Shanti Gold International Limited has launched its Initial Public Offering (IPO) to raise capital for business growth. The IPO comprises entirely a fresh issue of 1.81 crore equity shares. The total offer size aggregates up to Rs. 360.11 crore. The IPO opens on July 25, 2025, and closes on July 29, 2025. The shares will be listed on NSE and BSE on Friday, August 1, 2025. Here’s everything you need to know.
GMP of Shanti Gold International IPO
As of July 25, 2025, the shares of Shanti Gold International Limited in the grey market were trading at a 19.60 percent premium. The shares in the Grey Market traded at Rs. 238. This gives it a premium of Rs. 39 per share over the cap price of Rs. 199. This IPO is a pure fresh issue with no offer-for-sale component.
Get complete details about Shanti Gold International IPO—including dates, price band, and lot size—on Zerodha. Stay updated with all the latest IPO info Click Here
Overview of Shanti Gold International Limited
Shanti Gold International Limited was incorporated in 2003 and is a Mumbai-based company engaged in manufacturing 22kt CZ casting gold jewellery. It produces intricately designed bangles, rings, necklaces, and jewellery sets suitable for weddings, festivals, special occasions, and everyday wear. The company caters to a wide range of customers across various price points.
Its manufacturing unit spans 13,448.86 sq. ft. in Andheri East, Mumbai, with an annual production capacity of 2,700 kg. Shanti Gold uses a mix of modern machinery and skilled contract labour to ensure precision and quality. An in-house team of 80 CAD designers creates over 400 new gemstone-studded CZ designs every month.
The company supplies its products to major jewellery brands like Joyalukkas, Lalitha Jewellery, and Alukkas Enterprises. As of May 31, 2025, it had 222 full-time employees and 100 contract workers. With operations in 15 states and 1 union territory, Shanti Gold has a strong national presence.
Promoters of Shanti Gold International
The promoters are Pankajkumar H. Jagawat, Manojkumar N. Jain, and Shashank Bhawarlal Jagawat. They bring decades of experience in the gold and jewellery business. Their leadership has helped build strong supplier and client networks.
Lead Manager of Shanti Gold International IPO
Choice Capital Advisors Private Limited is the Book Running Lead Manager. Bigshare Services Private Limited is the IPO Registrar. These intermediaries will manage the bidding and allotment process.
Objective of the Offer
Shanti Gold International Limited plans to utilize the IPO proceeds for four key purposes. The company will allocate Rs. 200 crore towards funding its working capital requirements to support day-to-day operations.
Additionally, Rs. 46.30 crore will be invested in setting up a proposed manufacturing facility in Jaipur, enhancing its production capabilities. It will also use Rs. 17 crore for repayment or prepayment of certain borrowings, improving its debt profile. The remaining funds will be deployed for general corporate purposes to aid overall business growth and strategic initiatives.
Financial Analysis of Shanti Gold International
Shanti Gold International Limited’s revenue has increased from Rs. 711.43 crore in FY24 to Rs. 1,106.41 crore in FY25, which represents a growth of 55.52 percent. The net profit of the company increased by 107.82 percent, from Rs. 26.87 crore in FY24 to Rs. 55.84 crore in FY25. Shanti Gold International Limited’s revenue and net profit have grown at a CAGR of 27.61 percent and 67.86 percent, respectively, over the last two years.
Shanti Gold International vs Peers
Shanti Gold International Limited reported revenue of Rs. 1,106.41 crore in FY2025 with an EPS of Rs. 10.34 and RoNW of 44.85 percent. In comparison, Utssav CZ Gold Limited earned Rs. 646.32 crore with an EPS of Rs. 11.63 and a RoNW of 30.94 percent. Sky Gold Limited reported Rs. 3,548.02 crore in revenue, Rs. 9.52 EPS, and a higher RoNW of 28.59 percent.
The company’s net asset value per share is Rs. 28.22, compared to Rs. 53.23 for Utssav CZ Gold Limited, Rs. 61.26 for RBZ Jewellers Limited, and Rs. 46.61 for Sky Gold Limited.
Strengths of Shanti Gold International
- Export-driven model allows the company to tap global markets and reduce domestic demand dependence.
- Custom-made jewellery portfolio appeals to international buyers seeking exclusive and high-quality gold designs.
- Promoters have extensive experience and knowledge in gold trading and international jewellery exports.
- Established supplier networks and logistics ensure timely delivery of bulk and custom orders.
- Manufacturing processes follow strict quality controls, ensuring consistent product standards for global clients.
Weaknesses of Shanti Gold International
- The company lacks a strong retail footprint, limiting its brand recognition in the Indian market.
- Heavy reliance on exports exposes businesses to global demand shifts and geopolitical risks.
- Foreign exchange fluctuations may impact profitability and cost margins significantly.
- Revenue is concentrated among a few large buyers, increasing client dependency risks.
- Any changes in export-import regulations could negatively affect the company’s operations and margins.
Conclusion
Shanti Gold International Limited’s IPO provides investors with an opportunity to participate in India’s growing gold jewellery sector. The offer aligns with the company’s expansion and modernization plans for future growth. Investors should evaluate the company’s financials, strengths, and sector dynamics before making investment decisions.
Written By – Nikhil Naik
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
