Shankesh Jewellers Limited IPO — the disclosed details

This page restates the publicly disclosed details of the Shankesh Jewellers Limited IPO, taken from the Red Herring Prospectus dated August 10, 2026 and the abridged prospectus of the same date. It is a record of what has been filed, nothing more. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.

What institutional desks read first — the filed ratios

These are the company’s own “Basis for Offer Price” disclosures from the Red Herring Prospectus dated August 10, 2026 (printed page 124), restated as printed — this is not a valuation, and no view is offered on any of these figures.

Ratio, as filed	Value
Basic and diluted EPS (Rs, face value Rs 5)	Fiscal 2026: 9.09 · Fiscal 2025: 3.44 · Fiscal 2024: 1.09
Price Band	Rs 88 (Floor Price) to Rs 93 (Cap Price) per equity share, as defined in the RHP
Offer Price	Rs [●] — the RHP prints the Offer Price as a placeholder throughout the document, to be fixed within the band on conclusion of the Book Building Process

Nothing on this page is computed by this site as a multiple, an enterprise value or a peer average. Only figures the RHP itself prints are restated here.

What the company does

Shankesh Jewellers Limited states in its RHP that it is engaged in hand-crafted gold jewellery and in providing customisation services to its clients, and that it is dependent on third-party Jobworkers for the production and manufacturing of all of its products. The RHP describes an asset-light model: the company handles design, sourcing and delivery, while Karigars engaged through Jobworkers carry out production. It reports no in-house manufacturing, 72 job workers in Fiscal 2026 against 87 in Fiscal 2025 and 90 in Fiscal 2024, and that 66 jobworkers have entered into agreements with the company.

The product range covers 22-karat and 18-karat hand-crafted gold jewellery, hallmarked to BIS standard, plus custom job work where clients supply the bullion and the design specifications. The RHP names corporate clients including Joyalukkas India Limited, P. N. Gadgil & Sons Limited, Kalyan Jewellers India Limited, P N Gadgil Jewellers Limited, Manoj Vaibhav Gems ‘N’ Jewellers Limited, Novel Jewels Limited (Aditya Birla Group), Bhima Jewellery Madurai, Hari Prasad Gopi Krishna Saraf Private Limited, D.P Abhushan Limited, Vysyaraju Jewellers Private Limited, Gajaananda Jewellery Mart India Private Limited and Arundhati Jewellers Pvt. Ltd. Total customers were 418 in Fiscal 2026, of whom 334 were repeat customers and 84 were new.

The RHP states that Kantilal Kheemraj Jain started dealing in hand-crafted gold jewellery in 1992 under a proprietary firm named Shankesh Jewellers. The company itself was incorporated as H. K. Gold Private Limited on July 11, 2005, renamed Shankesh Jewellers Private Limited by a fresh certificate dated August 09, 2006, and converted to a public limited company as Shankesh Jewellers Limited by a fresh certificate dated April 23, 2025. The promoters named on the RHP cover are Kantilal Kheemraj Jain, Mahavir Kantilal Jain and Manoj Kantilal Jain. The registered office is at Office No. 12, 3rd Floor, 101 Mumbadevi Diamond Premises Co-Op Society Ltd., Zaveri Bazar, Mumbai 400002, and the corporate office at 211/213, Rajabahadur Goverdhanlal Bansilal Building, Kalbadevi Road, Mumbai 400002. CIN: U36910MH2005PLC154679.

The board comprises six directors as on the date of the RHP: Kantilal Kheemraj Jain (Chairman and Non-Executive Director), Manoj Kantilal Jain (Managing Director), Mahavir Kantilal Jain (Whole Time Director), and Nikhil Ramesh Parmar, Sanjay Babulal Jain and Sunita Amit Modak as Non-Executive Independent Directors. The Chief Financial Officer is Chandrashekhar Koraga Shetty and the Company Secretary and Compliance Officer is Shweta Dattatray Ravankar. Statutory auditors: V J Shah & Co., Chartered Accountants.

What the money is for

The offer has two parts: a fresh issue of up to 29,482,000 equity shares, which raises new money for the company, and an offer for sale of up to 10,000,000 equity shares by two Promoter Selling Shareholders. The RHP states the company will not receive any proceeds from the offer for sale; that money goes to the selling shareholders. The two sellers are Kantilal Kheemraj Jain, offering up to 4,800,000 equity shares at a weighted average cost of acquisition of Rs 0.44 per share, and Manoj Kantilal Jain, offering up to 5,200,000 equity shares at a weighted average cost of acquisition of Rs 0.37 per share, both as certified by V J Shah & Co. by certificate dated August 08, 2026 and consented by letters dated September 17, 2025.

