Shanti Gold International IPO

58.18x

subscribed

Shanti Gold International IPO

Diamond & Jewellery
listed
₹14,175Min. investment
  1. Pre-apply
    22 Jul
  2. Bid start
    25 Jul
  3. Bid end
    29 Jul
  4. Allotment
    30 Jul
  5. Release of funds
    31 Jul
  6. Demat transfer
    31 Jul
  7. Listing
    1 Aug

Shanti Gold International Limited IPO Details

SectorDiamond & Jewellery
Price range₹189 – ₹199
IPO type
Regular
Lot size75 shares
Issue size₹360Cr
Red Herring Prospectus
Read
Market Cap
₹1,434.71CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹1,106.41CrLower than sector avg
Growth rate3Y CAGR
27.61%Higher than sector avg

Shanti Gold International Limited IPO Overview

Shanti Gold International Limited IPO Date

Shanti Gold International IPO will open for subscription on July 25, 2025, and the closing date for the IPO is July 29, 2025. After this, investors are expected to be updated about the allotment status on Wednesday, July 30, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on July 31, 2025. The shares will be listed on the NSE and the BSE on Friday, Aug 1, 2025.

Shanti Gold International Limited IPO Price Band

The IPO includes fresh issue of shares only. The IPO price band has been set between ₹189 to ₹199 per share. Interested investors can choose a price within this band to apply for the IPO. The IPO is a book-building issue, comprising a fresh issue of ₹360.11 crore.

The Shanti Gold International IPO listing price will be determined on Aug 1, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Shanti Gold International Limited IPO Lot Size

The Shanti Gold International IPO details have been declared. The minimum lot size for an application is 75 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹360.11 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Compare

Companies in this sector
Titan Company LtdTitan Company Ltd
Kalyan Jewellers India LtdKalyan Jewellers India Ltd
Thangamayil Jewellery LtdThangamayil Jewellery Ltd
Revenue
Higher revenue means strong sales and good market demand
This IPO
₹1,106.41Cr
This sector
₹7,172.77Cr
Compare with companies
3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
27.61%
This sector
0.03%
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹55.84Cr
This sector
₹66.45Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹1,434.71Cr
This sector
₹7,398.94Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
19.25
This sector
45.82
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
1.60
This sector
0.57
Compare with companies

Objectives

Working capital requirements
55.54%
Capital expenditure requirements
12.86%
Repayment or prepayment of borrowings
4.72%
General corporate purposes
Not assigned

Strength and Weakness

Well-established client base with Pan-India reach

The company services jewellery retailers like Joyalukkas, Lalithaa Jewellery Mart, and Alukkas Enterprises, spanning 15 states and 2 union territories. Its ability to deliver high-quality, customised products consistently has helped it sustain long-term relationships.

Fully integrated in-house manufacturing capabilities

The company maintains complete control over the design-to-delivery chain through its fully integrated Andheri facility, reducing dependency on external vendors. The facility spans ~13,449 sq. ft. and has an installed capacity of 2,700 kg/year. This integration supports stringent quality control, faster product development, and better customisation.

Capacity expansion through new Jaipur facility

Is constructing a new facility in Jaipur, which will add 1,200 kg/year capacity, increasing the total installed capacity to 3,900 kg/year. The new unit will also launch machine-made plain gold jewellery, targeting the large bridal segment (85% of bridal jewellery demand).

Expansion potential in North India

Although currently strong in South India, the company is witnessing early traction in North Indian markets like Punjab and Haryana. With rising demand for lightweight and modern gold jewellery in North India, the region offers significant headroom for expansion.

International market penetration and brand visibility

The company plans to participate in international trade exhibitions in the USA and UAE to strengthen its export footprint and visibility. It is also exploring new client additions within existing export countries to enhance its global presence.

