Shankesh Jewellers, the Mumbai-based B2B manufacturer and distributor of handcrafted gold jewellery, launched its maiden public issue worth ₹367 crore on August 18. According to reports from The Hindu BusinessLine and Moneycontrol, this will be the second mainboard IPO to open next week, following Lalithaa Jewellery Mart on August 17. The initial public offering comprises 3.94 crore equity shares, with a fresh issue of 2.95 crore shares and an offer-for-sale of 1 crore shares. The company has now fixed the price band at ₹88 to ₹93 per share for the book-build issue, valuing the company at ₹1,367 crore at the higher end of the price band.
The IPO is currently open for subscription from 10:00 AM to 5:00 PM on public issue days, with bidding scheduled to close on August 20, 2026. As per the latest updates, the basis of allotment will be finalised on August 21, 2026, with refunds initiated on August 24, 2026 and shares credited to demat accounts on the same day. The company's shares are offered online only, with investors able to apply through ASBA via banks or UPI through brokers. The IPO is planned to list on Tuesday, August 25, 2026 at both BSE and NSE. At the upper price band of ₹93 per share, the issue size will be around ₹367 crore, while at the lower band of ₹88 per share, it will be approximately ₹347 crore.
The company has reserved 50 percent of the offer size for qualified institutional buyers (QIBs), while 35 percent of the shares have been allocated to the retail category and the remaining 15 percent to non-institutional investors. As reported by The Hindu BusinessLine and Moneycontrol, the IPO has been managed by Aryaman Financial Services and Smart Horizon Capital Advisors as book-running lead managers, with KFin Technologies serving as the registrar. The price band for the public issue was announced on August 11, with the anchor book opening on August 17 and closing for public subscription on August 20.
According to reports from The Hindu BusinessLine and Moneycontrol, the company intends to utilise ₹158 crore of the net proceeds from the fresh issue to repay loans, ₹38 crore to meet its working capital requirements, and the remainder for general corporate purposes. As of June 2026, its working capital facilities stood at ₹167 crore, while outstanding borrowings stood at ₹162.94 crore. This means the company will significantly reduce its debt post-IPO, with the IPO share allotment expected to be finalised by August 21 and listing scheduled for August 25.
As reported by Moneycontrol, Shankesh Jewellers operates under an asset-light business model and reported a profit of ₹106.7 crore for the year ended March 2026, up 164.6 percent from ₹40.3 crore in the previous year. Revenue from operations increased 16.2 percent to ₹1,630.8 crore from ₹1,403.8 crore during the same period. The company manufactures handcrafted gold jewellery in 22-karat and 18-karat gold through third-party job workers for several clients, including Joyalukkas India, P N Gadgil & Sons, Kalyan Jewellers India, and Novel Jewels (Aditya Birla Group), among others.