The RHP states the net proceeds of the fresh issue are for:

Object of the fresh issue	Amount, as filed
Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the company	Rs 1,580.00 million, scheduled for deployment in Fiscal 2026-27
Funding working capital requirements of the company	Rs 380.00 million, scheduled for deployment in Fiscal 2026-27
General corporate purposes	Rs [●] — to be determined on finalisation of the Offer Price; the RHP states it shall not exceed 25% of the gross proceeds of the fresh issue

The RHP identifies the borrowings to be repaid as a cash credit and overdraft facility from HDFC Bank (Rs 980.00 million sanctioned, Rs 968.55 million outstanding) and a cash credit facility from Kotak Mahindra Bank (Rs 690.00 million sanctioned, Rs 660.65 million outstanding), each as on July 15, 2026. The RHP prints the total outstanding on those two facilities as Rs 1,629.40 million, while the two figures it prints for the individual facilities add to Rs 1,629.20 million; the difference is reproduced here as printed and is not explained in the document. The RHP states these net proceeds will not be used to repay loans primarily availed from promoters, the promoter group, directors or any other body corporate.

The RHP states the entire deployment for all three objects is scheduled in Fiscal 2026-27, that the fund requirements and the intended use of the net proceeds have not been appraised by any bank, financial institution or external agency, and the Objects of the Offer contain no capital expenditure project.

What the RHP flags as risks

These are the company’s own words, from the risk-factor section of the RHP, paraphrased without addition:

• Demand for its customers’ products. The RHP states the business and the demand for its product are reliant on the success of its customers’ products with end consumers, and that any decline in demand for those end-products could adversely affect its business, results of operations, cash flows and financial condition. It separately flags that jewellery purchases are discretionary and often perceived as luxury purchases, so any factor affecting discretionary consumer spending may affect the business.
• Dependence on third-party jobworkers. The company is dependent on third-party Jobworkers for the production and manufacturing of all of its products, and its manufacturing work is done by skilled Karigars who do not work exclusively for it. The RHP reports 72 job workers in Fiscal 2026 against 87 in Fiscal 2025 and 90 in Fiscal 2024, with a job worker attrition rate of 17.24% in Fiscal 2026 versus 3.33% and 1.10% in the two preceding fiscals.
• Geographic and customer concentration. The top five states — named in the RHP as Tamil Nadu, Maharashtra, Uttar Pradesh, Bihar and Odissa — contributed 67.84%, 63.67% and 62.00% of revenue from operations in Fiscals 2026, 2025 and 2024. The top 10 customers contributed 39.56%, 30.48% and 30.62% over the same three fiscals; the top five contributed 23.26%, 19.91% and 19.77%, and the single largest customer 6.12%, 6.45% and 5.35%.
• Indebtedness. The RHP states the company has incurred significant indebtedness that exposes it to various risks, and that conditions and restrictions in the agreements governing that indebtedness could affect its ability to operate. It reports total outstanding borrowings of Rs 1,672.96 million as of March 31, 2026, and earmarks Rs 380.00 million of the net proceeds for working capital.
• Raw material prices, inventory and transit. Fluctuations in the price of gold, diamonds or other raw materials may materially and adversely affect revenue from operations and profitability, and the nature of the business requires the company to maintain sufficient inventories. The RHP also flags security risks in the transit and delivery of gold jewellery, including potential loss or theft, and states the company does not enter into long-term agreements with suppliers for its raw materials.
• No listed-company board experience; leased premises. The RHP states none of its directors has prior experience of directorships in listed companies, and that its registered and corporate office and its branch offices sit on land the company does not own, held on a leasehold basis from third parties — the registered and corporate office being leased from Mangala Jugraj Jain and Sushila Kantilal Jain. It also notes the promoters will continue to hold a significant portion of the post-Offer paid-up capital and may have significant ability to control the payment and rate of dividends.
• Unappraised deployment; no binding customer contracts. The funding requirements and proposed deployment of the net proceeds have not been appraised by any bank, financial institution or other external agency and rest on the company’s current business plan and management estimates. The RHP also states the company does not bind its customers to long-term agreements, so customers may terminate the relationship without notice or compensation.

