M.K.Sons Fine Jewels IPO
Bidding opens on 28 October 2026, in 2 days, and closes on 30 October 2026.
Subscription and grey market figures refresh on a 30-minute cycle. Last synced 26 October 2026. Confirm current numbers on the exchange websites before you apply.
- Issue size
- ₹275.40 Cr
- Lot size
- 91 shares
- Minimum investment
- ₹14,742.00
- Face value
- ₹10.00
- Fresh issue
- ₹220.32 Cr
- Offer for sale
- ₹55.08 Cr
- Exchanges
- NSE and BSE
- Bidding dates
- 28 October 2026 to 30 October 2026
The dates that matter
An Indian IPO runs on a fixed calendar. Bidding stays open for three working days, the allotment is finalised the next working day, and the shares begin trading the day after that.
Anchor investor biddingNext
27 October 2026 in 1 day
One day before the public window, for institutional anchors.
Bidding opens
28 October 2026
Bidding closes
30 October 2026
Basis of allotment
2 November 2026
Refunds initiated
2 November 2026
Shares credited to Demat
2 November 2026
Listing on the exchange
4 November 2026
Issue dates
Grey market premium
Grey market premium is the price traders quote among themselves for shares that have not listed yet. Below is the full day-by-day record we hold for this issue, not only the latest figure, because the movement across the bidding window says more than any single day does.
| Date | Premium per share |
|---|---|
| 2026-10-23 | 0 |
| 2026-10-24 | 7 |
| 2026-10-25 | 7 |
| 2026-10-26 | 7 |
Day by day, 4 records
| Date | Premium per share | Implied listing price | Implied gain |
|---|---|---|---|
| 26 October 2026 | ₹7.00 | ₹169.00 | 4.32% |
| 25 October 2026 | ₹7.00 | ₹169.00 | 4.32% |
| 24 October 2026 | ₹7.00 | ₹169.00 | 4.32% |
| 23 October 2026 | Not recorded | ₹162.00 | 0.00% |
About M.K.Sons Fine Jewels
M.K.Sons Fine Jewels Ltd. runs five retail jewellery showrooms across Maharashtra and Gujarat, in Bandra, Andheri, Zaveri Bazaar, C.G. Road and Sindhu Bhavan Road. The company sells gold, diamond and cubic zirconia jewellery to retail customers, covering bridal, festive, daily wear and premium buyers. Its catalogue held more than 19,442 SKUs as on June 30, 2026, of which over 14,582 are gold designs and 4,860 are diamond and precious stone designs. Products span rings, necklaces, bangles, earrings, bracelets, Mangalsutras, solitaires and customised pieces across 11 collections. The company does not make jewellery. It buys finished pieces from third-party vendors across Western India and sells them through its own stores. It employed 148 permanent staff as on September 30, 2026. Revenue comes from retail counter sales of BIS Hallmark-certified jewellery.
Promoters
- Ramchand Murlidhar Raimalani
- Neelam Ramchand Raimalani
- Kush Ramchand Raimalani
Financial highlights
The last three fiscal years as the offer document states them. Reading across a row shows whether the figure has grown, which is why the years run left to right.
| Metric (₹ crore) | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Assets | 95.21 | 219.64 | 283.21 | 305.68 |
| Total Income | 217.40 | 351.32 | 538.86 | 101.45 |
| Profit After Tax | 8.17 | 23.26 | 51.80 | 15.02 |
| EBITDA | 12.87 | 38.57 | 82.94 | 23.42 |
| NET Worth | 22.27 | 116.21 | 168.01 | 183.04 |
| Reserves and Surplus | 17.79 | 107.70 | 125.32 | 140.35 |
| Total Borrowing | 38.64 | 68.93 | 68.44 | 70.52 |
Figures are in ₹ crore and reproduced from the offer document, covering Mar 2024 to Jun 2026. A dash means the document does not state that figure for that period. A fiscal year ending March is labelled by its closing month, and where the document states a figure on a different basis the label here follows the document rather than normalising it.
