Shankesh Jewellers IPO Day 2 Subscription Status: 0.94x Subscribed; GMP at ₹3
Shankesh Jewellers’ IPO ended Day 2 with 0.94x overall subscription, up from 0.36x at the end of Day 1. Retail Individual Investors led the bidding at 1.13x, while Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) were each at 0.76x. The Grey Market Premium (GMP) was around ₹3 per share in the early evening (5:00 p.m. to 6:30 p.m. IST) on 19 August 2026. The issue remains open until 20 August 2026.
| Metric | Latest update |
| Bidding day | Day 2 |
| Data status | Early evening (5:00 p.m. to 6:30 p.m. IST) on 19 August 2026 |
| Overall subscription | 0.94x |
| QIB subscription | 0.76x |
| NII subscription | 0.76x |
| Retail subscription | 1.13x |
| Current GMP | ₹3 |
| GMP percentage | 3.2% |
| Indicative price | ₹96 |
| Closing date | 20 August 2026 |
Shankesh Jewellers IPO Day 2 Subscription Status
By the end of the second bidding session, Shankesh Jewellers IPO had received bids for about 2.61 crore shares against roughly 2.76 crore shares available to the public, translating into an overall subscription of 0.94x.
Retail was the only main category to cross full subscription on Day 2.
| Investor category | Day 2 | Day 1 close | Change |
| Qualified Institutional Buyers | 0.76x | 0.03x | +0.73x |
| Non-Institutional Investors | 0.76x | 0.38x | +0.38x |
| Retail Individual Investors | 1.13x | 0.53x | +0.60x |
| Overall | 0.94x | 0.36x | +0.58x |
The strongest absolute increase came from QIB participation, which rose from just 0.03x on Day 1 to 0.76x by the end of Day 2. Retail demand also strengthened enough to take its reserved portion above 1x.
Subscription multiples represent the quantity of shares bid for relative to the shares available in each category. They do not represent the number of unique investors applying.
How Subscription Changed From Day 1
The IPO’s overall subscription increased by 0.58x, from 0.36x after Day 1 to 0.94x after Day 2.
Importantly, the improvement was no longer driven mainly by retail investors. QIB demand increased substantially during the second session, while NII participation also doubled from its Day 1 level. This made the bidding pattern more balanced across the three main categories.
Even so, the overall issue remained just below full subscription at the Day 2 close. The final bidding session on 20 August will therefore determine how much additional institutional, NII, and retail demand emerges before the book closes.
Shankesh Jewellers IPO GMP Today and Estimated Listing Price
The latest available GMP was around ₹3 per share in the early evening on 19 August 2026, broadly unchanged from an available late-afternoon reading.
At the upper price band of ₹93:
Indicative price = ₹93 + ₹3 = ₹96
GMP percentage = ₹3 ÷ ₹93 × 100 = about 3.2%
Some grey-market trackers showed a slightly higher reading of about ₹3.5 during the same day. This small difference highlights why GMP should be treated as an approximate market signal rather than an official price.
The GMP is unofficial, unregulated, and can change quickly. It is not published by the Securities and Exchange Board of India (SEBI), NSE, or BSE, and it does not guarantee either the listing price or listing gains.
What Stands Out in Today’s Bidding
Two developments are notable.
First, QIB subscription moved from 0.03x to 0.76x, indicating that institutional participation became much more visible on Day 2. Institutional bids often develop later in an IPO, although the Day 2 increase does not predict what the final QIB multiple will be.
Second, retail demand reached 1.13x, while NII demand stood at 0.76x. This means demand became broader than on Day 1 rather than remaining concentrated solely in the retail portion.
There are also limitations. Overall subscription was still below 1x after Day 2, and the GMP of roughly 3% indicated only a modest unofficial premium. Neither subscription levels nor GMP establish fair valuation, business quality, or future returns.
IPO Details Retail Investors Need
| Detail | Shankesh Jewellers IPO |
| Price band | ₹88 to ₹93 per share |
| Lot size | 160 shares |
| Minimum retail investment | ₹14,880 at upper band |
| Total issue size | ₹367.18 crore |
| Fresh issue | ₹274.18 crore |
| Offer for Sale (OFS) | ₹93 crore |
| Issue type | Book-built mainboard IPO |
| Closing date | 20 August 2026 |
| Expected listing date | 25 August 2026 |
| Exchange | BSE and NSE |
The minimum application of one lot requires 160 shares × ₹93 = ₹14,880 when bidding at the upper end of the price band.
Brief Company and Financial Context
Shankesh Jewellers is a business-to-business supplier of handcrafted 18-karat and 22-karat gold jewellery, using an asset-light model in which production is largely outsourced to skilled artisans and job workers. Revenue from operations increased from ₹1,403.83 crore in FY25 to ₹1,630.79 crore in FY26, while profit after tax rose from ₹40.31 crore to ₹106.68 crore.
From the fresh issue proceeds, the company plans to use about ₹158 crore for repayment or prepayment of borrowings and ₹38 crore for working-capital requirements, with the balance for general corporate purposes. Key considerations include exposure to gold-price movements, dependence on business customers, working-capital requirements, and outsourced production.
What Happens Next
20 August 2026 is the Closing Day for the Shankesh Jewellers IPO. Investors tracking the issue should watch whether overall demand moves decisively above 1x, how QIB participation develops, whether NII demand accelerates, and whether the retail category adds to its Day 2 subscription.
The GMP trend may also change as the final order book becomes clearer.
Frequently Asked Questions (FAQs)
Q: How many times was the Shankesh Jewellers IPO subscribed on Day 2?
A: Shankesh Jewellers IPO was subscribed 0.94x overall by the end of Day 2 on 19 August 2026. Retail demand led at 1.13x, while both the QIB and NII portions were subscribed 0.76x.
Q: How did Shankesh Jewellers IPO demand change from Day 1 to Day 2?
A: Overall subscription increased from 0.36x on Day 1 to 0.94x on Day 2, a rise of 0.58x. The biggest category increase came from QIBs, while retail subscription moved above 1x.
Q: What is the Shankesh Jewellers IPO GMP today?
A: The latest available Shankesh Jewellers IPO GMP was around ₹3 per share in the early evening on 19 August 2026. Some trackers showed about ₹3.5, reflecting the unofficial and variable nature of the grey market.
Q: What listing price does the current Shankesh Jewellers IPO GMP indicate?
A: A ₹3 GMP over the ₹93 upper price band gives an indicative price of ₹96 per share, or roughly 3.2% above the upper issue price. This is only a calculation based on an unofficial GMP and is not a listing-price prediction.
Q: Does high IPO subscription guarantee a premium listing?
A: No. Subscription shows the quantity of bids relative to shares available, while GMP is an unofficial sentiment indicator. Neither guarantees a premium listing, fair valuation, business performance, or future investment returns.
Disclaimer
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