Shankesh Jewellers IPO entered its second day of subscription on August 19, 2026, marked by a dramatic shift in institutional sentiment. While the issue had seen muted interest earlier in the week, the Qualified Institutional Buyers (QIB) category recorded a staggering intra-day jump, rising from 0.03x to 0.34x. This surge propelled the total subscription to 0.60x, signaling renewed attention from large investors as the IPO approaches its closing date.

Subscription Status

The IPO saw a steady trickle of applications on Day 2, with the total subscription ticking up to 0.60x by the end of the trading session. The standout move was in the QIB segment, which jumped +1033.3% today (from 0.03x to 0.34x). Retail investors continue to be the primary drivers of demand with 0.80x, whereas Non-Institutional Buyers (NII) also saw modest gains.

Intra-day timeline on 19-08-2026

The momentum picked up significantly after market open, with QIBs leading the charge.

Retail investors are leading the pack with a 0.80x subscription, indicating some grassroots interest in the gold jewellery maker. However, the QIB category remains largely untouched at 0.34x, suggesting that while institutions are starting to look closer, large-scale conviction is yet to materialize fully.

About the Company

Shankesh Jewellers, founded in 2005, is engaged in the business of hand-crafted gold jewellery and providing customisation services to clients. The company operates an asset-light business model, relying on third-party jobworkers (Karigars) for production and manufacturing. It offers a diverse range of high-quality hand-crafted gold jewellery in 22-karat and 18-karat across categories 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 revenue growth over the last three years, driven by its asset-light model and strong client relationships.

Revenue grew from ₹1061.78 crore in FY 2024 to ₹1630.79 crore in FY 2026. Profit after tax also surged significantly, rising from ₹12.82 crore to ₹106.68 crore over the same period, reflecting improved operational efficiency and scale.

Objects of the Issue

• Repayment of borrowings: ₹158.00 crore to repay/prepay outstanding borrowings to reduce indebtedness.
• Working Capital: ₹38.00 crore to fund incremental working capital requirements for business growth.
• General Corporate Purposes: Funds for strategic initiatives, partnerships, acquisitions, and brand promotion.

Risk Factors

• Negative Cash Flow: The company reported negative net cash flow from operating activities of ₹231.05 million in Fiscal 2025 due to increased working capital deployment.
• High Indebtedness: As of March 31, 2026, total outstanding borrowings were ₹1,672.96 million with restrictive covenants limiting operational flexibility.
• Jobworker Dependence: The company relies entirely on third-party Jobworkers for manufacturing, exposing it to risks related to skilled labor shortages and operational disruptions.

Key Dates

• IPO Close Date: 20-08-2026
• Allotment Date: 21-08-2026
• Listing Date: 25-08-2026