Shankesh Jewellers IPO Day 2 Live: Flat subscription so far - Check analysts view and more
Shankesh Jewellers IPO records zero subscriptions on Day 2. The company reports ₹1630.79 crore revenue for FY26. Proceeds will fund debt repayment and working capital.
*this image is generated using AI for illustrative purposes only.
Shankesh Jewellers IPO entered its second trading day with a flat start, recording zero subscriptions across QIB, NII, and Retail categories as of the latest snapshot. The issue, which opened on August 14, 2026, remains unsubscribed, with investors yet to place bids in the price band of ₹88.00000 to ₹93.00000.
Subscription Status
The IPO has seen no traction in its first two days. Both QIB and Retail segments remain at 0.00x, indicating a cautious start or potential delay in bidding activity. The total subscription stands at 0.00x against the minimum issue size.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 14-08-2026 | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Day 2 | 17-08-2026 | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
Intra-day timeline on 17-08-2026
Subscription activity remained dormant throughout the trading hours on Day 2.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 05:45 | 0.00x | 0.00x | 0.00x | 0.00x |
| 06:45 | 0.00x | 0.00x | 0.00x | 0.00x |
| 07:45 | 0.00x | 0.00x | 0.00x | 0.00x |
| 08:45 | 0.00x | 0.00x | 0.00x | 0.00x |
| 09:45 | 0.00x | 0.00x | 0.00x | 0.00x |
| 10:45 | 0.00x | 0.00x | 0.00x | 0.00x |
| 11:45 | 0.00x | 0.00x | 0.00x | 0.00x |
About the Company
Shankesh Jewellers, founded in 2005, is engaged in the business of hand-crafted gold jewellery and providing customisation services. Operating an asset-light business model, the company acts as a principal contractor, managing design, material sourcing, and finished jewellery making through third-party jobworkers (Karigars). It offers high-quality hand-crafted gold jewellery in 22-karat and 18-karat across categories including Bangles, Bridal Jewellery, Chokers, Jhumkas, and Necklace sets. The company is led by CEO Kantilal Kheemraj Jain and MD Manoj Kantilal Jain.
Financial Highlights
The company has shown strong revenue growth over the last three years, with PAT rising significantly in FY26.
| Particulars | FY24 (₹ crores) | FY25 (₹ crores) | FY26 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 1061.78 | 1403.83 | 1630.79 |
| Profit After Tax | 12.82 | 40.31 | 106.68 |
| Total Equity | 60.29 | 100.60 | 209.43 |
Objects of the Issue
- Repayment/pre-payment of borrowings: ₹158.00 crores
- Funding working capital requirements: ₹38.00 crores
- General Corporate Purposes: Amount not specified (lakhs)
Risk Factors
- Negative Cash Flow: The company reported negative net cash flow from operating activities of ₹231.05 million in Fiscal 2025 due to working capital deployment.
- Indebtedness: Total outstanding borrowings were ₹1,672.96 million as of March 31, 2026, with restrictive covenants.
- Customer Concentration: Top 10 customers contributed 39.56% of revenue in Fiscal 2026, with no long-term contracts.
Offer Details
- Price Band: ₹88.00000 - ₹93.00000
- Issue Size: 14880 - 500000
- Min Bid Qty: 160
- Open Date: 2026-08-18
- Close Date: 2026-08-20
Will the zero subscription on the first two days prompt Shankesh Jewellers to revise its price band or extend the issue timeline?
How might the company's high customer concentration and lack of long-term contracts impact investor confidence in the final trading days?
Given the negative operating cash flow in FY25, will institutional investors remain cautious despite the significant PAT growth in FY26?
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