The initial public offering (IPO) of M.K. Sons Fine Jewels opens for subscription on Wednesday, October 28, offering investors a three-day bidding window until October 30. In the grey market, the issue is commanding a premium of around 6%, indicating expectations of modest listing gains.

The Rs 275.40-crore IPO is a book-built issue comprising a fresh issue of 1.36 crore shares aggregating to Rs 220.32 crore and an offer for sale (OFS) of 34 lakh shares worth Rs 55.08 crore.

The IPO will close on October 30, 2026, with the allotment expected to be finalised on November 2. The company's shares are tentatively scheduled to list on the BSE and NSE on November 4, 2026.

M.K. Sons Fine Jewels has fixed the price band at Rs 153–162 per share, with a lot size of 91 shares. Retail investors applying at the upper end of the price band will need to invest a minimum of Rs 14,742 for one lot.

Ahead of the public issue, the company raised Rs 82.62 crore from anchor investors on October 27, 2026.

Aryaman Financial Services Ltd. is the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. is the registrar.

M.K. Sons Fine Jewels IPO GMP today

The grey market premium (GMP) for M.K. Sons Fine Jewels IPO stands at Rs 10, or around 6%, over the upper price band of Rs 162 per share. This indicates an estimated listing price of Rs 172 per share.

Should you subscribe?

Anand Rathi, in its research report, has recommended subscribing to the issue for the long term. At the upper end of the price band, the company is valued at 17.76 times its FY26 price-to-earnings (P/E) ratio and 11.7 times its FY26 enterprise value-to-EBITDA (EV/EBITDA) ratio, implying a market capitalisation of approximately Rs 911.9 crore. The brokerage considers the issue reasonably priced, citing the company's established retail presence, broad product portfolio and potential for expansion.

M.K. Sons Fine Jewels Ltd.'s total income increased 53% year-on-year to Rs 539 crore in FY26 from Rs 351 crore in FY25. Profit after tax (PAT) more than doubled, rising 123% to Rs 52 crore from Rs 23 crore during the same period.

About M.K.Sons Fine Jewels

Incorporated in 2012, M.K. Sons Fine Jewels Ltd. is engaged in the retail sale of gold, diamond and CZ jewellery through five showrooms across Maharashtra and Gujarat, located in high-footfall areas such as Bandra, Andheri, Zaveri Bazaar, C.G. Road and Sindhu Bhavan Road. Its product portfolio includes rings, necklaces, bangles, earrings, bracelets, mangalsutras, solitaires, bridal and customised jewellery, offered under collections such as Pavitra, Rivaaz, Sitaare, NAQSH, Sunhere and One & Only. The company procures finished jewellery from third-party vendors across Western India and caters to bridal, festive, daily-wear and premium customer segments.

As of June 30, 2026, the company offered more than 19,442 SKUs, comprising over 14,582 gold jewellery designs and 4,860 diamond and precious stone jewellery designs. Its business model focuses on customer-centric collections, customised offerings and designs across multiple price points, with products carrying BIS Hallmark certification. As of September 30, 2026, the company had 148 permanent employees.

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