Shankesh Jewellers launched its ₹367.18 crore IPO today, August 18, 2026, with a price band of ₹88–₹93 per share. The issue remains open until August 20. On its first day, the IPO received a subscription of 0.36 times, reflecting initial market interest.
Shankesh Jewellers Limited has opened its Initial Public Offering (IPO) for public subscription today, August 18, 2026. The Mumbai-based B2B gold jewellery supplier aims to raise ₹367.18 crore through this offering. The IPO consists of a fresh issue of shares amounting to ₹274.18 crore and an Offer for Sale (OFS) of shares worth ₹93 crore by existing shareholders. The price band for the issue has been set at ₹88 to ₹93 per equity share, with a face value of ₹5 per share.
On the first day of bidding, the issue saw a total subscription of 0.36 times. Retail investors showed initial interest with 0.53 times subscription, while Non-Institutional Investors (NII) subscribed 0.38 times, and Qualified Institutional Buyers (QIB) subscribed 0.03 times. The IPO is scheduled to remain open for subscription until August 20, 2026.
Business Model and Financials
Shankesh Jewellers operates a B2B model, focusing on the design and supply of gold jewellery to retail chains and stores across India. The company follows an asset-light approach, which means it outsources its manufacturing processes to skilled artisans rather than operating large, capital-intensive factories. This model is designed to keep overhead costs lower. For the fiscal year 2026, the company reported a revenue of ₹1,630.93 crore and a net profit of ₹106.68 crore. Based on these financial results, the IPO is valued at approximately 12.8 times its FY26 earnings.
Investor Monitorables and Risks
Investors evaluating this offer may want to consider several specific business risks. The company relies heavily on third-party job workers and artisans for manufacturing. Any disruption in this supply chain or attrition among skilled workers could impact production timelines and quality consistency. Furthermore, the jewellery sector is inherently sensitive to gold price fluctuations. The company also faces customer and supplier concentration risks, meaning a significant portion of its revenue may come from a limited number of clients. As gold jewellery is a discretionary purchase, overall demand is also tied to consumer spending habits, which can be influenced by broader economic factors.
The proceeds from the fresh issue will primarily be used to fund the company’s working capital needs, which are often significant in the gold trade due to inventory requirements. A portion of the funds is also allocated to debt repayment to improve financial flexibility, along with general corporate purposes. The final subscription figures will be confirmed after the issue closes on August 20. The company’s shares are tentatively scheduled to list on the BSE and NSE on August 25, 2026.