Shanti Gold International Limited, a leading manufacturer of 22kt CZ casting gold jewellery, has launched its Initial Public Offering (IPO) on July 25, 2025, aiming to raise ₹360.11 Crores through a 100% fresh issue. The issue comprises 1.80 crore equity shares, and will close on July 29, 2025.

The IPO will be listed on both BSE and NSE, with allotment expected on July 30 and tentative listing on August 1, 2025.

Company Profile and Strengths

Shanti Gold International is known for its high-quality gold jewellery, offering products such as bangles, rings, necklaces, and full jewellery sets. These items are tailored across price segments — from wedding and festive wear to daily-wear jewellery. The company has one of the highest installed production capacities in India for its segment.

Promoters Pankajkumar H. Jagawat, Manojkumar N. Jain, and Shashank Bhawarlal Jagawat bring a combined 60+ years of jewellery industry experience, providing the company a competitive edge in design, production, and vendor partnerships.

IPO Details at a Glance:

• Issue Type: Book Built

• Total Issue Size: ₹360.11 Cr (100% Fresh Issue)

• Price Band: ₹189–₹199 per equity share

• Lot Size: 75 shares

• Minimum Investment (Retail): ₹14,925

• Minimum Investment (HNI): 14 lots (1,050 shares) = ₹2,08,950

• Market Capitalisation at upper band: ₹1,434.71 Cr

Book Running Lead Manager: Choice Capital Advisors Pvt. Ltd.
Registrar to the Issue: Bigshare Services Pvt. Ltd.

Use of IPO Proceeds:

The company plans to utilise the net proceeds for:

1. ₹462.97 Million to fund capital expenditure for a proposed Jaipur manufacturing facility.

2. ₹2,000.00 Million for working capital needs.

3. ₹170.00 Million for repayment/pre-payment of existing loans.

4. The balance for general corporate purposes.

Financial Performance Snapshot

Shanti Gold International has demonstrated strong and consistent financial growth in recent years:

This consistent growth in revenue and profitability showcases the firm’s increasing operational efficiency and market demand.

Valuation Metrics:

• Pre-Issue EPS (FY24): ₹10.34

• Post-Issue EPS (FY24): ₹7.75

• Pre-Issue P/E: 19.24x

• Post-Issue P/E: 25.69x

• Industry P/E: 24x

• ROCE (FY24): 25.70%

• ROE & RoNW (FY24): 44.85%

These figures reflect that the IPO is fully priced, and the valuation is moderate to slightly aggressive.

IPO Anchor Investor Update

Ahead of the IPO, the company raised ₹108.03 Crores from Anchor Investors by allotting 54,28,800 shares at ₹199 per share. This adds a vote of confidence and indicates early institutional backing.

Grey Market Premium (GMP) Insights

As of July 22, 2025, the GMP stands at ₹16, indicating an expected listing price of ₹215, which implies listing gains of approximately 8.04%.

While GMP is unofficial and fluctuates based on demand and supply in the grey market, it remains a speculative indicator. Investors should treat GMP data as informational only, not as investment advice.

Live Subscription Status

As of 12:30 PM on July 28, the IPO has been subscribed 1.29 times, which is decent interest on the second day. Final figures on July 29 will determine oversubscription levels across retail, QIB, and NII segments.

Allotment Date & How to Check Allotment Status

The IPO allotment date is July 30, 2025. Investors can check allotment on the registrar’s website (Bigshare Services):

Steps:

1. Visit the IPO allotment page.

2. Select Shanti Gold International Limited from the dropdown.

3. Enter your Application Number, PAN, or DP Client ID.

4. Click submit to view your status.

Conclusion: Should You Apply?

Shanti Gold International’s IPO is backed by strong financial growth, a veteran leadership team, and a growing product portfolio in India’s lucrative jewellery market. While the valuation is on the higher side, the strong GMP of ₹16, and consistent financial performance, make it attractive for listing gains.

However, since the IPO is fully priced, long-term investors should evaluate fundamentals further post-listing.

💡 Recommendation:
Risk-tolerant investors seeking listing gains may consider applying. Conservative investors may wait until post-listing performance is clearer.

Disclaimer: This review is for informational purposes only. It should not be construed as investment advice. Investors must consult their financial advisors before investing. Past performance is not indicative of future results. Investment in securities is subject to market risks.

The Upcoming IPOs in this week and coming weeks are M&B Engineering, Cash Ur Drive Marketing, Renol Polychem, Jyoti Global Plast, Takyon Networks, Mehul Colours, Aditya Infotech, Sri Lotus Developers & Realty, Lakshmi India Finance, Jyoti Global Plast, B.D. Industries (Pune), Kaytex Fabrics, Umiya Mobile, Repono, NSDL.

The Current active IPO are Shree Refrigerations, Sellowrap Industries, Shanti Gold International, Patel Chem Specialities, Brigade Hotel Ventures, Indiqube Spaces, GNG Electronics, TSC India.

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