The numbers as filed

Item	As filed
Issue size	Up to 39,482,000 equity shares of face value Rs 5 each. The RHP prints the rupee amount as “Rs [●]”; on the RHP’s own share count and its stated price band, that is approximately Rs 347.44 crore at the floor price and Rs 367.18 crore at the cap price
Fresh issue	Up to 29,482,000 equity shares — approximately Rs 259.44 crore at the floor price and Rs 274.18 crore at the cap price
Offer for sale	Up to 10,000,000 equity shares by the two Promoter Selling Shareholders — Rs 88.00 crore at the floor price and Rs 93.00 crore at the cap price
Face value	Rs 5 per equity share
Price band	Rs 88 to Rs 93 per equity share
Lot size	160 equity shares, and multiples of 160 thereafter (as reported)
Minimum investment	Rs 14,880 at the cap price (as reported); the same lot at the floor price would be Rs 14,080
Pre-Offer equity capital	117,549,420 equity shares of face value Rs 5 each; authorised capital 150,000,000 equity shares
Post-Offer equity capital	147,031,420 equity shares — derived from the filed pre-Offer count plus the fresh issue. The RHP prints post-Offer capital as “[●]”, and prints the offer as “[●]%” of it

Two sourcing notes. The price band is primary-confirmed inside the RHP itself, in its Definitions (page 8) and in “Terms of the Offer — Face Value, Price Band and Offer Price” (page 356). The same document is internally inconsistent on the point: its cover page, its “Risks in Relation to the First Offer” block and the abridged prospectus of the same date all retain the pre-pricing boilerplate, showing “Rs [●]” for floor, cap and offer price and stating the band will be decided and advertised. Both are stated here as filed. The final Offer Price within the band is printed as “Rs [●]” throughout, and every rupee amount in the offer is left as “Rs [●] million” to be filled in the Prospectus.

The lot size and the minimum investment are marked “(as reported)” because they have no primary-document backing. The RHP leaves the Bid Lot as “[●] Equity Shares and in multiples of [●] Equity Shares thereafter” (page 4), the figure 160 as a share count appears nowhere in the 426-page RHP, and the abridged prospectus carries no bid lot either. The lot is set by the price-band advertisement, which could not be retrieved from any primary host — the issuer’s site, either book running lead manager’s site, SEBI, BSE or NSE. Both figures therefore rest on the issuer and lead-manager press release as republished by the news outlets listed in the sources below, and on a broker explainer; the minimum investment is arithmetic on that unconfirmed lot. Re-confirm both against the price-band advertisement or the Prospectus filed with the Registrar of Companies.

From the Restated Financial Statements summarised in the RHP (Rs in millions):

	FY2024	FY2025	FY2026
Revenue from operations	10,617.83	14,038.26	16,307.87
Profit before tax	172.34	540.32	1,433.93
Profit after tax, continuing operations	128.16	403.12	1,066.81
Total equity	602.94	1,005.96	2,094.27
Current borrowings	1,085.77	1,448.39	1,672.96
Basic and diluted EPS (Rs)	1.09	3.44	9.09

Total assets were Rs 4,037.61 million as at March 31, 2026, with inventories of Rs 2,399.58 million and trade receivables of Rs 1,264.16 million on the same date. The Fiscal 2026 revenue splits into 22-karat sales of Rs 13,959.96 million, 18-karat sales of Rs 2,209.84 million and job work of Rs 138.07 million. The RHP states the debt-equity ratio stood at 0.80 as on June 30, 2026, and that fund-based working capital facilities stood at Rs 1,670.00 million with outstanding borrowings of Rs 1,629.40 million as of that date. The company has not paid dividends on its equity shares for Fiscals 2026, 2025 and 2024 or during the current fiscal.

Who can actually sell on listing day

On listing day, most of Shankesh Jewellers’ share register is not allowed to trade. A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.

This issue sits on the shorter promoter lock-in regime, which the RHP cites to Regulations 14 and 16(1) of the SEBI ICDR Regulations; the Objects of the Offer contain no capital expenditure project. The durations below are quoted from this RHP’s own capital-structure chapter.

Who	Locked for, per this RHP
Minimum promoters’ contribution: an aggregate of 20% of the fully diluted post-Offer capital held by the promoters (RHP p. 107). The per-promoter break-up table is printed as “[●]” and is filled in the Prospectus filed with the RoC	18 months from the date of Allotment
Promoter holding in excess of that 20% (RHP p. 107). Promoters and Promoter Group together hold 112,232,400 equity shares before the offer, 95.48% of pre-Offer capital, across 9 holders; none of the promoters’ shares is pledged or otherwise encumbered	6 months from the date of Allotment
The entire remaining pre-Offer capital under Regulation 17(1) — everything other than the minimum promoters’ contribution, the promoters’ excess and the shares sold in the offer for sale (RHP p. 108). The RHP’s shareholding pattern puts the public category at 5,317,020 equity shares across 39 holders, 4.52% of pre-Offer capital	6 months from the date of Allotment
Anchor investors (RHP p. 109, restated p. 378)	50% of the anchor allotment for 90 days, the remaining 50% for 30 days, from the date of Allotment

The anchor book was allotted at Rs 93 per share (the cap price) on 17 August 2026 — no primary exchange anchor-allocation circular could be retrieved, so this rests on secondary wire reports, which disagree on the investor count: Business Standard and chshyd.in report 14 anchor investors, IPO Central reports 12.

