Shankesh Jewellers’ Rs 367 crore IPO enters final subscription day
Mumbai-based gold jewellery maker Shankesh Jewellers saw overall subscription of 0.94 times on day two, with the retail portion booked 1.13 times. The Rs 367.18 crore issue includes a Rs 274.18 crore fresh issue to support working capital, debt repayment and general corporate purposes.
What happened
Mumbai-based gold jewellery manufacturer and wholesaler Shankesh Jewellers' Rs 367.18 crore IPO entered its final subscription day, with 0.94x bidding on day
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
- Retail subscription: 1.13x
- GMP: Rs 2.5
- Implied listing premium: 2.69%
- FY26 income: Rs 1,630.93 crore
- FY26 PAT: Rs 106.68 crore
Why this matters
The Rs 367 crore raise gives Shankesh Jewellers added capacity to fund inventory, reduce debt and pursue growth from a stronger capital base.
What to watch
- Final overall subscription multiple and category-wise allocation demand
- Grey-market and indicated listing-price trends, if available
- Gold and silver price movements before listing
- Management disclosure on debt repayment amount, working-capital deployment and store-expansion plans
- First post-listing quarterly results: revenue growth, gross margin, finance costs, inventory days and same-store sales indicators
- Track final category-wise subscription, particularly QIB and NII participation relative to retail demand.
- Assess whether IPO proceeds allocated to debt repayment reduce interest costs and improve post-listing earnings quality.
- Monitor gold-price volatility, as higher prices can lift nominal sales but pressure consumer demand and inventory funding needs.
- Watch post-listing working-capital intensity, inventory turns and receivables to determine whether fresh capital supports profitable growth rather than merely funding gold inventory.
- Compare valuation and listing performance with other organized jewellery retailers, which may influence sector IPO appetite.