Shankesh Jewellers IPO Day 1: Issue subscribed 0.35x so far. Check issue details and key dates

3 min read | Published on 18 Aug 2026, 11:23 AM |Updated on 20 Aug 2026, 05:17 PM

Reviewed by

Ritika DScanX News Team

Key Highlights

Shankesh Jewellers IPO ends Day 1 with 0.35x overall subscription. Retail leads at 0.53x, while QIBs are at 0.03x. The issue closes on August 20, 2026, with listing scheduled for August 25, 2026.

*this image is generated using AI for illustrative purposes only.

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:

Day	Date	QIB	NII (bHNI)	NII (sHNI)	Retail	Total
Day 1	18-08-2026	0.03x	0.26x	0.43x	0.53x	0.35x
Day 2	19-08-2026	0.76x	0.96x	0.63x	1.11x	0.93x
Day 3	20-08-2026	1.32x	6.38x	5.29x	2.39x	2.78x

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.

Time (IST)	QIB	NII (bHNI)	Retail	Total
05:45	0.76x	1.42x	1.40x	1.13x
06:45	1.02x	1.73x	1.56x	1.32x
07:45	1.02x	2.21x	1.68x	1.46x
08:45	1.03x	2.80x	1.83x	1.63x
09:45	1.03x	3.93x	2.00x	1.93x
10:45	1.32x	5.87x	2.22x	2.66x
11:45	1.32x	6.38x	2.39x	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.

Particulars	FY 2024	FY 2025	FY 2026
Revenue from Operations (₹ crores)	1061.78	1403.83	1630.79
Profit After Tax (₹ crores)	12.82	40.31	106.68
Total Equity (₹ crores)	60.29	100.60	209.43

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.

Will the significant lack of QIB participation (0.03x) signal institutional skepticism regarding Shankesh Jewellers' asset-light model and high debt levels, potentially capping listing gains?

How might the company's reliance on third-party jobworkers impact its ability to scale operations effectively using the IPO proceeds for working capital?

Given the plan to repay ₹158 crores in borrowings, will the reduction in interest expenses significantly improve the company's historically negative operating cash flows in the near term?