Shankesh Jewellers shares are set to commence trading on the NSE and BSE today, August 25, 2026, marking the company's stock market debut. The IPO received a moderate response with 2.8 times subscription during its three-day bidding period that concluded on August 20. The company fixed the price band at ₹88-₹93 per share with a minimum lot size of 160 shares, requiring a minimum investment of ₹14,880 at the upper end. The share allotment was successfully finalised on August 21, 2026, with refunds and credit of shares scheduled for August 24, as reported by NDTV Profit.
According to InvestorGain, the latest grey market premium (GMP) stands at ₹2 per share as of August 24, indicating an estimated listing price of around ₹95, or a potential gain of about 2.15 percent over the upper price band. The GMP figures are unofficial and can change before listing. The IPO comprises a fresh issue of 2.95 crore equity shares worth ₹274.18 crore and an offer for sale of 1 crore equity shares worth ₹93 crore. The public offer is a book-built issue with Aryaman Financial Services Ltd. serving as the book-running lead manager and Kfin Technologies Ltd. as the registrar. As per NDTV Profit, investors can check their allotment status through KFin Technologies, BSE, and NSE once the basis of allotment is finalised.
The IPO witnessed varied demand across investor categories, with Non-Institutional Investors (NIIs) leading at 5.68 times subscription, followed by retail investors at 2.42 times, while Qualified Institutional Buyers (QIBs) were subscribed 1.32 times. The IPO opened for subscription on August 18 and closed on August 20, with the company raising ₹110.15 crore from anchor investors at ₹93 per share, allocating 1,18,44,600 shares to 14 anchor investors including Tiger Strategies Fund-I and other institutional investors. The company plans to use the proceeds primarily for debt reduction of ₹158 crore, working capital requirements of ₹38 crore, and general corporate purposes, as reported by NDTV Profit.
According to Abhinav Tiwari, Research Analyst at Bonanza, Gaja Alternative Asset Management emerges as the most attractive long-term investment option among the three mainboard IPOs currently available for subscription. Ventura Securities has also recommended 'Apply' for Gaja with a three-year or longer investment horizon, citing strong fundamentals despite the 27.5-times earnings valuation. Shankesh Jewellers receives a 'Pass' rating from Ventura due to limited differentiation compared to Lalitha's larger network, while Sunshine Pictures gets a 'Strong Pass' given earnings volatility and high valuation concerns. The remaining three IPOs - Lalitha Jewellery Mart, Shankesh Jewellers, and Sunshine Pictures - carry earnings quality risks and are better approached with caution, as reported by multiple analysts.
Shankesh Jewellers reported revenue of ₹1,630.93 crore in FY26, compared with ₹1,403.94 crore in FY25, while profit increased to ₹106.68 crore in FY26 from ₹40.31 crore in the previous fiscal year. The company is a Mumbai-based B2B jewellery company that manufactures handcrafted 22-karat and 18-karat gold jewellery, supplying products to corporate and non-corporate clients across India. The IPO comprises a fresh issue of around ₹274.18 crore and an offer for sale of up to 1 crore equity shares. Ahead of the public issue, Shankesh Jewellers raised ₹110.15 crore from anchor investors at ₹93 per share, allocating 1,18,44,600 shares to 14 anchor investors including Tiger Strategies Fund-I and other institutional investors.
