Shankesh Jewellers Limited IPO — Subscription & GMP
- Price band
- ₹88 – ₹93
- Lot size
- 160
- Issue size
- ₹257.03 Cr
- Bidding
- 18 Aug 2026 → 20 Aug 2026
- Allotment
- —
- Listing
- 25 Aug 2026
Listing outcome
Official exchange pricesGMP was out by 7.8 percentage points in the buyer’s favour — it implied +3.23% and the issue listed +11.08%. Counted in our running GMP accuracy record.
Schedule
- 18 Aug 2026IPO open date
- 20 Aug 2026IPO close date
- 21 Aug 2026Allotment date†
- 21 Aug 2026Funds unblock or debit†
- 25 Aug 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 returnsBusiness Model of Shankesh Jewellers Limited
Shankesh Jewellers Limited is a Mumbai (Zaveri Bazaar)-based B2B wholesaler of handcrafted 22-karat and 18-karat gold jewellery. The company provides customised jewellery solutions across India through a highly scalable, asset-light operational framework.
- Core Offerings: The company designs and supplies a wide range of traditional and contemporary BIS-hallmarked jewellery, including bangles, bridal sets, chokers, jhumkas, necklaces, mangalsutras, and rings.
- Asset-Light Manufacturing: Acting as a principal contractor, Shankesh manages the design and material sourcing while completely outsourcing the actual manufacturing process to a vast network of local artisans (karigars) and jobworkers. This allows the company to minimize capital expenditure while maintaining a broad product portfolio.
- Revenue Generation & Target Markets: The company has two primary revenue streams: the direct wholesale of finished jewellery to corporate and non-corporate retailers, and custom job-work services where clients provide their own gold bullion and design specifications for Shankesh to manufacture. Its established clientele includes major national retail chains such as Kalyan Jewellers, Joyalukkas, P.N. Gadgil & Sons, and Aditya Birla Group's Novel Jewels.
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS | ₹9.09 | — |
| P/E ratio | 10.23× | — |
| NAV per share | ₹17.82 | — |
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 45 d ago.
Grey market premium
Unofficial · not from any exchangeSubscription status
Live from NSE · fetched 770 hr ago| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| 1Qualified Institutional Buyers(QIBs) | 78.96 L | 89.40 L | 1.13× |
| 1(a)Foreign Institutional Investors(FIIs) | — | 41.63 L | — |
| 1(b)Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 2.22 L | — |
| 1(c)Mutual funds | — | 2,240 | — |
| 2Non Institutional Investors | 59.22 L | 2.64 Cr | 4.46× |
| 2.1Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 39.48 L | 1.64 Cr | 4.15× |
| 2.1(c)Others | — | 4.57 L | — |
| 2.2Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | 19.74 L | 1.00 Cr | 5.07× |
| 2.2(a)Corporates | — | 37,920 | — |
| 2.2(b)Individuals(Other than RIIs) | — | 95.60 L | — |
| 3Retail Individual Investors(RIIs) | 1.38 Cr | 2.53 Cr | 1.83× |
| 3(a)Cut Off | — | 2.18 Cr | — |
| 3(b)Price bids | — | 34.66 L | — |
| Total | 2.76 Cr | 6.06 Cr | 2.19× |
Source: NSE issue information · BSE public issue
Demand curve
Shares bid at each price point · BSE₹88 → ₹93 · peak 7.76 Cr shares bid
Anchor investors
From NSE's anchor allocation filingAnchor investors are institutions allotted shares one working day before public bidding opens, in exchange for a lock-in. Up to 60% of the QIB portion can go to them, which reduces the QIB shares left for everyone else — and their participation is widely read as a confidence signal.
Anchor allocation report (NSE)
This issue’s anchor letter was filed as a scanned image with no text layer, so the allocation table cannot be read without OCR. We link the filing rather than publish figures we cannot verify.
Equity split
Fresh equity vs offer for sale- Fresh equity
- ₹2.95 Cr 74.7%
- Offer for sale
- ₹1.00 Cr 25.3%
- Total issue size
- ₹3.95 Cr
Read from the issue size stated in NSE's filing.
Allotment status
You will need your PAN, application number or DP/client ID. These links go to the registrar and exchanges directly — UpcomingIPO never asks for those details.
Issue details
- Price band
- ₹88 – ₹93
- Lot size
- 160 shares
- Min. bid quantity
- 160
- Face value
- ₹5.00
- Tick size
- ₹1.00
- Shares offered
- 2.76 Cr
- Issue size
- ₹257.03 Cr
- Max bid · QIB
- 2.76 Cr
- Max bid · NII
- 1.97 Cr
Timeline & process
- Bidding opens
- 18 Aug 2026
- Bidding closes
- 20 Aug 2026
- Bidding hours
- 10.00 AM TO 5.00 PM
- UPI mandate cutoff
- 20-August-2026 (Upto 5.00 pm)
- Allotment
- —
- Listing
- 25 Aug 2026
Intermediaries
- Registrar
- KFIN Technologies Limited
- Sponsor bank
- AXIS BANK
- Lead managers
- Aryaman Financial Services Limited, Smart Horizon Capital Advisors Private Limited
- Syndicate members
- https://listing.bseindia.com/Download//PreAnchor/Syndicate_Agreement_Signed_20260812164001.pdf