M. K. Sons Fine Jewels Limited IPO — Subscription & GMP

upcomingMainboardNSENSE: MKSONS
Grey market premium
—
Est. listing gain
—
Subscribed
—
bidding not open yet
Min. investment
—
— shares × ₹162
Price band
₹153 – ₹162
Lot size
—
Issue size
₹275.4 Cr
Bidding
28 Oct 2026 → 30 Oct 2026
Allotment
—
Listing
—

Schedule

  1. 28 Oct 2026IPO open date
  2. 30 Oct 2026IPO close date
  3. 02 Nov 2026Allotment date†
  4. 02 Nov 2026Funds unblock or debit†
  5. 04 Nov 2026Tentative listing date†

† Derived from the close date using the T+3 working-day timeline. The exchanges publish the open and close dates; the rest are indicative until confirmed, and exchange holidays are not accounted for.

Fundamentals

The business, its valuation and returns
Retail — Jewellery

M K Sons Fine Jewels is a jewellery retailer selling gold, diamond and cubic-zirconia jewellery through its own showrooms in Gujarat and Maharashtra, with a sixth showroom planned. Its promoter Ramchand Raimalani has been in the trade since 1999; the company took over his proprietorship business, M. K. Sons Jewellers, in March 2025.

How it makes money

It buys and makes up jewellery and sells it at retail through its showrooms, earning the margin over metal and stone costs. Most revenue comes from its Gujarat showrooms.

The numbers

  • Revenue: ₹538.7 Cr in FY26, up 53% from ₹351.3 Cr in FY25 (₹217.3 Cr in FY24)
  • Profit after tax: ₹51.8 Cr in FY26, against ₹23.3 Cr and ₹8.2 Cr; PAT margin 9.6%
  • Return on net worth: 30.8% in FY26
  • Balance sheet: net worth ₹167.9 Cr at March 2026, with debt at 0.41× equity
  • EPS: ₹12.13 for FY26, about 13× earnings at the top of the ₹153–162 band

The June 2026 quarter brought ₹101.4 Cr of revenue and ₹15.0 Cr of profit.

Where the money goes

The ₹275 Cr issue has two parts. A fresh issue of 1.36 crore shares (about ₹220 Cr) goes to the company: ₹152.8 Cr for inventory for the new showroom, ₹30 Cr to repay borrowings, and the rest for general corporate purposes. An offer for sale of 34 lakh shares (about ₹55 Cr) goes to the selling shareholders.

Worth knowing

  • Gold prices drive both revenue and inventory value, and a jeweller holds large stocks of metal.
  • Most sales come from a handful of showrooms in Gujarat, so local demand matters a great deal.
  • Profit more than doubled in FY26, to ₹51.8 Cr from ₹23.3 Cr.
RoNW
30.83%
latest reported year · strong above 15%
PAT margin
9.62%
net profit as a share of revenue
Debt / equity
0.41×
lower is safer · above 1.5× is leveraged
Revenue
₹538.74 Cr
PAT ₹51.8 Cr
MetricPre-issuePost-issue
EPS₹12.13—
P/E ratio at cap price13.36×—
NAV per share₹39.36—

Promoter holding pre/post issue is in the offer document but we do not yet extract it. Left blank rather than estimated.

Read from the company’s offer document filed with SEBI. Figures are the latest reported financial year, as restated in that filing.

Figures are as reported and not independently audited, and are read 2 hr ago.

GMP is unofficial. Grey Market Premium is quoted by private dealers outside the exchange mechanism and is not recognised or regulated by SEBI. Figures vary by source, can change within minutes, and frequently diverge from actual listing prices. UpcomingIPO publishes GMP as market information only — this is not investment advice and not a recommendation to apply for any issue.

Grey market premium

Unofficial · not from any exchange
No grey market premium is being quoted for this issue. Unlike subscription, GMP has no official source — when dealers are not quoting it, there is nothing to report.

Subscription status

Awaiting first fetch from exchange
Overall subscribed
—
not yet published
No bids recorded yet. The exchanges publish subscription figures only once bidding opens.

Source: NSE issue information

Equity split

Fresh equity vs offer for sale
₹220.32 Crto the company
Fresh equitynew capital, into the company's books
₹220.32 Cr 80.0%
Offer for saleto selling shareholders — the company receives nothing
₹55.08 Cr 20.0%
Total issue size
₹275.40 Cr

Read from the issue size stated in NSE's filing. The filing quotes the offer for sale as 34.00 L shares rather than a rupee amount, so it is valued here at the cap price of ₹162 — the final figure moves with the issue price.

Allotment status

Allotment status is not out yet. The registrar is Bigshare Services Private Limited.

Issue details

Price band
₹153 – ₹162
Lot size
— shares
Min. bid quantity
—
Face value
₹10.00
Tick size
₹1.00
Shares offered
1.70 Cr
Issue size
₹275.4 Cr
Max bid · QIB
—
Max bid · NII
—

Timeline & process

Bidding opens
28 Oct 2026
Bidding closes
30 Oct 2026
Bidding hours
10.00 a.m. to 5.00 p.m.
UPI mandate cutoff
30-Oct-2026 (upto 5:00 PM) The new cut-off time for UPI mandate acceptance is 05:00 PM on last day of IPO bidding. Further bids with confirmed status of mandate amount blocked (RC100) shall be considered as valid applications and hence, investors are advised to submit their UPI applications in IPO well in advance to avoid any last minute technical/systemic constraints that may hamper their ability to participate in IPOs by successfully accepting the mandate.
Allotment
—
Listing
—

Intermediaries

Registrar
Bigshare Services Private Limited
Sponsor bank
Axis Bank Limited
Lead managers
Aryaman Financial Services Limited