⌘K
Shankesh Jewellers is engaged in the business of hand-crafted gold jewellery and providing customization services to corporate and non-corporate clients. The company operates on an asset-light business model, relying on third-party job workers for production.
While the fundamentals are robust for long-term growth, the immediate listing gain prospects are low, and the risks warrant caution.
The current GMP is very low (1.08% premium), and QIB and Retail subscription rates are modest, indicating weak market sentiment for significant listing gains.
While fundamentals are strong, the weak market sentiment and potential for initial volatility post-listing suggest a neutral short-term outlook. Investors might wait for price discovery.
The company demonstrates exceptional financial growth, improving margins, strong return ratios, and an attractive valuation relative to peers. These factors support long-term value creation, provided operational risks are managed effectively.
Listing-day performance is not available yet. It will appear here once this IPO has listed and results are recorded.
| Category | Shares Offered | % of Issue | Share |
|---|---|---|---|
| QIB | 1,97,41,600 | 50% | |
| NII (HNI) | 59,22,300 | 15% | |
| Retail | 1,38,18,700 | 35% |
| Investor | |||
|---|---|---|---|
| TIGER STRATEGIES FUND 1 | 18,42,840 | ₹17.14 Cr | 15.56% |
| NECTA BLOOM VCC-NECTA BLOOM ONE | 16,12,960 | ₹15 Cr | 13.62% |
| VENUS INVESTMENTS VCC-VENUS STELLAR FUND | 10,75,680 | ₹10.03 Cr | 9.08% |
| ZEAL GLOBAL OPPORTUNITIES FUND | 10,75,360 | ₹10.01 Cr | 9.08% |
| ASAS GLOBAL FUND INCORPORATED VCC SUB FUND | 10,75,360 | ₹10.01 Cr | 9.08% |
| UNI GROWTH FUND | 8,60,320 | ₹8 Cr | 7.26% |
| SUNRISE INVESTMENT TRUST-SUNRISE INVESTMENT OPPORTUNITIES FUND | 5,37,760 | ₹5 Cr | 4.54% |
| INNOVATIVE VISION TRUST | 5,37,760 | ₹5 Cr | 4.54% |
| NEXUS GLOBAL OPPORTUNITIES FUND | 5,37,760 | ₹5 Cr | 4.54% |
| ARNESTA GLOBAL OPPORTUNITIES FUND PCC-ARNESTA GLOBAL FUND 1 | 5,37,760 | ₹5 Cr | 4.54% |
| NOVA GLOBAL OPPORTUNITIES FUND PCC-TOUCHSTONE | 5,37,760 | ₹5 Cr | 4.54% |
| COMPACT STRUCTURE FUND | 5,37,760 | ₹5 Cr | 4.54% |
| 31 DEGREES NORTH GROWTH FUND | 5,37,760 | ₹5 Cr | 4.54% |
| VINEY GROWTH FUND | 5,37,760 | ₹5 Cr | 4.54% |
Premium gain of 1.08% over issue price.
Exceptional historical financial performance with strong revenue and profit growth.
Significant improvement in EBITDA and PAT margins.
Excellent return ratios (ROE, ROCE, RoNW) well above industry averages.
Attractive valuation (low P/E) compared to listed peers.
Asset-light business model leveraging long-term relationships with job workers.
Established relationships with major corporate jewellery clients.
High promoter holding post-IPO (69.53%).
Experienced promoter and management team.
Successful expansion of client base, deeper penetration into existing markets, effective management of operational dependencies, and continued strong demand for gold jewellery.
Sustained growth in the domestic jewellery market, stable gold prices, and continued operational efficiency with existing client relationships.
Significant volatility in gold prices, increased competition, disruptions in the supply chain due to job worker dependency, or a slowdown in consumer demand for jewellery.
Positive: Exceptional revenue and PAT growth (CAGR of 23.6% and 188.7% respectively over FY24-FY26).
Concern: Weak market sentiment indicated by low and declining GMP (1.08% premium).
Advisory: litigation disclosed (advisory, not a specific severe matter)
Listing-gain vs long-term: Neutral / Apply.