Shankesh Jewellers IPO Opens to Tepid Demand Amid Global Gold Price Volatility

Mumbai-based Shankesh Jewellers Limited has launched its initial public offering (IPO) to raise INR 3.67 billion, seeking to test investor appetite amidst volatile global gold prices and inflated inventory valuations.

The IPO structure comprises a fresh equity issuance of INR 2.74 billion alongside an offer-for-sale component of INR 930 million by promoters Kantilal Kheemraj Jain and Manoj Kantilal Jain.

Retail individual investors drove the early momentum, accounting for a 28 percent subscription rate within their designated category by midday on Day 1, while non-institutional investors bid for a mere 6 percent of their quota.