Shankesh Jewellers IPO To Open On August 18; Price Band Fixed At ₹88-93/Share

Shankesh Jewellers, a Mumbai-based jewellery wholesaler, on Tuesday said its ₹367 crore Initial Public Offering (IPO) will open for subscription on August 18.

The price band for the IPO has been fixed at ₹88-93 per equity share, valuing the company at ₹1,367 crore at the higher end.

The three-day IPO will conclude on August 20 and anchor investor bidding will take place on August 17, the company announced.

The IPO comprises a fresh issue of up to 2.95 crore equity shares and an Offer For Sale (OFS) of up to 1 crore equity shares.

At the upper price band, the issue size will be around ₹367 crore, while at the lower band it will be around ₹347 crore.

Proceeds from the fresh issue will be used for repayment or pre-payment of borrowings, funding working capital requirements and general corporate purposes.

The IPO has reserved 50% of the offer for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 35% for retail investors.

The equity shares are proposed to be listed on both BSE and NSE on August 25.

Aryaman Financial Services and Smart Horizon Capital Advisors are the book-running lead managers to the issue, while KFin Technologies is the registrar.