Shanti Gold International is one of the leading manufacturers of high-quality 22kt CZ casting gold jewellery, in terms of installed production capacity, specializing in the design and production of all types of gold jewellery. The Company offers a wide range of high-quality, intricately designed pieces, including bangles, rings, necklaces, and complete jewellery sets across various price points ranging from jewellery for special occasions, such as weddings to festive and daily-wear jewellery.

Shanti Gold International, an Book Built Issue, amounting to ₹ 360.11 Crores, consisting entirely an Fresh Issue of 1.80 Crores. The subscription period for the Shanti Gold International IPO opens on July 25, 2025, and closes on July 29, 2025. The allotment is expected to be finalized on or about Wednesday, July 30, 2025, and the shares will be listed on the BSE & NSE with a tentative listing date set on or about Friday, August 01, 2025.

The Share Price Band of Shanti Gold International IPO is set at ₹ 189 to ₹ 199 per equity share. The Market Capitalisation of the Shanti Gold International at IPO price of ₹ 199 per equity share will be ₹ 1,434.71 Crores. The lot size of the IPO is 75 shares. Retail investors are required to invest a minimum of ₹ 14,925 (75 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is 14 lots (1,050 shares), amounting to ₹ 2,08,950.

Choice Capital Advisors Private Limited is the book running lead manager of the Shanti Gold International, while Bigshare Services Private Limited is the registrar for the issue. 

Shanti Gold International Limited IPO GMP Today
The Grey Market Premium of Shanti Gold International IPO is expected to be ₹ 16 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Shanti Gold International Limited IPO Live Subscription Status Today: Real-Time Update
As of 11:30 AM on 25 July, 2025, the Shanti Gold International Limited IPO live subscription status shows that the IPO subscribed 0.19 times on its First Day of subscription period. Check the Shanti Gold International IPO Live Subscription Status Today at BSE.

Shanti Gold International IPO Anchor Investors Report
Shanti Gold International has raised ₹ 108.03 Crores from Anchor Investors at a price of ₹ 199 per shares in consultation of the Book Running Lead Managers. The company allocated 54,28,800 equity shares to the Anchor Investors. Check Full List of Shanti Gold International Anchor Investor List.

Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.

Shanti Gold International Limited Day Wise IPO GMP Trend

Date	IPO Price	Expected Listing Price	GMP	Last Updated
22 July 2025	₹ 199	₹ 215	₹ 16 (08.04%)	03:00 PM; 22 July 2025

Shanti Gold International Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Shanti Gold International IPO allotment date is 30 July, 2025, Wednesday. Shanti Gold International IPO Allotment will be out on 30th July, 2025 and will be live on Registrar Website from the allotment date. Check Shanti Gold International IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Shanti Gold International Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Shanti Gold International Limited IPO
Shanti Gold International to utilise the Net Proceeds towards the following objects: 
1. ₹ 462.97 Million is required for Funding of capital expenditure requirements towards setting up of the Proposed Jaipur Facility (defined below)
2. ₹ 2,000.00 Million is required for Funding working capital requirements of the Company;
3. ₹ 170.00 Million is required for Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company; and
4. General corporate purposes.

Refer to Shanti Gold International Limited RHP for more details about the Company.

Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.

The Upcoming IPOs in this week and coming weeks are Sellowrap Industries, Repono, Shanti Gold International, Indiqube Spaces, GNG Electronics, Brigade Hotel Ventures, Patel Chem Specialities, TSC India, NSDL.

The Current active IPO are Monarch Surveyors & Engineering Consultants, Swastika Castal, Savy Infra.

The Closed IPOs are Monika Alcobev.

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About Shanti Gold International Limited

BUSINESS OVERVIEW

Shanti Gold International is one of the leading manufacturers of high-quality 22kt CZ casting gold jewellery in India, ranked by installed production capacity (Source: CARE Report). The company specializes in the design and production of diverse gold jewellery including bangles, rings, necklaces, and complete sets, catering to wedding, festive, and daily-wear segments across varied price points.

The Andheri Manufacturing Facility in Mumbai spans 13,448.86 sq. ft. and is equipped for precision-driven production. As of May 31, 2025, the company employs 79 CAD designers, generating over 400 new jewellery designs monthly using advanced computer-aided design (CAD) technology.

Shanti Gold International maintains long-standing relationships with major corporate jewellery clients such as Joyalukkas India Limited, Lalithaa Jewellery Mart Limited, Alukkas Enterprises Private Limited, Vysyaraju Jewellers Private Limited, and Shree Kalptaru Jewellers (I) Private Limited. The client network spans 15 Indian states, 2 union territories, and four international markets.

