Shankesh Jewellers Limited, a Mumbai-based B2B jewellery company, is set to open its initial public offering (IPO) for subscription today, August 18, 2026. The three-day bidding window will remain open until August 20.
The IPO has generated some interest ahead of its launch, although grey market signals remain muted. Shankesh Jewellers shares are currently commanding a mild 2% premium in the grey market over the upper end of the issue price band, pointing to expectations of a modestly positive—or largely flat—listing.
The Rs 367.18 crore issue comprises both a fresh issue and an offer for sale (OFS). The fresh issue consists of 2.95 crore shares worth Rs 274.18 crore, while the OFS comprises 1 crore shares aggregating to Rs 93 crore.
The IPO has fixed its price band at Rs 88–93 per share, with a lot size of 160 shares. At the upper price band, retail investors will need to shell out a minimum of Rs 14,880 for one lot.
The allotment for the Shankesh Jewellers IPO is expected to be finalized on Aug 21, 2026. Shankesh Jewellers IPO will list on NSE and BSE with a tentative listing date fixed as Aug 25, 2026.
Shankesh Jewellers IPO has a fixed issue price band of Rs 88 to Rs 93 per share. The lot size for an application is 160 shares. The minimum investment required by an individual retail investor is Rs 14,880 (160 shares) based on the upper price.
Aryaman Financial Services Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is acting as the registrar.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards strengthening its financial position and meeting its ongoing business requirements. A significant portion of the Net Proceeds, amounting to Rs 158.00 crore, will be utilised for the repayment and/or pre-payment, in full or in part, of certain borrowings. This is expected to reduce the Company’s outstanding debt obligations and further strengthen its balance sheet.
In addition, Rs 38.00 crore of the Net Proceeds is proposed to be deployed towards funding the Company’s working capital requirements, thereby supporting its day-to-day operations and ensuring adequate liquidity. The balance of the Net Proceeds will be utilised towards general corporate purposes.
Financial Performance
Shankesh Jewellers Ltd. delivered a strong financial performance in FY26, with total income rising 16% year-on-year from Rs 1,403.94 crore in FY25 to Rs 1,630.93 crore. The growth reflects a healthy expansion in the Company’s business operations and highlights the continued momentum in its revenue performance.
Profitability witnessed a significantly sharper improvement, with Profit After Tax (PAT) surging 165% from Rs 40.31 crore in FY25 to Rs 106.68 crore in FY26. The substantial increase in PAT, far outpacing the growth in revenue, indicates a marked improvement in the Company’s earnings performance and overall profitability during the year.
About Shankesh Jewellers Ltd.
Incorporated in 2005, Shankesh Jewellers Limited is engaged in the business of manufacturing and supplying customised handcrafted gold jewellery. The company specialises in 22-karat and 18-karat gold jewellery and offers a wide product portfolio comprising bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, rings and combined sets across categories such as antique, semi-antique, Calcutta, temple, gheru polish, and yellow gold, rhodium and rose gold jewellery.
The company distributes its products across India to both corporate and non-corporate clients. Its clientele includes established jewellers such as Joyalukkas India Limited, P. N. Gadgil & Sons Limited, Kalyan Jewellers India Limited, Novel Jewels Limited (Aditya Birla Group), Manoj Vaibhav Gems ‘N’ Jewellers Limited, and other established jewellery houses.
Shankesh Jewellers follows an asset-light business model by engaging skilled local karigars and job workers for production, while managing design, material sourcing and delivery in-house. In addition to product sales, the company also provides job-work services under which clients provide bullion and specific design requirements for manufacturing. The company states that its jewellery is BIS-hallmarked in accordance with applicable regulatory guidelines.
Should You Subscribe to the Shankesh Jewellers IPO?
The IPO appears to offer a combination of strong recent earnings growth, an established B2B customer base and an asset-light operating model. The proposed use of IPO proceeds to reduce debt could also strengthen the company’s balance sheet.
Valuation, however, remains an important consideration. According to an AnandRathi research report, Shankesh Jewellers is valued at around 12.8x P/E based on FY26 earnings.
AnandRathi considers the valuation fairly priced, citing the company’s strong financial growth, improving profitability, asset-light business model and established position in the B2B handcrafted gold jewellery segment. The brokerage has assigned a “Subscribe: Long Term” rating to the IPO.
For investors, the key takeaway is that the issue appears to be more suited to those looking at the company’s longer-term growth prospects rather than chasing a quick listing gain. The current GMP points to only a modest potential listing premium, while the company’s sharp improvement in profitability provides a more compelling part of the investment story.