The offer against the register, with the anchor book now final:

Step	Shares	% of post-issue capital
Fresh issue	29,482,000	20.05%
Offer for Sale	10,000,000	6.80%
Total offer	39,482,000	26.85%
Less: anchor allotment, locked 30/90 days	-11,844,600	-8.06%
= Sellable on listing day	27,637,400	18.80%
Locked or not offered — the rest of the register	119,394,020	81.20%
Post-issue capital	147,031,420	100.00%

Three qualifications that are not arithmetic. The count assumes the offer is fully subscribed, and the clock in every row above runs from the date of Allotment, not from listing. Where a lock-in cannot be created, Regulation 17(2) has the depositories record the shares as “non-transferable” for the same six months. The Regulation 17(1) carve-out for a venture capital fund, a Category I or II AIF or a foreign venture capital investor is a non-event here: the RHP expressly states the company has no such shareholders as on its date, and it discloses no outstanding options, stock appreciation rights, warrants or convertible securities, and no shares held by employee trusts. The RHP also states any unsubscribed portion of the shares forming part of the offer for sale would itself be locked in as required under the SEBI ICDR Regulations.

Figures are from the RHP’s capital-structure and lock-in disclosures (pp. 99 to 109), its Offer Structure chapter (p. 363) and its Definitions, as of 30 August 2026.

Dates and mechanics

Event	Date
Anchor investor bidding	Monday, August 17, 2026 (anchor investors only)
Bid/offer opens	Tuesday, August 18, 2026
Bid/offer closes	Thursday, August 20, 2026 (UPI mandate end time 5:00 p.m. on the closing date)
Finalisation of basis of allotment	Friday, August 21, 2026 (on or about)
Initiation of refunds and unblocking of ASBA funds	Friday, August 21, 2026 (on or about)
Credit of shares to demat accounts	Friday, August 21, 2026 (on or about)
Commencement of trading	Tuesday, August 25, 2026 (on or about)

Every date after the close is indicative and is expressed in the RHP as “on or about”. The RHP’s own timetable puts finalisation of the basis of allotment, initiation of refunds and unblocking, and credit of shares to demat accounts all on the same date.

The offer is made through the Book Building Process under Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations, in compliance with Regulation 6(1). The buckets, as filed:

Bucket	Share of the offer, as filed
Qualified Institutional Buyers	Not more than 50% of the offer. The company, in consultation with the lead managers, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis
— Anchor Investor reservation	At least 40% of the Anchor Investor Portion: 33.33% for domestic Mutual Funds and 6.67% for Life Insurance Companies and Pension Funds
— Mutual Funds in the Net QIB Portion	Up to 5% of the Net QIB Portion (the QIB Portion less shares allocated to Anchor Investors), on a proportionate basis
Non-Institutional Investors	Not less than 15% of the net offer — one-third reserved for applications above Rs 0.20 million and up to Rs 1.00 million, two-thirds for applications above Rs 1.00 million, with unsubscribed portions transferable between the two sub-categories
Retail Individual Investors	Not less than 35% of the net offer

The RHP discloses no employee reservation portion and no other reservation, so the net offer equals the offer. Under-subscription in any category other than the QIB Portion may be met by spill-over from other categories at the discretion of the company, in consultation with the lead managers and the Designated Stock Exchange. On the anchor mechanics, the RHP states an Anchor Investor must bid for at least Rs 100.00 million, that no single bid may be submitted for over 60% of the QIB Portion, that the minimum number of anchor allottees is two and the maximum 15 where the Anchor Investor Portion is up to Rs 2,500.00 million, subject to a minimum allotment of Rs 50.00 million per anchor investor, and that any under-subscription or non-allocation in the Anchor Investor Portion is added to the Net QIB Portion.

This is a mainboard offer under Regulation 6(1) of the SEBI ICDR Regulations. The equity shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited, with in-principle approvals from both exchanges by letters each dated December 04, 2025. BSE Limited is the Designated Stock Exchange for the offer.

Book running lead managers: Aryaman Financial Services Limited (contact person Vatsal Ganatra) and Smart Horizon Capital Advisors Private Limited (contact person Parth Shah). Registrar: KFin Technologies Limited (contact person M. Murali Krishna; email shankesh.ipo@kfintech.com; telephone 040-67162222 / 18003094001).

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Information as of 15 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.

This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.