M.K. Sons Fine Jewels IPO: Subscription 5.09x, Listing Price and GMP

M.K. Sons Fine Jewels IPO listing price and share price today

M.K. Sons Fine Jewels shares opened at ₹171 on NSE and ₹171.60 on BSE on 4 November 2026, against an issue price of ₹162 (Reported from exchange data by Upstox, Business Today and HDFC Sky). That is a listing gain of 5.56% on NSE, or ₹819 on one 91-share lot (Calculated). The stock touched about ₹174.90 on BSE early on, then slid and closed day one at about ₹162.20, almost exactly the issue price (Reported, PTI; single source).

The stock opened slightly below the price its last grey-market quotes implied (about ₹172 to ₹174) and then lost almost all of its listing gain by the close. Compare other debuts in our IPO GMP vs listing price tracker and the listed IPO list.

M.K. Sons Fine Jewels IPO overview

Data as of 31 October 2026, 12:30 IST (bidding closed 30 October). Confirmed = red herring prospectus (RHP), SEBI or exchange notice. Reported = media or broker summaries of the RHP. Calculated = our arithmetic. Unofficial = grey-market quotes.

The M.K. Sons Fine Jewels IPO (also written MK Sons or M.K.Sons) ran from 28 to 30 October 2026 and closed 5.09 times subscribed at a price band of ₹153 to ₹162 a share. One lot is 91 shares, so the minimum bid is ₹14,742 at the upper band. The ₹275.40 crore issue mixes ₹220.32 crore of new shares with a ₹55.08 crore offer for sale by the promoter. Most of the new money is earmarked for showrooms. At ₹162 the company is worth about ₹912 crore after the issue, or roughly 17.6 times its FY26 profit. Allotment was finalised on 2 November and the shares listed on BSE and NSE on 4 November.

MK Sons Fine Jewels IPO subscription status (final) and allotment

The issue closed on 30 October 2026 5.09 times subscribed (Confirmed, consolidated NSE and BSE bid data, 7:00 PM). Wealthy individual investors (NIIs) drove demand at 14.12 times. Retail investors bid 3.08 times their quota, while institutions (QIBs) bid 1.84 times. HDFC Sky and IPO Guru show the same final figures.

M.K. Sons IPO allotment chances for retail investors

The retail quota holds about 65,384 lots of 91 shares. When retail demand exceeds the quota, SEBI rules give one lot to as many applicants as possible, picked by lottery. If every retail applicant had bid for one lot, about 1 in 3 would get shares. However, many applicants bid for more than one lot, so the real odds are likely somewhat better (Estimate).

The basis of allotment was finalised on 2 November 2026. Allotted shares were credited to demat accounts before listing, and blocked money for unsuccessful bids was released. The shares listed on BSE and NSE on 4 November 2026.

M.K. Sons Fine Jewels IPO details at a glance

What M.K. Sons Fine Jewels does

M.K. Sons Fine Jewels is a jewellery retailer, not a manufacturer. Incorporated in 2012, it sells gold, diamond and cubic zirconia (CZ) jewellery, with a focus on contemporary and bridal designs, through five company showrooms: three in Mumbai (Bandra, Andheri and Zaveri Bazaar) and two in Ahmedabad (C.G. Road and Sindhu Bhavan Road) (Reported). It buys finished jewellery from third-party vendors across western India rather than making it in-house, and sells BIS-hallmarked pieces under about 11 named collections. At 30 June 2026 its catalogue ran to more than 19,400 designs, and the showrooms covered about 6,513 sq ft in all (Reported).

The promoter family, Ramchand Murlidhar Raimalani, Neelam Ramchand Raimalani and Kush Ramchand Raimalani, owns 100% before the issue and about 69.8% after it (Calculated from the reported share counts). The RHP’s risk section, as summarised by brokers, flags a significant dependence on the Gujarat showrooms for revenue, which matters for a business with only five outlets.

M.K. Sons Fine Jewels financials: revenue, profit and margins

The growth is steep. Revenue rose about 53% in FY26 and net profit about 123%, after another big jump in FY25 (Calculated). Margins explain most of the profit gain: EBITDA margin went from about 6% in FY24 to 15% in FY26 (Calculated). The June 2026 quarter shows a 23% margin on a smaller quarterly base, which may reflect seasonality in jewellery demand, so we would not annualise it.

Cash flow is the weaker part. Operating cash flow was negative in FY24 (−₹23.55 crore) and FY25 (−₹9.53 crore) and turned positive at ₹15.40 crore in FY26 (Reported, one broker summary). Jewellery retailers tie up a lot of cash in gold inventory, so profit and cash can diverge for long stretches. Borrowings were ₹68.44 crore at March 2026 against net worth of ₹168.01 crore, a debt-to-equity ratio of about 0.4 (Reported).

