Shankesh Jewellers shares list at 11% premium over IPO price on NSE

Shankesh Jewellers shares made their D-Street debut on Tuesday, August 25, listing at a premium of up to 11% over the IPO price.

The stock opened at Rs 103.30 apiece on the NSE, up 11.08% from the issue price of Rs 93. On the BSE, the stock opened at Rs 102.20 apiece, marking a 9.89% premium over the issue price.

The listing came in stronger than what the grey market had indicated. The stock was commanding a grey market premium (GMP) of around 3% ahead of its debut, suggesting expectations of a positive but modest listing.


The IPO, which opened for subscription from August 18 to August 20, received a steady response from investors, with the issue subscribed 2.80 times overall.

The retail portion was subscribed 2.42 times, while the qualified institutional buyers (QIBs) category recorded 1.32 times subscription. The non-institutional investors (NIIs) segment saw stronger demand, with the issue subscribed 5.68 times.

The Rs 367.18-crore IPO consisted of a fresh issue of 2.95 crore shares worth Rs 274.18 crore and an offer for sale (OFS) of 1 crore shares valued at Rs 93 crore. The shares were offered in a price band of Rs 88 to Rs 93 apiece.

Aryaman Financial Services Ltd. was the book-running lead manager for the issue, while Kfin Technologies Ltd. served as the registrar.

Financial Performance

Shankesh Jewellers Ltd. reported strong financial growth in FY26, with total income increasing 16% year-on-year to Rs 1,630.93 crore from Rs 1,403.94 crore in FY25. The rise in income reflects the company’s continued business expansion and sustained revenue momentum.

The company also recorded a substantial improvement in profitability during the year. Profit After Tax (PAT) jumped 165% to Rs 106.68 crore in FY26, compared with Rs 40.31 crore in FY25.

About Shankesh Jewellers

Incorporated in 2005, Shankesh Jewellers Limited is engaged in the business of manufacturing and supplying customised handcrafted gold jewellery. The company specialises in 22-karat and 18-karat gold jewellery and offers a wide product portfolio comprising bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, rings, and combined sets across categories such as antique, semi-antique, Calcutta, temple, gheru polish, and yellow gold, rhodium, and rose gold jewellery.

The company distributes its products across India to both corporate and non-corporate clients. Its clientele includes established jewellers such as Joyalukkas India Limited, P. N. Gadgil & Sons Limited, Kalyan Jewellers India Limited, Novel Jewels Limited (Aditya Birla Group), Manoj Vaibhav Gems ‘N’ Jewellers Limited, and other established jewellery houses.

Shankesh Jewellers follows an asset-light business model by engaging skilled local karigars and job workers for production, while managing design, material sourcing, and delivery in-house. In addition to product sales, the company also provides job-work services under which clients provide bullion and specific design requirements for manufacturing. The company states that its jewellery is BIS-hallmarked in accordance with applicable regulatory guidelines.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)