Shankesh Jewellers raises $38.7M in IPO with Kanga & Co advising

What's the deal? Shankesh Jewellers has launched an initial public offering totalling US$49.9M, comprising a fresh issue of 29,482,000 equity shares and an offer for sale of 10,000,000 shares. Law firm Kanga & CompanyDealroom has a profile for this one. Try Dealroom → advised the issuer and the book-running lead managers on the deal.

Who's involved? The lead managers are Aryaman Financial ServicesDealroom has a profile for this one. Try Dealroom → and Smart Horizon Capital AdvisorsDealroom has a profile for this one. Try Dealroom →. Kanga & Company's team was led by senior partner Chetan Thakkar, with support from principal associate Tejal Patankar and associates Meghna Sharma and Vansh Chadha.

What's the endgame? Shankesh Jewellers runs a wholesale handcrafted gold jewellery business and offers customisation services, operating as a B2B supplier to corporate and non-corporate clients. The fresh issue gives it new capital, while the offer for sale lets existing shareholders sell down.

What did the advisers do? Kanga & Company carried out legal due diligence on the issuer's documents, drafted the offer documents, and prepared agreements with the intermediaries involved in the issue.

The signal: A mid-sized B2B jeweller tapping public markets points to gold-sector businesses seeking growth capital through listings rather than private rounds.

Read more: barandbench.com

Image credit: Naomi King