Shankesh Jewellers IPO Day 2: Explore GMP Insights and Subscription Status—Is It Worth Your Investment?

The initial public offering (IPO) for Shankesh Jewellers, a Mumbai-based B2B jewellery company, has garnered increasing investor interest as it entered its second day of bidding on August 19, 2026. The IPO, valued at Rs 367.18 crore, is currently experiencing a 5 percent premium in the grey market, a significant jump from the previous 2 percent. This uptick suggests expectations of a moderately positive listing, although potential investors should be cautious about expecting blockbuster gains. On its first day, the IPO was subscribed 36 percent overall, with a notably stronger retail subscription of 53 percent against the shares available in that category.

Shankesh Jewellers’ IPO consists of a combination of a fresh issue and an offer for sale (OFS), with the fresh issue comprising 2.95 crore shares worth Rs 274.18 crore and the OFS consisting of 1 crore shares aggregating Rs 93 crore. The price band is set between Rs 88 to Rs 93 per share, with a minimum investment of Rs 14,880 for retail investors purchasing one lot of 160 shares. The grey market premium (GMP) signifies an estimated listing price of around Rs 98, reflecting a modest anticipated gain of Rs 5 per share. However, potential investors are advised to focus on the company’s fundamentals rather than solely on grey market fluctuations, given its potentially volatile nature.

The proceeds from the IPO are intended primarily to enhance Shankesh Jewellers’ financial position by reducing debt obligations and funding working capital needs. The company’s recent financial performance has been robust, showcasing a significant 165 percent increase in Profit After Tax (PAT) year-on-year, underscoring improved profitability. With a well-established B2B customer base and a strategic asset-light operating model, the IPO could be appealing for investors with a long-term perspective. The brokerage Anand Rathi has rated the IPO as “Subscribe: Long Term,” signaling strong growth potential for those looking beyond immediate gains. Overall, while the listing sentiment appears cautiously optimistic, a longer-term view may be more beneficial for prospective investors.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova IPO team.)