Key ratios
Valuation and return ratios calculated from the issuer's financials. These are the figures the issue price is usually judged against, and the offer document carries the working behind each one.
| Ratio | Value | What it measures |
|---|---|---|
| Earnings per share | ₹12.13 | Profit after tax divided by the number of shares. |
| P/E at the cap price | 13.36x | Issue price divided by earnings per share. Lower is cheaper, but only against the same industry. |
| P/E after the issue | 16.10x | The same ratio recalculated on the larger post-issue share count. |
| Price to book | 4.12x | Issue price against net assets per share. |
| Net asset value per share | ₹39.36 | What the company owns, less what it owes, per share. |
| Return on equity | 30.83% | Profit earned on shareholders’ money. |
| Return on capital employed | 39.88% | Profit earned on all the capital in the business, including debt. |
| Return on net worth | 30.83% | The offer document’s own name for return on shareholders’ funds. |
| Debt to equity | 0.41x | Borrowings against shareholders’ funds. Higher means more leverage. |
| Profit margin | 9.61% | Profit after tax as a share of income. |
| Operating margin | 15.39% | Operating profit as a share of income, before interest, tax and depreciation. |
| Market capitalisation | ₹966.99 Cr | Value of the company at the issue price. |
Ratios are stated as published. A ratio that is absent here was not stated in the document, and is not the same as a ratio of zero.
What the money is for
Every issue states its objects in the offer document. These are reproduced from it, largest first, so you can see where most of the raise is going.
Funding expenditure towards setting up of 1 new showroom in Maharashtra (“New Showroom”) and expansion of existing showroom in Gujarat (“Expansion”)
₹152.84 Cr
Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company
₹30.00 Cr
General Corporate Purposes
Amount not stated
Peer comparison
The offer document compares the issuer against listed companies in the same business, on earnings, book value and return on net worth. M.K.Sons Fine Jewels is the first row.
| Company | EPS (₹) | P/E | NAV per share (₹) | RoNW |
|---|---|---|---|---|
| M.K. Sons Fine Jewels | 12.13 | — | ₹39.36 | 30.83% |
| Motisons Jewellers | 0.65 | 27.78 | ₹5.05 | 12.77% |
| PNGS Reva Diamond Jewellery | 28.41 | 24.21 | ₹162.53 | 12.55% |
| Senco Gold | 35.08 | 9.55 | ₹153.45 | 22.85% |
| Tribhovandas Bhimji Zaveri | 30.32 | 19.62 | ₹125.60 | 24.14% |
Reproduced from the peer comparison in the offer document. A dash means the document does not state that figure for that company. It is absent, not zero. Ratios are reported on the basis named in the document, which is not always the same period for every company.
Questions people ask
One lot is 91 shares. The price band is ₹153.00 to ₹162.00, and the block is calculated at the top of it, ₹162.00. That comes to ₹14,742.00 held in your bank account until the allotment is finalised. If you are not allotted, the block is released and the money never leaves your account.
Bidding runs from 28 October 2026 to 30 October 2026. Applications can be revised or withdrawn while bidding is open. Once it closes, the registrar finalises the basis of allotment the next working day and shares are credited the day after.
The premium has held at ₹7.00 per share since 24 October 2026, the first day one was recorded.
Retail applications run from 1 lot to 13 lots. The retail category caps an application at ₹2,00,000, so the upper limit is whichever comes first: the lot ceiling or the value ceiling.
Sources
- National Stock Exchange of India. "Upcoming and current public issues, with live bid quantities." The exchange publishes the bidding figures this page is built from, and is the authority on them. Accessed 15 September 2026.
- BSE. "Public issues — current and forthcoming." The second exchange carrying this issue, and the second source for its bidding data. Accessed 15 September 2026.
- Securities and Exchange Board of India. "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018." The regulation that sets the issue process, the categories and the allotment rules. Accessed 15 September 2026.
- M.K.Sons Fine Jewels issue particulars are compiled and published by Ankit Kumar, Founder of DematOpen, refreshed every 30 minutes, and reviewed against the offer document. The record was last updated 26 October 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.