About Shanti Gold International Limited

Incorporated in 2003, Shanti Gold International Limited is one of the leading manufacturers of high-quality 22 kt CZ casting gold jewellery in terms of installed production capacity, specialising in the design and production of all types of gold jewellery, including bangles, rings, necklaces, and complete jewellery sets across various price points.
The company operates a fully integrated in-house manufacturing setup spanning over 13,448.86 square feet in Andheri East, Mumbai, with an installed manufacturing capacity of 2,700 kg per annum. Their manufacturing operations utilise advanced equipment, including casting machines, steamers, induction melters, and air compressors, while also relying on outsourced labour for manual stone-setting operations.
The company employs cutting-edge computer-aided design (CAD) technology with a team of 79 CAD designers as of May 31, 2025, who develop over 400 designs per month regularly. During FY25, the company catered to 455 customers compared to 372 and 379 customers in FY24 and FY23, respectively.
The company has expanded its presence across 15 states and 2 union territories in India, as well as 4 countries abroad, starting from operations in one city in Maharashtra in 2003. A significant portion of revenue comes from South India, which contributed 72.76% of total revenue in FY25, with Tamil Nadu being the largest contributor at 30.51%. The company has international operations, with exports contributing 5.36% of revenue in FY25, primarily to the UAE (2.80%), Singapore (1.97%), Qatar (0.14%), and the USA (0.45%). Export revenue increased from ₹30.20 crore in FY24 to ₹59.30 crore in FY25. .
The Indian gems and jewellery industry is poised for robust growth, backed by structural formalisation, evolving consumer preferences, increasing disposable incomes, and supportive government policies. The sector contributes around 7% to India’s GDP and nearly 15% to total merchandise exports. The gold jewellery segment, which accounts for over 80% of domestic jewellery demand, remains the dominant force, culturally rooted and often serving as a dual-purpose asset for both adornment and savings.
Gold jewellery demand in India, though slightly impacted by high prices in CY23, is expected to rebound, supported by rising incomes, improving rural consumption, and seasonal demand drivers like weddings and festivals. The Indian gold jewellery market size is expected to grow from ₹465,300 crore in CY24 to ₹716,200 crore by CY29, representing a CAGR of ~8.9%. Regionally, South India commands the largest share of domestic gold jewellery consumption (42%), with Tamil Nadu contributing significantly. Additionally, global demand for gold jewellery is growing steadily, with the global market projected to grow from USD 235 Bn in CY23 to USD 308 Bn by CY29, driven by economic recovery in emerging markets, increased use of gold as a safe asset, and rising demand for modern designs.
With 72.76% of FY25 revenue from South India (especially Tamil Nadu), the company is entrenched in the region with the highest jewellery consumption. With a manufacturing capacity of 2,700 kg/year and integrated facilities in Mumbai, the company can cater to rising demand efficiently. While still small (5.36% of FY25 revenue), exports more than doubled from ₹30.2 crore in FY24 to ₹59.3 crore in FY25, with the UAE, Singapore, and the USA being major destinations. This trend aligns with India’s policy focus on promoting gold jewellery exports and can be a strong future growth lever.
Now, Shanti Gold International Limited is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹360.11.00 crore. The total issue size of the IPO is ₹360.11 crore. Its shares will be listed on the NSE and BSE.

IPO Analysis

video thumbnail
IPO REVIEW
Shanti Gold International IPO
Should you apply?

Shanti Gold International IPO Subscription Status

Date
QIB
NII
Retail
Total
25-Jul-25
0.01 times (X)
0.84 times (X)
0.88 times (X)
0.62 times (X)
28-Jul-25
0.02X
5.07X
3.23X
2.71X
29-Jul-25
97.98X
106.51X
14.71X
58.18X

Frequently asked questions

How to invest in the Shanti Gold International IPO ?

Investors can apply for the Shanti Gold International IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Shanti Gold International IPO ?

The issue size of the Shanti Gold International IPO is 360 Cr.

What is 'pre-apply' for Shanti Gold International IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Shanti Gold International IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.