#!/bin/sh
(
IFS=/
mkdir -p "$*"
)
The expansion of "$*" will be a single quoted string consisting of all arguments to the script concatenated together with the first character of $IFS as a delimiter. This is why we also set $IFS to /.
I'm running that in a subshell to avoid setting IFS for the rest of the script (it changes the behavior of certain things, like how read works). If there's nothing else in the script, you can leave ( and ) out.
Testing:
$ tree
.
`-- script.sh
0 directory, 1 file
$ ./script.sh 1 2 3 4 {a..k}
$ tree
.
|-- 1
| `-- 2
| `-- 3
| `-- 4
| `-- a
| `-- b
| `-- c
| `-- d
| `-- e
| `-- f
| `-- g
| `-- h
| `-- i
| `-- j
| `-- k
`-- script.sh
15 directories, 1 file