The ₹367-crore IPO of Shankesh Jewellers opens today and concludes on August 20 at ₹88-93 a share. Bids can be made for a minimum of 160 equity shares of face value ₹5 each and in multiples of 160 shares thereafter.
Up to 50 per cent of the issue size has been reserved for QIBs, up to 35 per cent for retail investors and up to 15 per cent for non-institutional investors.
The IPO comprises a fresh issue of up to 2.95 crore equity shares (₹274 crore) and an offer-for-sale (OFS) of up to 1 crore equity shares (₹93 crore). Through the OFS, promoter shareholders Kantilal Kheemraj Jain (48,00,000 shares) and Manoj Kantilal Jain (52,00,000 shares) will offer their shares.
The jewellery wholesaler on Monday raised ₹110.15 crore from anchor investors ahead of its initial public offering (IPO). The company allocated over 1.18 crore shares to 14 anchor investors at ₹93 per share.
The anchor allocation included investors such as Tiger Strategies Fund-I, Necta Bloom VCC, Venus Investment VCC, Zeal Global Opportunities Fund, ASAS Global Fund and Uni Growth Fund. There was no allocation to domestic mutual funds, life insurance companies or pension funds in the anchor portion, the circular showed.
Proceeds from the fresh issue will be used for repayment or pre-payment of borrowings, funding working capital requirements and general corporate purposes.
Shankesh Jewellers Ltd is a Mumbai-headquartered, B2B jewellery company engaged in the business of handcrafted gold jewellery and customisation services for clients across India. The company acts as a principal contractor across design and inventory management, and finished jewellery is delivered directly to their clients, ensuring seamless and high-quality service.
Shankesh Jewellers has reported revenue from operations of ₹1,630.79 crore for the financial year ending March 31, 2026.
Shares of Shankesh Jewellers are proposed to be listed on both the BSE and NSE on August 25.
Aryaman Financial Services Ltd is the book running lead manager and Kfin Technologies Ltd is the registrar of the issue.
Brokers’s views
Anand Rathi: Shankesh Jewellers Ltd is valued at 12.8x P/E on FY26 earnings. Given its strong financial growth, improving profitability, asset-light business model and established presence in the B2B handcrafted gold jewellery segment, the valuation is fairly priced. We believe that the IPO is fairly priced and recommend a “Subscribe: Long Term” rating to the IPO.
SBI Securities: View & Valuation: Shankesh Jewellers is a Mumbai-based wholesaler of handcrafted gold jewellery. The company has high working capital requirement with cash conversion cycle of 81 days in FY26. It has delivered Revenue/EBITDA/PAT CAGR of 23.9%/134.9%/188.4% respectively during FY24-FY26 period. EBITDA margin has expanded about 700 bps between this period to 9.7 per cent which largely seems to be driven by the exponential rise in gold prices.
At the upper price band of ₹93, Shankesh Jewellers is valued at a post-issue FY26 P/E multiple of 12.8x which is largely at par with its industry peers. Since the company does not hedge its inventory currently, all the benefits of high gold prices in terms of inventory gains has contributed to the sharp profitability growth over the last two years. Hence, growth and margins are likely to moderate as the gold prices stabilise while the benefit of interest cost saving (₹14 crore) will likely support FY27 profits. Thus, we assign a NEUTRAL rating to the issue and would like to track the performance of the company for a few quarters post-listing.
Master Capital Services: Shankesh Jewellers Limited being one of the leading player aims to capture market share through leveraging operational capacity, supplier relationships, and existing client connections to drive growth in the jewellery sector. The company plan to continue to participate in exhibitions which will help to build partnerships with existing and other jewellery businesses, expand client base, and stay updated on industry trends. Investors may consider the IPO as a potential long-term investment