Shankesh Jewellers share price made a decent debut on the bourses today, Tuesday, 25 August. On NSE, Shankesh Jewellers share price opened at ₹103.30 per share, 11.08% higher than the issue price of ₹93. On BSE, the stock opened at ₹102.20 apiece, up 9.89% than the issue price.
The Shankesh Jewellers IPO was subscribed 2.80 times on the final day of bidding on Thursday, indicating strong investor demand for the initial share sale.
The company’s ₹367-crore IPO received bids for 7,74,38,400 equity shares against the 2,76,37,400 shares on offer, according to NSE data.
The non-institutional investors (NIIs) portion was subscribed 5.68 times, while the retail investors category received 2.42 times subscription. The qualified institutional buyers (QIBs) portion was subscribed 1.32 times.
Shankesh Jewellers IPO price band has been fixed at ₹88-93 per equity share. At the upper end of the price band, the company is valued at around ₹1,367 crore. The ₹367-crore IPO opened for subscription on 18 August and closed on 20 August.
The Mumbai-based jewellery wholesaler raised ₹110.15 crore from anchor investors on Monday, ahead of its initial public offering (IPO).
The company allotted more than 1.18 crore equity shares to 14 anchor investors at ₹93 per share, which is the upper end of the IPO price band, according to a circular uploaded on the BSE website.
The anchor investors included Tiger Strategies Fund-I, Necta Bloom VCC, Venus Investment VCC, Zeal Global Opportunities Fund, ASAS Global Fund and Uni Growth Fund. The anchor portion saw no allocation to domestic mutual funds, life insurance companies or pension funds, the circular showed.
Shankesh Jewellers IPO GMP today, or grey market premium, is +2.75. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Shankesh Jewellers share price was indicated at ₹95.75 apiece, which is 2.96% higher than the IPO price of ₹93.
Shankesh Jewellers IPO details
The IPO comprises a fresh issue of up to 2.95 crore equity shares and an offer-for-sale (OFS) of up to 1 crore equity shares. At the upper end of the price band, the issue size is estimated at around ₹367 crore, and at the lower end, at approximately ₹347 crore.
The company plans to use the proceeds from the fresh issue towards the repayment or pre-payment of borrowings, funding working capital requirements and general corporate purposes.
Aryaman Financial Services Ltd is the book-running lead manager to the issue, while Kfin Technologies Ltd is the registrar.
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