Shankesh Jewellers IPO has concluded its subscription period with a total oversubscription of 2.78x. The issue witnessed a dramatic surge in demand during the final trading session on August 20, 2026. Momentum picked up significantly in the early hours of the final day, with the overall subscription jumping from 1.13x to 2.78x between 05:45 IST and 11:45 IST. The Non-Institutional Individual (bHNI) category led the charge, surging by 349.3% in the final snapshot to reach 6.38x, while QIBs crossed the fully subscribed mark at 1.32x. Retail investors remained enthusiastic, closing at 2.39x.

Final Subscription Status

The IPO opened on August 18, 2026, and closed on August 20, 2026. Here is the day-wise subscription progression:

Intra-day timeline on 20-08-2026

Momentum picked up significantly in the early hours of the final day. Between 05:45 IST and 11:45 IST, the overall subscription jumped from 1.13x to 2.78x.

Category-wise Breakdown

• QIB: 1.32x (Oversubscribed)
• NII (bHNI): 6.38x (Oversubscribed)
• NII (sHNI): 5.29x (Oversubscribed)
• Retail: 2.39x (Oversubscribed)
• Total: 2.78x

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, leveraging third-party jobworkers and 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 shown robust financial growth over the last three years. Revenue from operations grew from ₹1,061.78 crores in Fiscal 2024 to ₹1,630.79 crores in Fiscal 2026. Profit after tax increased significantly from ₹12.82 crores in Fiscal 2024 to ₹106.68 crores in Fiscal 2026.

Objects of the Issue

• Repayment of Borrowings: ₹158.00 crores to repay/prepay outstanding borrowings to reduce indebtedness and debt servicing obligations.
• Working Capital: ₹38.00 crores to fund incremental working capital requirements due to business growth.
• General Corporate Purposes: Funds to be deployed towards strategic initiatives, partnerships, acquisitions, and brand promotion activities.

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, the company had total outstanding borrowings of ₹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.

What's Next

• Allotment Date: 2026-08-21
• Listing Date: 2026-08-25
• Basis of Allotment: Allotments will be made on a pro-rata basis where applicable, subject to SEBI regulations.