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01 Nov, 2025
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 -
- Lead Manager - JM Financial Limited and other SEBI-registered merchant bankers
- 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.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Shanti Gold International IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Shanti Gold International IPO Details
| Detail | Description |
|---|---|
| IPO Date | July 25, 2025 to July 29, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹189 to ₹199 per share |
| Lot Size | 75 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 1,80,96,000 shares (aggregating up to ₹360.11 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 5,40,00,000 shares |
| Share Holding Post Issue | 7,20,96,000 shares |
Shanti Gold International IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Fri, Jul 25, 2025 |
| IPO Close Date | Tue, Jul 29, 2025 |
| Tentative Allotment | Wed, Jul 30, 2025 |
| Initiation of Refunds | Thu, Jul 31, 2025 |
| Credit of Shares to Demat | Thu, Jul 31, 2025 |
| Tentative Listing Date | Fri, Aug 1, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 29, 2025 |
Shanti Gold International IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 75.00 | ₹14,925 |
| Retail (Max) | 13 | 975 | ₹1,94,025 |
| S-HNI (Min) | 14 | 1,050 | ₹2,08,950 |
| S-HNI (Max) | 67 | 5,025 | ₹9,99,975 |
| B-HNI (Min) | 68 | 5,100 | ₹10,14,900 |
Shanti Gold International IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 99.99% |
| Share Holding Post Issue | 74.89% |
Competitive Strength:
- ● Shanti Gold International Limited offers a vast variety of jewellery designs made by a skilled team of craftsmen.
- ● The company functions on an entirely in-house manufacturing system which ensures the product’s quality at each step.
- ● Shanti Gold has support of experienced and expert promoters who are equipped with execution capabilities.
- ● They function on a business model that is very financially stable.
- ● The Company has a well established relation with other corporate and jewellery oriented businesses, which helps them promote their B2B business model.
Shanti Gold International IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 419.83 | 1,112.47 | 55.84 | 152.37 | 233 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 325.40 | 715 | 27 | 97 | 210.68 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 256.88 | 682.28 | 19.82 | 69.81 | 165.34 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROCE | 25.70% |
| Debt/Equity | 1.60 |
| RoNW | 44.85% |
| PAT Margin | 5.05% |
| EBITDA Margin | 8.83% |
| Price to Book Value | 7.05 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 10.34 | 7.75 |
| P/E (x) | 19.24 | 26 |
The Objective of Shanti Gold International Limited IPO
The proceeds obtained from the IPO will be utilised for -
- Providing funds for the capital required in order to set the company’s proposed Jaipur facility.
- Repayment of debt availed by the corporation, completely or in installments.
- Providing funds in order to fulfill the working capital requirements and general corporate working needs of Shanti Gold International Limited.
Conclusion
The company is a rapidly growing firm and a manufacturer of 22kt Cubic Zirconia. Shanti Gold International Limited IPO acts as a great opportunity for jewellery investors. With an increase in revenue in FY25 to ₹1,106.41 crore from ₹711.43 crore in FY24, the company is guided by its expert managerial support in order to produce a vast variety of jewellery designs made by a skilled team of craftsmen.
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Frequently asked Questions (FAQs )
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1. What is the issue size and price of Shanti Gold International Limited IPO?
Shanti Gold International Limited IPO is of ₹360.11 crore which is priced at ₹189 to ₹199 per equity share.
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2. When will the Shanti Gold International Limited IPO open for subscription?
Subscription for the IPO opens on 25th July, 2025 and will be closed on 29th July, 2025.
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3. Who are the promoters of Shanti Gold International Limited IPO?
The promoters of Shanti Gold International Limited IPO are Pankajkumar H. Jagawat, Manojkumar N. Jain and Shashank Bhawarlal Jagawat.
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4. What are the objectives of Shanti Gold International Limited IPO?
Fulfill capital required for the proposed Jaipur facility, repayment of debt, fulfill the working capital requirements and general corporate working needs.
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