Founded in 2003 in Maharashtra, the company has expanded significantly, with operations in cities like Mumbai, Bangalore, Chennai, and Hyderabad, and branch offices across Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Gujarat, and Madhya Pradesh.

A major presence in South India supports the brand’s strength, where gold jewellery is culturally significant, with consumers preferring substantial, intricate designs symbolizing wealth and heritage. As of May 31, 2025, the company had a team of 23 employees in their tagging and quality control team. The Bankers to the company are Saraswat Co-operative Bank Limited, YES Bank Limited and HDFC Bank Limited.

INDUSTRY ANALYSIS

Indian Retail Consumer Basket – Industry Overview

Overview of Indian Retail Sector

India's retail industry is among the fastest-growing in the world, driven by a vast consumer base and robust market expansion. Growth is propelled by rising demand, increased investment, innovation, and government support. The digital revolution is expanding market access, streamlining customer acquisition, accelerating cash conversion, and transforming both supply and demand dynamics—collectively enhancing the momentum of India’s retail boom.

Evolution of the Indian Retail Market

Since the 1990s, modern retail has gradually taken root in India's metro cities, shifting dominance away from traditional retail. Consumers have moved from necessity-based purchases to seeking premium products, triggering backend modernization and value chain formalization.

The introduction of large-format stores—hypermarkets, supermarkets, and exclusive brand outlets—especially in Tier 1 cities, signaled a major transformation. The jewellery sector responded by focusing on in-store experiences, personalized service, and loyalty programs. Retailers increasingly turned to digital tools, offering product previews online to attract and engage consumers even before they visit physical stores.

Online retail, including in the gold and jewellery segment, grew rapidly as consumer preferences shifted towards digital convenience. Features like virtual try-ons and personalized recommendations became essential to cater to the discerning jewellery buyer.

Despite the rise of modern retail, traditional formats—comprising micro-retailers, hawkers, kiosks, and wholesalers—remain significant, relying heavily on personal relationships and trust. In the jewellery domain, the unorganized sector (local goldsmiths and small jewellers) still commands a large market share, though organized players continue to gain ground through structured operations, better logistics, and data-driven inventory management.

Indian Gems and Jewellery Industry

Sector Overview

The gems and jewellery industry is a critical contributor to India’s economy, accounting for ~7% of GDP and nearly 15% of merchandise exports. India is globally recognized as the leading diamond cutting and polishing center, producing over 90% of polished diamonds.

Key segments include gold, diamond, studded, and coloured gemstone jewellery—with gold being the dominant product, deeply ingrained in India's cultural and religious fabric. Manufacturing hubs are concentrated in Maharashtra, Gujarat, and Tamil Nadu.

The industry is undergoing formalization as consumer preference shifts toward branded jewellery, supported by government initiatives like mandatory hallmarking, the Gold Monetization Scheme, and relaxed gold import norms. Leading industry councils—GJEPC and others—have organized major trade fairs across key Indian cities to promote innovation, trade, and collaboration.

Market Size and Transition

Traditionally fragmented, the Indian jewellery market is shifting toward branded and organized retail, particularly in urban centers. Gold continues to be a preferred savings instrument in rural areas due to limited access to formal financial channels. The rising urban influence, media exposure, and Western lifestyle have increased consumer readiness to pay premium prices for branded jewellery, driving consolidation in the market.

Gems & Jewellery Retailing in India

Market Dynamics

The Indian jewellery retail market is witnessing a notable shift—blending traditional values with modern consumer expectations. While trust-based local jewellers still dominate, organized retail is expanding, especially in Tier II and III cities, driven by rising disposable incomes and urbanization.

Young consumers increasingly demand lightweight, versatile, and certified jewellery. Digital adoption is transforming the industry, with e-commerce enabling virtual consultations, design personalization, and secure transactions. Retailers offering bespoke designs and superior service are gaining traction.

Share of Organized Players in the Jewellery Sector

India's jewellery industry is deeply artisanal and tradition-driven, with over 90% of jewellers being family-run and reliant on skilled handcrafting. Despite the stronghold of unorganized players, the sector is gradually shifting toward formalization. Branded chains are leveraging modern technology, supply chain efficiency, and consumer trust to expand their presence.

