Shankesh Jewellers’ ₹367 crore IPO reaches 0.94x subscription on Day 2
Mumbai-based gold jewellery manufacturer Shankesh Jewellers saw retail investors subscribe 1.13x of their quota by Day 2, while QIB and NII portions were each subscribed 0.76x. A ₹3.5 grey-market premium implies a potential 3.76% listing gain.
What happened
Mumbai-based gold jewellery manufacturer and wholesaler Shankesh Jewellers’ Rs 367.18 crore IPO was subscribed 0.94x on day two. Retail demand stood at 1.13x,
Key facts
- IPO size: Rs 367.18 crore
- Fresh issue: Rs 274.18 crore
- OFS: Rs 93 crore
- Price band: Rs 88-Rs 93 per share
- Day 2 subscription: 0.94x
- QIB subscription: 0.76x
- NII subscription: 0.76x
- Retail subscription: 1.13x
- Grey market premium: Rs 3.5
- Implied listing gain: 3.76%
- FY26 income: Rs 1,630.93 crore
- FY26 PAT: Rs 106.68 crore
- FY26 EBITDA: Rs 157.90 crore
Why this matters
The IPO’s uneven demand—stronger retail participation but softer QIB and NII interest—signals that jewellery-sector capital raising remains viable but valuation-sensitive.
What to watch
- Overall subscription crossing 1x before close.
- QIB subscription rising above 1x, particularly through late anchor-like institutional bids.
- NII subscription improving from 0.76x to full subscription or higher.
- Grey-market premium widening above the current implied 3.76% gain.
- Sharp moves in domestic gold prices or benchmark equity-market weakness before listing.
- Monitor final-day QIB and NII subscription for evidence of institutional validation.
- Compare final subscription mix with recent SME/mainboard jewellery IPOs to gauge likely listing liquidity.
- Watch grey-market premium direction after issue close rather than relying on the current ₹3.5 indication.
- Assess gold-price volatility and broader small-cap IPO sentiment ahead of listing, as both can amplify listing-day swings.