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MUMBAI — Shankesh Jewellers Limited, a Mumbai-based manufacturer of handcrafted gold jewellery, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). This move signals the company’s intention to join the growing number of jewellery firms seeking public listings.
The proposed IPO is a Book-Built Issue and comprises a mix of a Fresh Issue of up to 3 crore equity shares and an Offer for Sale (OFS) of up to 1 crore shares. The equity shares have a face value of each and are proposed to be listed on the BSE and NSE.
Issue Structure and Key Objectives
The Fresh Issue component is primarily aimed at boosting the company’s financial health and supporting its operations. Key objectives for the utilisation of the fresh issue proceeds include:
- Debt Repayment/Pre-payment: Approximately crore is earmarked for the repayment or pre-payment of certain existing borrowings.
- Working Capital: crore will be allocated towards funding the company’s working capital requirements.
- General Corporate Purposes
The Offer for Sale (OFS) component, comprising up to 1 crore shares, will see a partial divestment of stake by the promoter selling shareholders, Kantilal K. Jain and Manoj K. Jain.
Note: The final IPO price band and the total issue size in terms of monetary value will be determined at a later stage in consultation with the Book Running Lead Managers.
Company Profile and Financial Snapshot
Headquartered in Mumbai’s Zaveri Bazaar, Shankesh Jewellers specialises in the manufacturing of handcrafted gold jewellery in 22-karat and 18-karat variants. Their product range includes bangles, bridal sets, chokers, necklaces, and rings. The company operates on a B2B model, catering to leading national retail chains such as Joyalukkas India, P. N. Gadgil & Sons, Kalyan Jewellers, and Novel Jewels.
The company has demonstrated strong financial growth in the fiscal year ending March 31, 2025:
- Revenue from Operations: crore
- Profit After Tax (PAT): crore
This marks a significant increase from the previous year, with revenue growing by 32% and PAT soaring by 215% compared to the financial year 2024.
The book-running lead managers for the issue are Aryaman Financial Services and Smart Horizon Capital Advisors, with KFin Technologies serving as the registrar. The timeline for the IPO subscription dates and subsequent listing will be announced post-SEBI clearance.
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