Shanti Gold International IPO opens today: Know About Company Details,GMP, Lot Size & Share Price

K N Mishra

    25/Jul/2025

What's covered under the Article:

  1. Shanti Gold International IPO opens from July 25 to July 29 with ₹360 Cr fresh issue at ₹189–199/share.

  2. The Grey Market Premium is ₹16, suggesting an expected listing price of ₹215/share.

  3. Anchor investors have subscribed ₹108.03 Cr and live subscription status stands at 0.19 times on day one.

Shanti Gold International, a renowned name in the Indian jewellery sector, has opened its Initial Public Offering (IPO) for subscription today, July 25, 2025. The ₹360.11 crore Book Built Issue consists entirely of a Fresh Issue of 1.80 crore equity shares, showcasing the company’s intent to infuse fresh capital into the business rather than providing an exit to existing shareholders.

The IPO price band is set at ₹189 to ₹199 per equity share, and the market capitalisation of Shanti Gold International at the upper price band of ₹199 is projected to be around ₹1,434.71 crore. With a lot size of 75 shares, retail investors are required to make a minimum investment of ₹14,925, while High-Net-Worth Individuals (HNIs) need to invest in a minimum of 14 lots (1,050 shares) worth ₹2,08,950.

The IPO will remain open for subscription till July 29, 2025, with share allotment scheduled for July 30, 2025. The shares are expected to be listed on both BSE and NSE on August 1, 2025.

Company Overview and Business Strengths

Shanti Gold International is one of the leading manufacturers of high-quality 22kt CZ casting gold jewellery in India, with a strong foothold in both traditional and contemporary designs. The company specializes in producing intricately designed bangles, rings, necklaces, and complete jewellery sets, catering to a diverse customer base across wedding, festive, and daily wear segments.

Backed by an experienced leadership team comprising Pankajkumar H. Jagawat, Manojkumar N. Jain, and Shashank Bhawarlal Jagawat, the company has over two decades of industry expertise, enabling it to establish robust relationships across supply chains, distribution networks, and retail stakeholders.

IPO Objectives

The net proceeds from the IPO are earmarked for the following key purposes:

  1. ₹462.97 million for the capital expenditure required to set up a new manufacturing facility in Jaipur, enhancing production capabilities.

  2. ₹2,000 million will be directed toward funding the company’s working capital needs, to facilitate business expansion and inventory management.

  3. ₹170 million will be utilised for the repayment/pre-payment of certain borrowings, reducing interest burden and improving the balance sheet.

  4. The rest will be used for general corporate purposes, ensuring overall operational efficiency.

Anchor Investors & Subscription Status

The IPO has already garnered attention with Anchor Investors subscribing ₹108.03 crore at ₹199 per share on July 24, 2025. A total of 54,28,800 equity shares were allotted to anchor investors, indicating a healthy appetite from institutional participants.

As of 11:30 AM on July 25, 2025, the IPO has been subscribed 0.19 times overall. This includes applications from Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and retail investors, and early numbers show promising interest that may pick up in the coming days.

Grey Market Premium (GMP) Analysis

The Grey Market Premium (GMP) for Shanti Gold International IPO is ₹16, implying an expected listing price of ₹215, offering a potential gain of 8.04% over the upper band. However, it is essential to note that GMP is not a regulated indicator and should be considered only for informational and educational purposes. The real discovery of the stock price will occur only after listing on the exchange.

Financial Performance Snapshot

Shanti Gold International has exhibited consistent financial growth over the past three years:

  • Revenue from operations stood at:

    • ₹11,124.67 million (FY25)

    • ₹7,150.38 million (FY24)

    • ₹6,822.75 million (FY23)

  • EBITDA figures were:

    • ₹977.14 million (FY25)

    • ₹534.54 million (FY24)

    • ₹455.70 million (FY23)

  • Profit After Tax (PAT):

    • ₹558.42 million (FY25)

    • ₹268.68 million (FY24)

    • ₹198.19 million (FY23)

The performance suggests a steady and healthy growth trajectory, positioning the company as a strong contender in the organised gold jewellery manufacturing space.

Valuation Metrics

  • Pre-issue EPS (FY24): ₹10.34

  • Post-issue EPS: ₹7.75

  • Pre-issue P/E Ratio: 19.24x

  • Post-issue P/E Ratio: 25.69x

  • Industry Average P/E: 24x

These figures suggest that the IPO is fully priced, with a slight premium, but this could be justified by the company’s return on capital employed (ROCE) of 25.70%, return on equity (ROE) of 44.85%, and return on net worth (RoNW) of 44.85% in FY24.

IPO Allotment Process – Step-by-Step

The IPO allotment status can be checked online through the registrar’s website (Bigshare Services Pvt. Ltd.) from July 30, 2025. Here's how investors can check:

  1. Visit the registrar's IPO allotment status portal.

  2. Select Shanti Gold International Limited IPO from the dropdown list.

  3. Enter either Application Number, PAN, or DP/Client ID.

  4. Click on Submit to view your allotment status.

Should You Invest?

Considering the robust financials, clear growth strategy, expansion plans, and a moderate GMP, risk-tolerant investors may consider subscribing to the IPO for potential listing gains. However, valuation seems full, so long-term investors should wait for post-listing performance and consider entry after further review.

Conclusion

The launch of the Shanti Gold International IPO has created buzz in the Indian capital market, especially within the jewellery and consumer lifestyle sectors. The company’s expansion in Jaipur, strong anchor backing, sound financial health, and clear usage of proceeds make this IPO worth tracking closely. The response in the next two days will provide a better picture of investor sentiment, but as of now, it reflects cautious optimism with a potential for upside.

Disclaimer: This article is for educational and informational purposes only. Investors must conduct their own due diligence and consult financial advisors before making any investment decisions. Investment in securities is subject to market risk. Read all related documents carefully.


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