Shanti Gold International Limited is a leading manufacturer specializing in high-quality 22kt CZ casting gold jewellery, with one of the largest installed production capacities in India. The company excels in designing and producing a wide variety of intricately crafted gold jewellery pieces including bangles, rings, necklaces, and complete jewellery sets, catering to a range of occasions from weddings and festivals to everyday wear.

IPO Details

Shanti Gold International has launched a Book Built Issue IPO amounting to approximately ₹360.11 crore, comprising an entirely fresh issue of 1.80 crore equity shares. The IPO subscription opens on July 25, 2025, and closes on July 29, 2025. The allotment is expected to be finalized by July 30, 2025, with a tentative listing date on or about August 1, 2025, on both BSE and NSE.

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

• Market Capitalization: ₹1,434.71 crore at the upper price band

• Lot Size: 75 shares

• Minimum Investment: Retail investors ₹14,925 (75 shares); HNIs ₹2,08,950 (14 lots or 1,050 shares)

Book Running Lead Manager and Registrar

• Lead Manager: Choice Capital Advisors Private Limited

• Registrar: Bigshare Services Private Limited

Subscription Status and Anchor Investors

As of 12:30 PM on July 28, 2025, the IPO was subscribed 1.29 times, reflecting a moderate investor interest on the second day. The company successfully raised ₹108.03 crore from anchor investors at the upper price band of ₹199, allotting 54,28,800 equity shares to them, signaling strong institutional backing.

Grey Market Premium (GMP)

The Grey Market Premium for Shanti Gold International IPO is ₹16, which represents an approximate 8.04% expected listing gain over the upper price band. While GMP provides an indicative price expectation, it is unofficial and should be viewed cautiously as it depends on unregulated demand and supply.

About Shanti Gold International

Shanti Gold International focuses on manufacturing 22kt CZ casting gold jewellery and is recognized for its high production capacity and quality craftsmanship. The company caters to diverse customer needs with designs ranging from special occasion jewellery like wedding sets to daily wear and festive collections.

The promoters and directors, including Pankajkumar H. Jagawat and Manojkumar N. Jain, each bring over 20 years of experience in the jewellery industry, while Shashank Bhawarlal Jagawat has over 16 years of relevant experience. Their expertise and industry relationships have played a key role in the company’s growth and operational success.

Financial Performance

• Revenue from operations (₹ million):

  • FY23: 6,822.75

  • FY24: 7,150.38

  • FY25: 11,124.67

• EBITDA (₹ million):

  • FY23: 455.70

  • FY24: 534.54

  • FY25: 977.14

• Profit After Tax (₹ million):

  • FY23: 198.19

  • FY24: 268.68

  • FY25: 558.42

These figures indicate robust growth in revenue and profitability over the past three fiscal years.

Key Financial Metrics

• Pre-issue EPS: ₹10.34 (FY24)

• Post-issue EPS: ₹7.75 (FY24)

• Pre-issue P/E Ratio: 19.24x

• Post-issue P/E Ratio: 25.69x

• Industry P/E Ratio: 24x

• ROCE: 25.70%

• ROE: 44.85%

The P/E ratios suggest the IPO is fully priced in line with industry standards, and the company shows strong return metrics, indicating efficient capital use and shareholder value.

Use of IPO Proceeds

The net proceeds from the IPO are planned to be used for:

1. Capital expenditure of ₹462.97 million for setting up a new facility in Jaipur.

2. Working capital requirements amounting to ₹2,000 million.

3. Repayment and/or prepayment of borrowings totaling ₹170 million.

4. General corporate purposes.

Investment Outlook

Shanti Gold International combines strong industry experience, solid financial performance, and expansion plans, making it a promising investment candidate. The positive Grey Market Premium reflects market optimism, although investors should consider their risk appetite, as this IPO may suit those comfortable with some level of risk seeking listing gains and long-term growth.

How to Check Allotment Status

IPO allotment status will be available from July 30, 2025, on the registrar’s website:

• Select Shanti Gold International Limited IPO

• Enter your application number, PAN, or DP Client ID

• Submit to view allotment status

Disclaimer:
This article is for educational and informational purposes only and does not constitute financial advice or an offer to buy or sell securities. Investors should conduct due diligence and consult financial advisors before making investment decisions. Market risks apply.

The Upcoming IPOs in this week and coming weeks are Highway Infrastructure, Flysbs Aviation, Part Electricals & Engineering, Jyoti Global Plast, M&B Engineering, Cash Ur Drive Marketing, Renol Polychem, Jyoti Global Plast, Takyon Networks, Mehul Colours, Sri Lotus Developers & Realty, Jyoti Global Plast, B.D. Industries (Pune), NSDL.

The Current active IPO are Aditya Infotech, Lakshmi India Finance, Kaytex Fabrics, Umiya Mobile, Repono, Shree Refrigerations, Sellowrap Industries, Shanti Gold International, Patel Chem Specialities.

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