Shankesh Jewellers’ initial public offering opened with modest subscription levels, driven primarily by retail investors, as the jewellery maker aims to raise Rs 367.18 crore amid mixed investor appetite on the first day of trading.
Shankesh Jewellers’ initial public offering opened on Tuesday and got off to a modest start, with the issue subscribed 0.36 times by 5:06 pm on the first day, according to figures cited by Zeebiz and Moneycontrol. Retail investors led demand, taking up 0.53 times their allotted portion, while non-institutional buyers subscribed 0.38 times and the qualified institutional buyer segment, excluding anchor shares, was just 0.03 times subscribed.
The jewellery maker is seeking to raise Rs 367.18 crore through a mix of fresh shares and an offer for sale. The price band has been fixed at Rs 88 to Rs 93 a share, with the issue open until August 20 and a planned market debut on the BSE and NSE on August 25, according to Moneycontrol.
Investors must apply for at least 160 shares, which means a minimum outlay of Rs 14,880 at the top end of the band. Retail bidders can apply for up to 13 lots, or 2,080 shares, while higher-value applicants face larger lot requirements, according to the issue details published by the company and reported by Moneycontrol.
The company has already raised Rs 110.15 crore from anchor investors. About half of those anchor shares will remain locked in until September 20, 2026, while the rest will be locked in until November 19, 2026, according to Moneycontrol.
Shankesh Jewellers, founded in 2005, makes customised handcrafted gold jewellery and focuses on 22-carat and 18-carat pieces. It supplies products such as bangles, bridal sets, chokers, jhumkas, necklaces, mangalsutras and rings, and works on an asset-light model that relies on local karigars and job workers. Its customers include Joyalukkas India, Kalyan Jewellers India and P.N. Gadgil & Sons, while FY26 results showed sharp gains in income, profit and EBITDA alongside a lower debt-to-equity ratio, according to the company’s reported financials.
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