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Shanti Gold International IPO 2025 – A Sparkling Entry from India’s Jewellery Hub
Shanti Gold International Ltd, a Mumbai-based gold jewellery manufacturer, is coming up with its IPO to fund its new Jaipur facility, repay debt, and boost working capital. Here’s all you need to know about its business, GMP, issue size, and key dates.
Written by: SERNET Research Team
Table of Content
Shanti Gold International Ltd
Shanti Gold International Ltd was founded in 2003 and is engaged in the business of manufacturing gold jewellery. It specializes in the design and production of jewellery. It offers a wide gamut of jewellery products for its clients including bangles, rings, necklaces etc; which are suited to formal, informal, and festive occasions. The company has 13,500 SFT manufacturing facility in Mumbai, with annual capacity of 2,700 KG.
The fresh funds will be used for capex at its proposed Jaipur facility, repayment of loans, and for funding working capital. The promoters of Shanti Gold International Ltd are Pankaj Kumar Jagawat, Manojkumar Jain, and Shashank Jagawat. The IPO will be lead managed by Choice Capital Advisors Private Ltd; while Bigshare Services Private Ltd will be the IPO registrar. The company is headquartered in Mumbai.
Highlights of the IPO Issue
Here are the key highlights of the public issue of Shanti Gold International Ltd.
- The IPO will be open from July 25th, 2025 to July 29th, 2025. It has face value of ₹10 per share and the IPO price band has been set in the range of ₹189 to ₹199 per share.
- The IPO of Shanti Gold International Ltd will be purely a fresh fund raising, with no offer for sale (OFS) component to the IPO.
- The fresh portion of the IPO comprises the issue of 1,80,96,000 shares (180.96 lakh shares), which at the upper price band of ₹199 per share translates into ₹360.11 crore.
- Since there is no OFS component, overall IPO will comprise of the issue of 1,80,96,000 shares (180.96 lakh shares) worth ₹360.11 crore at upper band price of ₹199 per share.
The IPO of Shanti Gold International Ltd will be listed on the NSE and the BSE on the IPO mainboard.
Key Dates, Investor Allocation, And Lot Sizes
Here are the key dates pertaining to the IPO of Shanti Gold International Ltd
| Event | Tentative Date |
| IPO Open Date | 25th July 2025 |
| IPO Close Date | 29th July 2025 |
| Basis of Allotment | 30th July 2025 |
| Initiation of Refunds to non-allottees | 31st July 2025 |
| Credit of Shares to Demat | 31st July 2025 |
| Listing Date on NSE and BSE | 01st August 2025 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Category of Investors | Allocation of shares | % Share |
| Reservation for Employees | No reservation for employees | N.A. |
| Anchor Allocation | 54,28,800 shares | 30.00% of total IPO size |
| QIB Shares Offered | 36,19,200 shares | 20.00% of total IPO size |
| NII (HNI) Shares Offered | 27,14,400 shares | 15.00% of total IPO size |
| Retail Shares Offered | 63,33,600 shares | 35.00% of total IPO size |
| Total Shares Offered | 1,80,96,000 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Shanti Gold International Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 75 | ₹ 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 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. One lot is of 75 shares.
Financial Highlights
The table captures the key financials of Shanti Gold International Ltd for last 3 financial years.
| Particulars | FY25 | FY24 | FY23 |
| Net Revenues (₹ in crore) | 1,106.41 | 711.43 | 679.40 |
| Sales Growth (%) | 55.52% | 4.71% | |
| Profit after Tax (₹ in crore) | 55.84 | 26.87 | 19.82 |
| PAT Margins (%) | 5.05% | 3.78% | 2.92% |
| Total Equity (₹ in crore) | 152.37 | 96.67 | 69.81 |
| Total Assets (₹ in crore) | 419.83 | 325.40 | 256.88 |
| Return on Equity (%) | 36.65% | 27.79% | 28.39% |
| Return on Assets (%) | 13.30% | 8.26% | 7.72% |
| Asset Turnover Ratio (X) | 2.64 | 2.19 | 2.64 |
| Earnings per share (₹) | 10.34 | 4.98 | 3.67 |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The company has seen steady growth in top line and bottom line; with the profits more than doubling in FY25. PAT margins have been relatively stable over the last 3 years with a surge in FY25. PAT margins of around 5% are healthy for a retail jewellery play. The company has also reported ROE of over 30% in the latest year, and an asset turnover ratio of well above 2X, showing aggressive churn of assets and conversion into revenues.
Valuation Metrics
If one considers the latest year EPS of ₹10.34 per share, the P/E ratio works out to 19.5X on the IPO price of ₹199 per share. The peer group within jewellery that is comparable has an average P/E of over 24X, so the strong ROE averaging 30%; should act as a magnifying factor for the valuation of the company.
Shanti Gold International Ltd also has some intangibles favouring them. It offers a wide range of designs and due to its end-to-end process expertise, it is able to maintain much better control over cost and quality. The financials have delivered in the last 3 years. This is an industry in which relationships at the vendor end and the customer end matter a lot; and that is where the company has a focus. Investors can look at the IPO from a long term view.
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