Shankesh Jewellers Listing: Following the healthy response to the Shankesh Jewellers IPO, investors have now shifted their focus to the stock’s potential listing gains, with the shares scheduled to debut on the Indian stock market today, August 25.
Ahead of the listing, the stock is trading at a modest premium of 2.15%, or ₹2 per share, in the grey market. Based on the stock’s upper price band of ₹93 per share, the shares could list at around ₹95 per share.
The GMP reflects the expected difference between an IPO’s issue price and its anticipated listing price in the unofficial market. However, it is only a preliminary indicator and should not be the sole factor considered while making investment decisions.
The issue, which ran between August 18 and August 20, was subscribed 2.80 times. Non-institutional investors (NIIs) led the demand, with their portion subscribed 5.7 times.
Qualified institutional buyers (QIBs) subscribed their quota 1.32 times, while the retail portion was subscribed 2.42 times.
Shankesh Jewellers IPO details
The ₹367.18-crore public issue comprises a fresh issue and an offer-for-sale (OFS). The fresh issue includes 2.95 crore equity shares aggregating to ₹274.18 crore, while the OFS consists of 1 crore equity shares worth ₹93 crore.
The price band for the IPO was fixed at ₹88– ₹93 per share, with investors required to bid for a minimum lot of 160 shares. At the upper price band, retail investors were required to invest at least ₹14,880 to purchase one lot.
Aryaman Financial Services Ltd is the book-running lead manager to the issue, while KFin Technologies has been appointed as the registrar.
The company plans to use the net proceeds from the issue to improve its financial position and support its business requirements. Of the total proceeds, ₹158 crore will be allocated towards the repayment or prepayment of certain outstanding borrowings, either fully or partially. The move is expected to lower the company’s debt burden and further strengthen its balance sheet.
About the company
Established in 2005, Shankesh Jewellers Limited is engaged in the manufacturing and supply of customised handcrafted gold jewellery.
The company specialises in 22-karat and 18-karat gold jewellery, offering an extensive range of products, including bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, rings and combination sets.
Its portfolio spans various designs and categories, including antique, semi-antique, Calcutta, temple, gheru polish, yellow gold, rhodium and rose gold jewellery.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
