Shankesh Jewellers IPO: GMP Suggests 2.15% Listing Premium

Shankesh Jewellers shares are set to list on the Indian stock market today, August 25, following a healthy response to its public offering. The company’s Grey Market Premium (GMP) currently stands at 2.15%, indicating a potential listing around ₹95 per share.

This expected debut price is based on the IPO’s upper price band of ₹93 per share. The issue, which ran from August 18 to August 20, saw an overall subscription of 2.80 times.

Subscription Breakdown

Demand for the Shankesh Jewellers IPO was notably led by non-institutional investors (NIIs).

• Non-institutional investors (NIIs) subscribed their portion 5.7 times.
• Retail investors saw their quota subscribed 2.42 times.
• Qualified institutional buyers (QIBs) subscribed their portion 1.32 times.

IPO Offer Details

The ₹367.18 crore public issue combined both a fresh issue and an offer-for-sale (OFS).

• Fresh issue: 2.95 crore equity shares, aggregating ₹274.18 crore.
• Offer-for-sale (OFS): 1 crore equity shares, valued at ₹93 crore.
• Price band: ₹88–₹93 per share.
• Minimum lot size: 160 shares, requiring a retail investment of at least ₹14,880 at the upper price band.

Aryaman Financial Services Ltd served as the book-running lead manager, with KFin Technologies appointed as the registrar for the issue.

Company Strategy & Offer Use

Shankesh Jewellers intends to use the net proceeds to bolster its financial standing and meet business needs. A significant portion of these funds is earmarked for debt reduction.

• ₹158 crore will go towards the repayment or prepayment of outstanding borrowings.

About Shankesh Jewellers

Established in 2005, Shankesh Jewellers Limited specializes in manufacturing and supplying customized handcrafted gold jewellery. Their portfolio includes a wide array of 22-karat and 18-karat gold items.

• Product range includes: bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, rings, and combination sets.
• Designs span: antique, semi-antique, Calcutta, temple, gheru polish, yellow gold, rhodium, and rose gold jewellery.