Shankesh Jewellers IPO To Open on August 18; Price Band Fixed at Rs 88–93/Share

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

The price band for the IPO has been fixed at Rs 88-93 per equity share, valuing the company at Rs 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 Rs 367 crore, while at the lower band it will be around Rs 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 per cent of the offer for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 35 per cent 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.

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