M.K. Sons Fine Jewels IPO valuation: what ₹162 a share implies

The fresh issue raises the share count by about 32%, from 4.27 crore to 5.63 crore:

• Post-issue market value: about ₹912 crore at ₹162 (Calculated: 5,62,90,760 shares × ₹162).
• P/E after the issue: about 17.6 times FY26 profit (Calculated).
• P/E before dilution: about 13.4 times (Calculated on 4,26,90,760 shares).
• Market value to sales: about 1.7 times FY26 revenue (Calculated).

For comparison, broker summaries of the RHP list Motisons Jewellers at about 27.8 times earnings and Tribhovandas Bhimji Zaveri at about 19.6 times (Reported; peer multiples move with their share prices). On that basis the issue is not priced at a premium to listed jewellers, but it is a much smaller business with five stores, and its profit history is short: FY24 profit was just ₹8.17 crore.

How M.K. Sons Fine Jewels will use the IPO money

• ₹152.84 crore for one new showroom in Maharashtra and the expansion of an existing showroom in Gujarat.
• ₹30 crore to repay or prepay some borrowings.
• The rest for general corporate purposes and issue expenses.
• The ₹55.08 crore offer for sale goes to the selling promoter, not the company.

Most of the money goes into stores and stock. That makes execution the key question: a new flagship showroom needs inventory, staff and footfall before it adds profit. Broker summaries note that the objects have not been appraised by a bank or financial institution (Reported).

M.K. Sons Fine Jewels IPO GMP today

Grey-market quotes for M.K. Sons Fine Jewels fell during bidding. Trackers showed about ₹16 on 28 October, then disagreed on 30 October, quoting anywhere from ₹2 to ₹12 (Unofficial). At ₹6, a midpoint reading, the implied listing price would be about ₹168, or 3.7% above the ₹162 issue price (Calculated). GMP is an unregulated dealer quote, not an exchange price, and not a forecast of the listing price. See our GMP guide and the GMP today page.

M.K. Sons Fine Jewels IPO lot size and minimum investment

The retail category (at least 35%) is worth about ₹96 crore at the upper band, enough for roughly 65,400 minimum applications (Calculated). If retail demand exceeds that, allotment is by lottery and each winner gets one lot of 91 shares.

M.K. Sons Fine Jewels IPO review: strengths and risks

Strengths

• Revenue and profit have grown fast for two years, with margins widening each year.
• The post-issue multiple of about 17.6 times FY26 profit is below the listed peers named in the RHP summaries.
• About 80% of the issue is fresh money, with a specific showroom plan and some debt repayment.
• Promoters will still own about 70% after the issue.

Risks

• Small footprint: five showrooms, with heavy reliance on the two in Gujarat.
• Gold prices: revenue and margins swing with bullion prices and demand in the wedding season.
• Cash flow: operating cash flow was negative in FY24 and FY25; inventory needs will grow with the new showroom.
• Short record: the FY26 profit level is new, so one weak year would change the valuation picture.
• Offer for sale: about a fifth of the issue goes to the promoter rather than the company.

Our Scouter Reading: 4,400, Charged

We score M.K. Sons Fine Jewels at 5,000 out of 10,000 on our earlier v1 research scale, the middle of the Charged band. Points for: rapid profit growth, improving margins, a moderate post-issue multiple and mostly fresh money. Points against: a five-store business concentrated in Gujarat, gold-price and inventory risk, weak operating cash flow until FY26 and a short track record at the current profit level. The Scouter Reading rates the research case; it is not a recommendation to apply or avoid.

How to check M.K. Sons Fine Jewels IPO allotment status

The basis of allotment is expected on 2 November 2026. You can check by PAN or application number on the registrar’s site, Bigshare Services, or on the BSE and NSE allotment pages. Refunds and demat credit are also expected on 2 November. Our allotment status guide covers each method.

What to watch before the M.K. Sons listing

• 2 November, basis of allotment: check your status on Bigshare Services or the exchange pages.
• 4 November, listing: the opening price is set in the pre-open session from 9:00 AM; trading starts at 10:00 AM.
• Gold prices into listing week, which affect sentiment towards jewellery stocks.
• Anchor lock-in: half of the anchor shares are locked for 30 days after allotment and the rest for 90 days.

The Bombay Coated and Special Steels IPO is open until 2 November; see all upcoming IPOs.

M.K. Sons Fine Jewels IPO: frequently asked questions

Sources: BSE public issues · Bigshare Services (registrar) · Kotak Neo (RHP summary) · Zerodha

Figures are from the sources named and may change; read the RHP before investing.