- Who
- Shankesh Jewellers, public investors, and the brokerages Anand Rathi Share and Stock Brokers, Swastika Investmart, Master Capital Services, and Equivision.
- What
- Shankesh Jewellers is conducting an IPO priced at ₹88–₹93 per share, with a proposed listing on the BSE and NSE.
- Where
- The shares are proposed to list on the BSE and NSE in India.
- When
- The IPO opened on 18 August 2026 and closes on 20 August 2026; allotment is expected on 21 August and listing on 25 August 2026.
- Why
- The company is raising funds through a fresh share issue and existing shareholders are selling shares through an offer for sale.
Positive investment case
Risks and cautions
Business prospects
Positive investment case
Anand Rathi and Master Capital Services highlighted the company’s financial growth, asset-light model, supplier relationships, client connections, and B2B handcrafted gold jewellery presence as reasons to consider the IPO for the long term.
Risks and cautions
Equivision said the valuation’s sustainability depends on the company maintaining healthy business performance and earnings.
Valuation
Positive investment case
Anand Rathi considered the valuation fairly priced at about 12.8 times FY26 earnings, while Master Capital Services assigned a buy view.
Risks and cautions
Swastika Investmart described the issue as fairly priced to fully valued at nearly 12.8 times FY26 earnings, and Equivision cited a post-issue P/E of 12.81 times and P/B of 5.22 times.
Profitability and cash flow
Positive investment case
The company’s FY26 profit reached ₹106.7 crore, and its PAT margin improved from 1.2% to 6.5%.
Risks and cautions
Swastika Investmart warned that rising gold prices and inventory gains may have contributed to the margin improvement, while operating cash flow was negative in FY25 and only marginally positive in FY26.
Key facts
- Issue price band
- ₹88–₹93 per share
- Fresh issue
- 29,482,000 shares, intended to raise ₹274.18 crore
- Offer for sale
- 1 crore shares, valued at ₹93 crore at the upper price band
- Grey market premium
- ₹5 per share, suggesting an indicative listing price of about ₹98
- FY26 revenue
- ₹1,630.8 crore
- FY26 profit
- ₹106.7 crore
- Expected dates
- Allotment on 21 August and listing on 25 August 2026
Quotes
Master Capital Services
Master Capital Services investment analyst
“"Shankesh Jewellers Limited, being one of the leading players, aims to capture market share through leveraging operational capacity, supplier relationships, and existing client connections to drive growth in the jewellery sector."”
livemint.com
“"We believe that the IPO is fairly priced and recommend a 'subscribe for long term' rating to the IPO."”
livemint.com
Equivision report
Equivision financial analyst
“"At the upper price band of ₹93, the IPO is valued at a post‑issue P/E of 12.81x and P/B of 5.22х, indicating a fair valuation."”
livemint.com
Sources
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