Shankesh Jewellers IPO Day 1: Check subscription status, price band, lot size and key dates

The initial public offering of Mumbai-based jewellery wholesaler Shankesh Jewellers opened for subscription on Tuesday, August 18. The issue, which has set a price band of ₹88 to ₹93 per share, will end on Thursday, August 20.

The ₹367.18 crore initial share sale is a mix of fresh issuance of shares totalling ₹274.18 crore and an offer for sale (OFS) component of ₹93 crore by promoters Kantilal Kheemraj Jain and Manoj Kantilal Jain.

The fresh issue proceeds will be used for debt clearance, working capital requirements and general corporate purposes.

"Our company intends to strengthen its capital base and expects to receive the benefits of listing of the equity shares on the stock exchanges, including, among other things, enhancing the visibility of our brand and our company among our existing and potential customers," according to its red herring prospectus.

Shankesh Jewellers IPO Day 1: Subscription status

The subscription details for the first day of the issue will be available post 10 am.

Shankesh Jewellers IPO: Lot size

A lot consists of 160 shares and in multiples thereafter. Half of the offer is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

Shankesh Jewellers IPO: Allotment and listing date

Prior to the IPO, the company raised ₹110.15 crore from anchor investors, including Tiger Strategies Fund-I, Venus Investment VCC, Necta Bloom VCC, Zeal Global Opportunities Fund, Uni Growth Fund and ASAS Global Fund.

Shankesh Jewellers is involved in the business of hand-crafted jewellery and offers customisation services to its clients and depends on third-party job workers for the production and manufacturing of its products.

Its clients include Kalyan Jewellers India, Joyalukkas India, PN Gadgil & Sons, PN Gadgil Jewellers, Manoj Vaibhav Gems ‘N’ Jewellers Limited, Novel Jewels (Aditya Birla Group), Bhima Jewellery Madurai, Hari Prasad Gopi Krishna Saraf, DP Abhushan, Vysyaraju Jewellers, Gajaananda Jewellery Mart India, Arundhati Jewellers, Verma Jewellers and Sham Jewellers, amongst others.