Shankesh Jewellers IPO Analysis: Should You Apply? GMP, Review & Details

Shankesh Jewellers is a MAINBOARD IPO in the Gems, Jewellery And Watches sector. The issue price band is ₹88.0–₹93.0 per share. Issue size is ₹367.18 crore. Current GMP is +2.96% over the issue price (unofficial, subject to change).

Shankesh Jewellers IPO — Key Details

Company Overview

Shankesh Jewellers Limited, incorporated in 2005, specializes in manufacturing and providing customized handcrafted gold jewellery. The company offers a diverse range of products, including bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, rings, and combined sets in 22-karat and 18-karat gold. Its clientele includes well-known jewellers such as Joyalukkas India Limited and Kalyan Jewellers India Limited. Shankesh Jewellers operates on an asset-light model, utilizing skilled local artisans for production while managing design, material sourcing, and delivery in-house. The company also provides job work services where clients can supply bullion and specific design requirements. All jewellery produced is BIS-hallmarked as per regulatory standards.

Financial Performance

Total income was ₹1,061.91 Cr in the year ending 31 Mar 2024, rising to ₹1,403.94 Cr by 31 Mar 2025, and further increasing to ₹1,630.93 Cr by 31 Mar 2026. This shows a consistent upward trend in revenue over the three periods. Profit After Tax was ₹12.82 Cr in the year ending 31 Mar 2024, increasing to ₹40.31 Cr by 31 Mar 2025, and further rising to ₹106.68 Cr by 31 Mar 2026. This indicates a significant growth in profitability across the periods.

Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: 1) Repayment/pre-payment, in full or part, of certain borrowings (₹158.00 Cr), 2) Funding working capital requirements (₹38.00 Cr), 3) General Corporate Purposes.

Understanding Grey Market Premium (GMP)

The Grey Market Premium (GMP) refers to the unofficial price at which an IPO is traded before it is listed on the stock exchange. A positive GMP indicates that the IPO is expected to list at a higher price than its issue price, while a negative GMP suggests the opposite. Investors often consider GMP as a gauge of market sentiment regarding the IPO.

Subscription Status

As of 20th Aug 2026, the IPO received a total subscription of 2.8 times. The breakdown includes QIB (Institutional) at 1.32 times, NII (HNI) at 5.68 times, bNII (>₹10L) at 5.29 times, sNII (<₹10L) at 6.46 times, and Retail (RII) at 2.42 times.

Peer Comparison

• Sky Gold And Diamonds Limited: NAV 77.8, RoNW 23.37%, P/E 35.42, EPS 18.07
• Shanti Gold International Limited: NAV 83, RoNW 23.42%, P/E 9.76, EPS 21.22
• Shankesh Jewellers Ltd.: NAV 17.82, RoNW 50.97%, EPS 9.09

IPO Timeline

The IPO opens for subscription on 18th August 2026 and closes on 20th August 2026. Allotment of shares will be done on 21st August 2026, and the shares are expected to be listed on the stock exchange on 25th August 2026.

Should You Apply for Shankesh Jewellers IPO?

Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk appetite. It is important to consider the company's financial health, market position, and growth potential.

Investors who are risk-averse or those who prefer stable, established companies may want to avoid IPOs like this, which can be subject to market fluctuations and uncertainties.

This is general risk-profile education, not a personal recommendation to apply or avoid this specific IPO — TopFund is not a SEBI-registered investment adviser.

Listing Day Risks

Listing gains refer to the potential profits an investor can make when shares of an IPO are listed on the stock exchange and traded at a price higher than the issue price. However, there are risks involved, as market conditions can change rapidly, affecting the stock's performance on the listing day.

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Disclaimer: This is educational content, not investment advice. GMP is an unofficial grey-market indicator, unregulated and never guaranteed. TopFund is not a SEBI-registered investment adviser — please do your own research or consult a qualified adviser before applying to any IPO.