Shankesh Jewellers’ initial public offering (IPO) witnessed a notable uptick in investor interest during the final trading day, particularly from the retail segment. As of the latest update on Day 3, the issue is subscribed 0.14 times overall. While Qualified Institutional Buyers (QIBs) have not participated yet, Retail investors have shown increased activity, subscribing 0.25 times their quota. The Big HNI segment also saw a jump, rising to 0.11x.

Final Subscription Status

The subscription data indicates a slow start for the jewellery maker’s debut on the bourses, with a late-day surge in retail participation. Here is the progression of subscriptions across the bidding days:

Intra-day timeline on 18-08-2026

Retail investors are currently the only category showing meaningful participation, ticking up to 0.25x. Non-Institutional Investors (NII) remain largely on the sidelines, with Small HNI (sHNI) at 0.03x and Big HNI (bHNI) at 0.11x. The QIB segment, which typically drives institutional demand, stands at 0.00x.

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, acting as a principal contractor that manages design, material sourcing, and finished jewellery making processes while 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 across categories including Bangles, Bridal Jewellery, Chokers, and Rings. The company is led by CEO Kantilal Kheemraj Jain and MD Manoj Kantilal Jain.

Financial Highlights

The company has demonstrated robust financial growth over the last three years. Revenue from operations increased from ₹1,061.78 crores in Fiscal 2024 to ₹1,630.79 crores in Fiscal 2026. Similarly, Profit After Tax (PAT) rose significantly from ₹12.82 crores in FY24 to ₹106.68 crores in FY26.

Objects of the Issue

The proceeds from the IPO will be utilized for the following purposes:

• Repayment of Borrowings: ₹158.00 crores towards repayment/pre-payment of certain outstanding borrowings to reduce indebtedness.
• Working Capital: ₹38.00 crores to fund incremental working capital requirements due to business growth.
• General Corporate Purposes: Funds deployed towards strategic initiatives, partnerships, acquisitions, and brand promotion activities.

Risk Factors

Investors should note the following material risks associated with the company:

• 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.
• High 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 is entirely dependent on third-party Jobworkers for manufacturing all products, posing operational risks if skilled Karigars are unavailable.

What's Next

The IPO will close on 2026-08-20. Allotment is expected on 2026-08-21, and the shares are scheduled to list on 2026-08-25. Investors can track the basis of allotment and final subscription numbers after the bidding window closes.