Shanti Gold International IPO

Shanti Gold International Limited, a leading manufacturer of 22kt Cubic Zirconia, is coming up with its bookbuilding IPO of ₹360.11 crore which is priced at ₹189 to ₹199 per equity share. Subscription for the IPO opens on 25th July, 2025 and will be closed on 29th July, 2025. The IPO is expected to be listed on 1st August, 2025 on the BSE NSE platforms. Lot size for any applicant is 75 shares; Retail investors can apply for a minimum of 75 shares which amounts up to ₹14,175, for sNII the minimum investment required is 1,050 shares i.e. ₹2,08,950 and for bNII is 5,100 shares totaling up to ₹10,14,900.

Company Background

Shanti Gold International Limited is a gold manufacturing company equipped with a team of skilled craftsmen. The company, founded by Pankaj Kumar Jagawat and Manoj Kumar Jain, was incorporated with a vision to become a high-quality affordable supplier of gold jewellery. The company is a prominent B2B CZ Gold jewellery corporation.

Operations and Product Range

Facility and Production

Headquartered in Mumbai, Shanti Gold International Limited started its operations in 2003 with a single unit in the same state and gradually expanded its footprint across Hyderabad, Tamil Nadu, Indore and Gujarat. Utilising their tech-efficient machinery they produce state-of-the-art jewellery collections in their 13,448.86 square feet of head office.

Brand and Market Presence

Through the use of the company’s advanced machinery and CAD design technology Shanti Gold generates about 400 unique designs on a monthly basis. The firm operates on a B2B model with brands like Joyalukkas and Lalithaa Jewellery being some of the major jewellery retailers. Shanti Gold operates in 15 states and 2 union territories in India.

Revenue Channels

A major part of the revenue generated by the company is through their manufacturing and sales of 22kt Cubic Zirconia (CZ) casting gold jewellery. Their revenue channels are as follows:

• Over 97% of the company’s revenue is generated from wholesale sales within the country.
• Certain revenue streams arise from their varied range of gold jewellery items such as bangles, necklaces, earrings, rings and daily wear ornaments as well bridal sets embedded with Cubic Zirconia stones.
• Around 3% of the revenue is generated from exports to some of the international customers of the company.

The company’s revenue witnessed a significant increase in FY25 to ₹1,106.41 crore from ₹711.43 crore in FY24, which reflects on the strong demand and capacity utilization of Shanti Gold.

Management & Shareholding

Promoters & Shareholding

The promoters of Shanti Gold International Limited IPO are Pankajkumar H. Jagawat, Manojkumar N. Jain and Shashank Bhawarlal Jagawat. The lead managers and registrars for the IPO are -

1. Lead Manager - JM Financial Limited and other SEBI-registered merchant bankers
2. Registrar - Link Intime India Private Limited

Board Members

The board members of Shanti Gold International Limited are:

• Pankajkumar H Jagawat who is the Chairman and Managing Director as well as one of the promoters and founders of the company.
• Manojkumar N Jain who is the Whole-time Director and is also a promoter and founder of the company.
• Shashank Bhawarlal Jagawat who is the Non-Executive Director and promoter of the company.
• Yash Mahansaria who is the Independent Director in the firm.
• Bhavika Yash Ghuntla who is also an Independent Director in Shanti Gold.
• Purvi Pathik Shah who is Independent Director and also serves as the Chief Financial Officer and Company Secretary for Shanti Gold International Limited.