Bridal Jewellery Segment

Cultural and Economic Relevance

The bridal jewellery segment is a cornerstone of the Indian jewellery market. Families often allocate 23-24% of total wedding expenses to jewellery. Bridal collections include necklaces, chokers, harams, maangtikkas, and more—valued both as adornments and as financial assets.

Preferences vary regionally: North India favors heavy kundan-polki sets; South India prefers temple jewellery; West India showcases pieces like naths and kamarbandhs; East India leans toward nature-inspired gold motifs. Urban markets are also seeing rising demand for diamond-studded bridal pieces.

In CY23, jewellery accounted for 22.3% of wedding expenses, second only to venues and catering (29.4%). Sacred pieces like the mangalsutra are deeply symbolic, particularly in Hindu marriages.

Regional Breakdown of Jewellery Demand

Jewellery demand in India is seasonal and occasion-driven, primarily peaking during weddings and festivals. Regionally:

• South India: 41% of demand (gold and diamonds)

• West & Central India: 24.6%

• North India: 19.1%

• East India: 15.2%

Rural and semi-urban areas account for ~60% of gold jewellery consumption, driven by cultural affinity, lack of access to formal finance, and the perception of gold as a secure investment.

Indian Gold Jewellery Wholesale Market

Market Overview

India boasts one of the world’s largest wholesale gold jewellery markets, anchored in cultural affinity and high domestic demand. It comprises thousands of SMEs and large wholesalers operating in key hubs such as Mumbai, Surat, and Chennai. The wholesale sector supports organized retail expansion into Tier II and III cities.

Between CY20 and CY23, the market achieved a CAGR of 28.4%, reaching a value of ₹2,576 billion. Seasonal demand—especially during festivals and weddings—fuels inventory restocking, boosting wholesale activity. Indian gold jewellery also sees strong demand internationally, particularly in the US, UAE, and UK, driven by diaspora consumers.

Manufacturer Landscape

The wholesale gold jewellery market is segmented into:

• Unorganized sector: Comprising traditional artisans and small-scale manufacturers in cities like Jaipur and Kolkata.

• Organized sector: Led by major players such as Tanishq (Titan), Kalyan Jewellers, Malabar Gold & Diamonds, and Joyalukkas.

Regulatory reforms (hallmarking, GST, traceability) are propelling the market toward formalization. Leading brands are expanding aggressively: from FY22–FY24, Titan added ~350 stores, Kalyan opened 93 outlets, and Senco Gold launched 32 new locations. Going forward, organized retailers are expected to open 400–440 new stores across India and overseas, further consolidating their position.

BUSINESS STRENGTHS

1. Diverse Jewellery Portfolio Backed by Expert Designers

Shanti Gold International specializes in the design and production of 22Kt CZ gold jewellery, offering a wide array of high-quality pieces including bangles, rings, necklaces, and full sets suitable for weddings, festivals, and daily wear. A strong emphasis on design variety enables the company to cater to diverse client preferences, fostering long-term partnerships with brands such as Joyalukkas India Limited, Lalithaa Jewellery Mart Limited, Alukkas Enterprises, Vysyaraju Jewellers, and Shree Kalptaru Jewellers. The client base extends across 15 Indian states, 2 union territories, and four international markets.

2. Fully Integrated In-House Manufacturing

The company operates a 13,448.86 sq. ft. facility in Andheri East, Mumbai, with a production capacity of 2,700 kg per annum. The facility is equipped with advanced machinery for casting, melting, and packaging, and maintains tight control over quality across all stages. Manual stone-setting processes are supported by outsourced skilled labour, ensuring precision craftsmanship.

3. Promoters with Decades of Industry Experience

The leadership team includes Pankajkumar H. Jagawat and Manojkumar N. Jain, each with over 20 years of experience, and Shashank Bhawarlal Jagawat, with 16 years in the jewellery industry. The promoters have played a key role in business expansion and stakeholder engagement. They are also associated with related entities including Utssav CZ Gold Jewels Limited, Uzuri Jewels Private Limited, and Shanti Gold & Diamond Jewellery Private Limited.

4. Financially Resilient Growth Model

The company has demonstrated consistent revenue and profitability growth, driven by a focus on operational excellence and strong execution capabilities.

5. Established Corporate Relationships in a High-Growth Retail Market

Operating within India’s rapidly expanding retail sector, the company has built strong ties with major jewellery brands, capitalizing on growing consumer demand, favorable government initiatives, and market formalization trends.

BUSINESS STRATEGIES

BUSINESS RISK FACTORS & CONCERNS