Shankesh Jewellers IPO

About the company

Shankesh Jewellers, incorporated in July 2005, is in the business of hand-crafted gold jewellery and customisation of jewellery for its clients, adopting an asset-light business model in which the karigars hand-craft the jewellery according to the client’s requirements, with the company serving as the principal contractor handling design, procurement of material, and finally making the jewellery. The products available at Shankesh Jewellers include hand-crafted gold jewellery in 22-carat and 18-carat such as antique, semi-antique, Calcutta, temple, gheru polish, and yellow/rhodium/rose gold jewellery, which consists of bangles, bridal sets, chokers, jhumkas, necklaces, mangal sutras, and rings; all of them are BIS hallmarked. The clientele of Shankesh Jewellers includes renowned corporate houses such as Joyalukkas India Limited, P.N. Gadgil & Sons, Kalyan Jewellers India Limited, Novel Jewels Limited (Aditya Birla Group), and D.P. Abhushan Limited, along with non-corporates like Verma Jewellers and Sham Jewellers. In-house manufacturing facilities did not exist, and the company had to depend upon job-workers for manufacturing. During FY26, the company worked with 72 job-workers compared to 87 during FY25 and 90 in FY24. Out of these 72 job-workers, 66 job-workers have signed the prescribed formal agreement of the company and have access to multiple karigars. Job-worker attrition saw a steep increase from 1.10% in FY24 to 17.24% in FY26. A contract with job workers is a single assignment/job order contract without any fixed duration. Job-worker manufacturing plants are mostly located in Mumbai, Maharashtra. The company's revenues come from direct sales (22-karat and 18-karat) and job-work services. For FY26, 22-carat sales amounted to ₹1,396 crore and 18-carat sales amounted to ₹220.98 crore, whereas job work accounted for ₹13.81 crore, making the total revenues ₹1,630.79 crore. The contribution from corporate customers stood at 64.2% in FY26, and that from non-corporate customers was 35.7% in FY26. In geographical terms, Maharashtra provided 25.4% of revenues, followed by Bihar with 17.1%, Uttar Pradesh with 10.7%, Tamil Nadu with 9.3%, and Odisha with 5.2%. The company had 418 customers in FY26 (84 new and 334 repeat customers). Even though revenues increased during FY26, the total number of customers decreased, and the repeat customer share went up to 80%. The top 10 customers' share increased to 39.5% in FY26 from 30.6% in FY24. The gems & jewellery industry in India is an important sector of the national economy, accounting for about 7% of the GDP and about 15% of merchandise exports, wherein gold jewellery constitutes 80% of the total gems & jewellery market by type of materials used. The value of the domestic gold jewellery industry in CY25 stood at ₹7,90,770 crore, having increased at a CAGR of 9.5% from CY20 to CY25 and is estimated to increase further at a CAGR of 11.4% to reach ₹13,57,580 crore in CY30P. Out of which, the value of the wholesale gold jewellery industry, wherein the handcrafted B2B jewelleries get manufactured, was estimated at ₹2,17,610 crore in CY25 and is projected to grow at a CAGR of 13.1% to reach ₹4,02,470 crore in CY30P. The wholesale gold jewellery industry continues to remain largely unorganised (constituting ~86.9% of the wholesale market), but the organised side is gaining momentum due to the implementation of GST, BIS hallmarking and consumer preference towards branded, certified and differentially designed jewellery. Shankesh Jewellers has an advantage over its competitors in making use of these favourable conditions within the industry, given its presence in the industry through its B2B handcrafted gold jewellery business. Its clientele comprises leading corporate jewellery retailers, including companies like Joyalukkas, Kalyan Jewellers, P.N. Gadgil, and D.P. Abhushan, and other players. With more and more organised retail chains entering tier II and III cities in order to cater to the demand for certified and hallmarked jewellery, Shankesh Jewellers will definitely make gains by virtue of its job worker-driven production model, with a focus on design, sourcing, and quality checks. Also, given its varied portfolio of products that includes bridal sets, mangalsutras, bangles, chokers, and rings in both 22-carat and 18-carat gold, the firm has managed to target the core demand generators of the industry, namely, weddings, festivals, and everyday wear. Now, Shankesh Jewellers is launching its initial public offering (IPO), which consists of a fresh issue of ₹274.18 crore and an offer for sale of ₹93 crore. The total issue size of the IPO is ₹367.18 crore. Its shares will be listed on the NSE and BSE. ### **How to pre-apply for Shankesh Jewellers IPO?** You can pre-apply for Shankesh Jewellers IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Shankesh Jewellers IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app ### **How to apply for Shankesh Jewellers IPO?** If you are interested in this investment opportunity but unsure how to apply for Shankesh Jewellers IPO, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Shankesh Jewellers IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Shankesh Jewellers IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ### **How to check allotment status for Shankesh Jewellers IPO?** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the Shankesh Jewellers IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your Shankesh Jewellers IPO allotment status will be mentioned.

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   18 Aug 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   20 Aug 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   22 Aug 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   23 Aug 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   24 Aug 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   25 Aug 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.

Date-wise daily subscription (all categories)

Date-wise cumulative subscription figures per category, refreshed each bidding day.