If you’re tracking upcoming IPOs in 2025, the Shanti Gold International IPO has likely caught your attention. Backed by a strong presence in the gold jewellery segment and robust financials, this IPO is generating significant investor buzz. But is it a golden opportunity or a glittery trap? Let us dive into this Shanti Gold International IPO, covering IPO Dates, Price Band, Lot Size, Financials, GMP, Risk Factors, Review and more…
About Shanti Gold International Ltd.
Shanti Gold International Ltd., incorporated in 2003, is engaged in the design and manufacturing of high-quality 22kt CZ (Cubic Zirconia) casting gold jewellery. Their product portfolio includes bangles, rings, necklaces, and jewellery sets catering to weddings, festive occasions, and daily wear.
The company operates a 13,448.86 sq. ft. facility in Andheri East, Mumbai, with an annual production capacity of 2,700 kg. They employ over 222 permanent staff and 100 contract workers, backed by 80 CAD designers producing 400+ designs monthly.
The brand has built strong relationships with renowned jewellery chains including Joyalukkas, Lalitha Jewellery, Alukkas Enterprises, and others, across 15 states and 1 union territory as of May 2025.
Competitive Strengths
- In-house manufacturing with strong quality control
- 80+ CAD designers offering 400+ CZ gold jewellery designs monthly
- Strong client base and nationwide presence
- Experienced promoters with decades in the jewellery industry
- Scalable and financially stable business model
Shanti Gold International IPO Issue Details
- IPO Date: July 25, 2025 to July 29, 2025
- Listing Date: August 1, 2025 (tentative)
- Issue Size: Fresh issue of 1.81 crore shares aggregating to ₹360.11 crore
- Price Band: ₹189 to ₹199 per share
- Face Value: ₹10 per share
- Lot Size: 75 shares
- Minimum Investment (Retail): ₹14,925
- Listing At: NSE and BSE
- Book Running Lead Manager: Choice Capital Advisors Pvt Ltd
- Registrar: Bigshare Services Pvt Ltd
Reservation Breakdown
- QIB: Not more than 50%
- Retail: Not less than 35%
- NII: Not less than 15%
Objects of the IPO
- Capital expenditure for setting up a new facility in Jaipur (₹46.3 Cr)
- Working capital requirements (₹200 Cr)
- Repayment/prepayment of borrowings (₹17 Cr)
- General corporate purposes
Financials of Shanti Gold International Ltd.
| Particulars | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue (₹ in Cr) | 682.28 | 715.04 | 1,112.47 |
| EBITDA (₹ in Cr) | 45.57 | 53.45 | 97.71 |
| Net Profit (₹ in Cr) | 19.82 | 26.87 | 55.84 |
| EBITDA Margin (%) | 6.68% | 7.47% | 8.83% |
| PAT Margin (%) | 2.90% | 3.76% | 5.05% |
| ROCE (%) | – | – | 25.70% |
| RONW (%) | – | – | 44.85% |
The company has shown impressive growth in both revenue and profitability over the last 3 years, with PAT nearly doubling in FY25.
Valuation and P/E Ratio Comparison
- EPS (Pre-Issue): ₹10.34
- EPS (Post-Issue): ₹7.75
- P/E Ratio (Post-Issue): 25.69x at upper price band
- Industry average P/E: Varies widely; peers like Titan, Kalyan Jewellers range between 20x-70x
The valuation appears reasonable considering the growth trajectory and ROCE/RONW metrics.
Grey Market Premium (GMP) of Shanti Gold International IPO
As of July 22, 2025, the Shanti Gold International IPO GMP is reportedly around ₹20-25, indicating strong investor interest.
Reasons to Invest in the IPO
- Consistent financial growth and expanding margins
- Strong industry relationships and geographic spread
- Attractive and diverse product portfolio
- Reasonable valuation compared to listed peers
- GMP suggests positive listing gains
Risk Factors to Consider
- Highly competitive and fragmented jewellery market
- Dependency on gold and CZ prices
- Working capital intensive business
- Regulatory changes could impact margins
- Any decline in demand during festive/wedding seasons may affect revenue
How to Apply for Shanti Gold International IPO?
Retail investors can apply through:
- ASBA via net banking (SBI, HDFC, ICICI, etc.)
- UPI apps (Paytm Money, PhonePe, etc.)
- Broker platforms like Zerodha, Upstox, Angel One
Make sure to complete your UPI mandate before 5 PM on July 29, 2025.
Conclusion – Should You Subscribe or Avoid?
Shanti Gold International IPO is coming from a company with a solid track record in the gold jewellery segment, backed by strong financials, wide reach, and in-house design strength. The valuation appears fair given the growth metrics and investor interest via GMP. However, potential investors should be aware of sector-specific risks and seasonal dependencies.
Our View: High Risk Investors can subscribe for medium to long-term gains.
FAQs about Shanti Gold International IPO
- What is the IPO opening and closing date?
- The IPO opens on July 25, 2025 and closes on July 29, 2025.
- What is the Shanti Gold International IPO Price Band?
- The price band is ₹189 to ₹199 per share.
- What is the lot size and minimum investment for retail investors?
- Lot size is 75 shares, requiring a minimum investment of ₹14,925.
- When will the IPO allotment be announced?
- Tentative allotment date is July 30, 2025.
- What is the GMP (Grey Market Premium) of the IPO?
- The GMP is around ₹20-25 as of July 22, 2025.
- Where will the IPO be listed?
- The IPO will be listed on NSE and BSE.
- Is this IPO good for investment?
- Considering the fundamentals, valuation, and GMP – it looks like a good bet for medium to long-term investors.
Disclaimer: This article is for educational purposes only and not a recommendation to invest. Please consult your financial advisor before investing in IPOs.
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