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Shankesh Jewellers IPO subscription shows modest grey market premium

The IPO price band is fixed at ₹88 to ₹93 per share, with the issue scheduled to close on Thursday, 20 August.

Reported · Written up by our desk · Emerging Markets

Shankesh Jewellers’ IPO is in its second day of public subscription, after opening on Tuesday, 18 August, and is set to run through Thursday, 20 August, according to LiveMint Markets. The price band is fixed at ₹88 to ₹93 per share.

The book-build includes a fresh issue of 29,482,000 shares to raise ₹274.18 crore and an offer for sale of 1 crore shares, taking the aggregate deal size to ₹93 crore. Allotment is expected to be finalised on Friday, 21 August, with shares credited to successful bidders’ demat accounts on Monday, 24 August.

By 11:35 AM on Wednesday, the IPO had an overall subscription of 0.52 times, with retail booked at 0.77 times and the non-institutional investors segment at 0.48 times. LiveMint Markets also cited qualified institutional buyers booked at 0.12 times as of that time.

Grey market sources cited by LiveMint Markets indicated a grey market premium of ₹5 on Wednesday morning, suggesting only a modest listing gain versus the issue price range. The filing also notes the company makes hand-crafted gold jewellery and relies on third-party job-workers for production and manufacturing.

Latest closeGold $4,432.00 ▲1.6%

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