The M.K.Sons Fine Jewels IPO lists on NSE and BSE on 4 November 2026. It was subscribed 5.09 times. The latest grey market premium (GMP) is ₹10.25, about 6% over the issue price.
The jeweller sold ₹275.4 crore of shares at ₹153–162. Allotment was finalised on 2 November, and refunds and demat credit were due on 3 November.
When does the M.K.Sons Fine Jewels IPO list?
Trading starts on 4 November on both exchanges. Aryaman Financial Services ran the issue, and Bigshare Services was the registrar.
| Detail | Figure |
|---|---|
| Issue price | ₹162 |
| Lot size | 91 shares |
| One lot at the issue price | ₹14,742 |
| Issue size | ₹275.4 crore |
| Type of issue | Fresh issue plus OFS |
| Listing date | 4 November 2026 |
How the grey market moved
The GMP was ₹12.5 on 29 October, the second day of bidding. It fell to ₹6 on the closing day and stayed near ₹5.5 over the weekend. It rose to ₹6.5 on 2 November and to ₹10.25 on 3 November.
GMP is an unofficial grey market number, not an exchange price, so the opening can differ from it. The latest quote points to a listing near ₹172, which is about 6% above the issue price. You can follow the daily quotes on the M.K.Sons Fine Jewels IPO GMP page.
| Date | GMP | Over issue price |
|---|---|---|
| 29 October | ₹12.5 | 7.72% |
| 30 October | ₹6 | 3.70% |
| 31 October | ₹5.5 | 3.40% |
| 1 November | ₹5.5 | 3.40% |
| 2 November | ₹6.5 | 4.01% |
| 3 November | ₹10.25 | 6.33% |
What the subscription showed
The IPO closed on 30 October at 5.09 times. Big investors like mutual funds (QIBs) bid the least, at 1.84 times their quota. Non-institutional investors (NIIs) bid 14.12 times.
| Category | Subscribed |
|---|---|
| QIB | 1.84x |
| NII (total) | 14.12x |
| Big NII (bNII) | 15.33x |
| Small NII (sNII) | 11.71x |
| Retail | 3.08x |
| Total | 5.09x |
Retail investors bid 3.08 times their quota. That means roughly one retail application in three got a lot, though allotment is a lottery once the portion is oversubscribed.
What our data shows
The GMP has moved between ₹5.5 and ₹12.5 since bidding began. It is now at its second highest level. In the last 10 mainboard listings, the final quote ran below the real gain 7 times and above it 3 times.
What the company does
M.K.Sons Fine Jewels sells gold, diamond and CZ jewellery through 5 showrooms in Mumbai and Ahmedabad. It buys finished pieces from third-party vendors and does not make them itself.
The company will spend ₹152.84 crore for one new showroom in Maharashtra and a bigger one in Gujarat. ₹30 crore pays down loans. The promoter sells ₹55.08 crore of shares, and the company does not get that money.
| Year to 31 March | Total income | Profit after tax |
|---|---|---|
| FY2024 | ₹217.40 crore | ₹8.17 crore |
| FY2025 | ₹351.32 crore | ₹23.26 crore |
| FY2026 | ₹538.86 crore | ₹51.80 crore |
Profit has grown fast from a small base. The whole business sits in two cities, and about three-fourths of its designs are gold jewellery.
What the analysts and the lead manager's record say
Eight analysts reviewed the IPO on IPO Guru. Five said apply, one was neutral and two said avoid. Their views are on the M.K.Sons Fine Jewels IPO review page. These are the analysts' own views, not ours.
Aryaman Financial Services managed three earlier listings on our records. Two of them opened above the issue price, with an average listing gain of 3.1%.
What happens next
Shares start trading on 4 November. The opening price will be set in the pre-open session. If you applied, check your demat account for the shares. You can compare this listing with past ones on the IPO performance page.
