Shankesh Jewellers IPO Day 2 Live: Subscription ticking up - Check analysts view and more
Shankesh Jewellers IPO is in its second day with zero subscriptions recorded so far. Priced at ₹88-93, the issue aims to raise funds for debt repayment and working capital. Key risks include high indebtedness and dependence on jobworkers.
*this image is generated using AI for illustrative purposes only.
Shankesh Jewellers IPO is currently in its second day of subscription. The public issue, which opened on August 18, 2026, is priced between ₹88.00000 and ₹93.00000. As of the latest update on Day 2 (August 17, 2026), the subscription stands at 0.00x across all categories, with the total subscribed amount also at 0.00x. The issue will remain open until August 20, 2026.
Subscription Status
The subscription momentum remains flat as the IPO enters its second trading day. Both QIB and Retail investors have yet to book significant allocations in the initial hours.
| 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
| 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 |
About the Company
Shankesh Jewellers is engaged in the business of hand-crafted gold jewellery and providing customisation services to clients. Founded in 2005, the company operates an asset-light business model, relying on third-party jobworkers (Karigars) for production. It offers a diverse range of high-quality hand-crafted gold jewellery in 22-karat and 18-karat, including Bangles, Bridal Jewellery, Chokers, Jhumkas, and Necklace sets. The promoters hold 74.25% of the pre-issue equity share capital.
Financial Highlights
The company has demonstrated robust financial performance over the last three years.
| Particulars | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 1630.79 | 1403.83 | 1061.78 |
| Total Profit / PAT (₹ crores) | 106.68 | 40.31 | 12.82 |
| Total Equity (₹ crores) | 209.43 | 100.60 | 60.29 |
Revenue grew from ₹1061.78 crores in FY 2024 to ₹1630.79 crores in FY 2026. Profit after tax surged significantly from ₹12.82 crores to ₹106.68 crores over the same period.
Objects of the Issue
- Repayment of borrowings: ₹158.00 crores to repay/prepay outstanding borrowings to reduce indebtedness.
- Working capital: ₹38.00 crores to fund incremental working capital requirements.
- General Corporate Purposes: Amount not specified; for strategic initiatives, partnerships, and brand promotion.
Risk Factors
- Negative Cash Flow: The company experienced negative net cash flow from operating activities of ₹231.05 million in Fiscal 2025 due to increased working capital deployment.
- Significant Indebtedness: As of March 31, 2026, total outstanding borrowings were ₹1,672.96 million with restrictive covenants.
- Dependence on Jobworkers: The company relies entirely on third-party Jobworkers for manufacturing, working with 72 Jobworkers during Fiscal 2026.
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
- Allotment Date: 2026-08-21
- Listing Date: 2026-08-25
Given the flat subscription on Day 2, what factors might drive QIB and retail investor sentiment in the final 48 hours before the issue closes on August 20?
How will the company's significant reliance on third-party jobworkers impact its ability to maintain quality control and production scalability post-IPO?
With ₹158 crores of the issue proceeds allocated for debt repayment, how will this deleveraging strategy affect the company's future interest coverage ratios and financial flexibility?
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