Ahead of the listing, Shankesh Jewellers shares were commanding a grey market premium (GMP) of ₹2 per share, indicating a potential listing premium of around 2.15% over the upper price band of ₹93.
ALSO READ | Sunshine Pictures shares debut at 10% premium after 106x-subscribed IPO
The ₹367.18-crore initial public offering (IPO) was subscribed 2.8 times during the three-day bidding period from August 18 to August 20. Investors placed bids for 7.74 crore equity shares against 2.76 crore shares on offer.
The Non-Institutional Investors (NIIs) category led the demand with 5.68 times subscription, followed by retail investors at 2.42 times.
The company had fixed the IPO price band at ₹88-₹93 per equity share. The minimum bid lot was 160 shares, requiring a minimum investment of ₹14,880 at the upper end of the price band.
At the upper end of the price band, Shankesh Jewellers was valued at around ₹1,367 crore.
Ahead of the IPO, the company raised ₹110.15 crore from anchor investors at ₹93 per share, the upper end of the price band.
Shankesh Jewellers allotted more than 1.18 crore shares to 14 anchor investors. The anchor book included Tiger Strategies Fund-I, Necta Bloom VCC, Venus Investment VCC, Zeal Global Opportunities Fund, ASAS Global Fund and Uni Growth Fund.The anchor allocation did not include domestic mutual funds, life insurance companies or pension funds.
The IPO comprised a fresh issue of around ₹274.18 crore and an offer for sale (OFS) of up to 1 crore equity shares worth around ₹93 crore.
The company plans to use the fresh issue proceeds towards repayment or prepayment of borrowings, meeting working capital requirements and general corporate purposes.
Shankesh Jewellers is a Mumbai-based B2B jewellery company that manufactures handcrafted 22-karat and 18-karat gold jewellery.
The company supplies its products to corporate and non-corporate clients across India. Its customers include Joyalukkas India, P N Gadgil & Sons, Kalyan Jewellers India and Novel Jewels, among others.
