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Shankesh Jewellers IPO set to list on BSE and NSE on Aug. 25
The IPO price band is ₹88 to ₹93, and the ₹367.18 crore offering includes a ₹158 crore allocation to repay or prepay certain borrowings.
India’s Shankesh Jewellers IPO is set to debut on the BSE and NSE on Tuesday, 25 August, after the company finalized allotment on Friday, 21 August, according to LiveMint Markets.
The IPO opened for subscription on 18 August and closed on 20 August, with the issue currently showing a grey market GMP of ₹2 per share, which suggests about 2.15% upside versus the IPO’s upper price band of ₹93. LiveMint Markets also cautions that GMP is unofficial and can fluctuate before listing.
The company’s ₹367.18 crore public issue comprises a fresh issue and an offer for sale. The fresh issue includes 2.95 crore equity shares worth ₹274.18 crore, while the OFS totals 1 crore shares worth ₹93 crore.
At the ₹88 to ₹93 price band, retail investors must bid for at least one lot of 160 shares, which comes to a minimum investment of ₹14,880 at the upper end. LiveMint Markets says the company plans to use net proceeds to improve its financial position, including directing ₹158 crore toward repayment or prepayment of certain outstanding borrowings to reduce its debt burden, and that Aryaman Financial Services is the book-running lead manager with Kfin Technologies as registrar.