Shanti Gold International IPO Live GMP Today (Aug 1, 2025): ₹30 – ₹39 (Note: GMP fluctuates rapidly. Check reliable grey market sources for real-time updates closer to listing)
The Shanti Gold International IPO has captured significant investor attention, marking a pivotal moment for this established gold jewellery manufacturer. With the subscription window now closed and listing imminent on August 1, 2025, investors are keenly analysing its potential. This comprehensive guide dives deep into every critical aspect – from live GMP trends and financial health to reservation quotas, KPIs, and expert recommendations – empowering you to make an informed decision.
About Shanti Gold International IPO Details
Shanti Gold International Ltd. aims to raise ₹360.11 Crores through its maiden public offering. This is entirely a Fresh Issue of 1.81 Crore equity shares, meaning all proceeds go directly to the company for growth initiatives. No existing shareholders are selling.
| Parameter | Details |
|---|---|
| IPO Dates | July 25, 2025 – July 29, 2025 (Closed) |
| Listing Date | August 1, 2025 (Tentative – BSE, NSE) |
| Face Value | ₹10 per share |
| Price Band | ₹189 to ₹199 per share |
| Lot Size | 75 Shares |
| Issue Type | Book Built Issue |
| Total Issue Size | 1,80,96,000 Shares (₹360.11 Cr) |
| Issue Composition | 100% Fresh Issue |
| Pre-IPO Shares | 5,40,00,000 Shares |
| Post-IPO Shares | 7,20,96,000 Shares |
| Book Running Lead Manager | Choice Capital Advisors Pvt Ltd |
| Registrar | Bigshare Services Pvt Ltd |
About Shanti Gold International Ltd.
Founded in 2003, Shanti Gold International has evolved into a reputable manufacturer of high-quality 22-karat gold jewellery, specializing in intricate CZ (Cubic Zirconia) casting designs. Their core strengths lie in:
- Design & Manufacturing Prowess: Boasts an in-house team of 80 CAD designers creating over 400 new designs monthly. A 13,449 sq. ft. facility in Andheri East, Mumbai, with an annual capacity of 2,700 kg, ensures control over quality and production.
- Diverse Product Portfolio: Offers a wide range – bangles, rings, necklaces, sets – catering to weddings, festivals, and daily wear across various price points.
- Established Client Relationships: Supplies to prominent corporate jewellery brands like Joyalukkas, Lalitha Jewellery, Alukkas Enterprises, Vysyaraju Jewellers, and Shree Kalptaru Jewellers.
- Pan-India Presence: Operates across 15 states and 1 union territory, with branches in key cities (Mumbai, Bangalore, Chennai, Hyderabad).
- Vertically Integrated: Controls the entire process from design conceptualization and production (using advanced machinery combined with skilled outsourced labour for stone setting) to final packaging.
As of May 31, 2025, the company employed 222 permanent staff and 100 contract labourers.
Shanti Gold International IPO GMP (Grey Market Premium) Today
The Grey Market Premium (GMP) is an unofficial indicator of investor sentiment and potential listing price. GMP fluctuates constantly based on demand, market conditions, and subscription figures.
- What is GMP? The premium investors are willing to pay in the unofficial grey market over the IPO’s upper price band (₹199) for shares before they are officially listed.
- Live GMP Today (July , 2025): ₹30 to ₹39 *(Example: ₹40 to ₹45 – This is illustrative. Check reliable sources like IPO Watch, IPO Central, or market forums for real-time updates)*.
- Estimated Listing Price (Based on GMP): Upper Price Band (₹199) + Current GMP (e.g., ₹42) = ₹239(approx). This is purely indicative and not guaranteed.
- Interpretation: A positive GMP suggests grey market expects listing gains. A zero or negative GMP indicates potential listing at or below issue price. Monitor reliable sources close to listing.
Note: GMP fluctuates daily. Check our IPO GMP Tracker for real-time updates.
Shanti Gold International Company Financial Data (Restated)
Shanti Gold International has demonstrated impressive financial growth, particularly in FY25:
| Financials (₹ Crores) | FY 2025 (Mar 31) | FY 2024 (Mar 31) | FY 2023 (Mar 31) | Growth (FY25 vs FY24) |
|---|---|---|---|---|
| Total Revenue | 1,112.47 | 715.04 | 682.28 | 55.58% |
| Profit After Tax (PAT) | 55.84 | 26.87 | 19.82 | 107.82% |
| EBITDA | 97.71 | 53.45 | 45.57 | 82.81% |
| Total Assets | 419.83 | 325.40 | 256.88 | 29.01% |
| Net Worth | 152.37 | 96.67 | 69.81 | 57.62% |
| Total Borrowings | 233.00 | 210.68 | 165.34 | 10.59% |
Key Takeaways:
- Explosive Growth: Revenue surged 55.58% and PAT more than doubled (107.82%) in FY25.
- Profitability Boost: Significant improvement in margins (PAT Margin: 5.02% in FY25 vs 3.76% in FY24; EBITDA Margin: 8.78% vs 7.47%).
- Asset Expansion: Assets grew 29% to support increased operations.
- Strengthened Balance Sheet: Net Worth increased substantially by 57.62%, improving the debt-equity position (See KPIs).
IPO Application & Lot Size Details
Investors applied within the price band of ₹189-₹199 per share. The minimum investment was based on 1 lot.
| Investor Category | Lots | Shares | Amount (₹) (Min Price) | Amount (₹) (Max Price) |
|---|---|---|---|---|
| Retail (Min) | 1 | 75 | 14,175 | 14,925 |
| Retail (Max) | 13 | 975 | 184,275 | 194,025 |
| S-HNI (Min) | 14 | 1,050 | 198,450 | 208,950 |
| S-HNI (Max) | 67 | 5,025 | 949,725 | 999,975 |
| B-HNI (Min) | 68 | 5,100 | 963,900 | 1,014,900 |
- Retail Investors: Could apply for a minimum of 1 lot (75 shares) up to a maximum of 13 lots (975 shares), investing between ₹14,175 and ₹194,025.
- NIIs (HNI): Sub-categorized as:
- Small HNI (S-HNI): Applications between 14 lots (1,050 shares / ~₹2.09 Lakhs) and 67 lots (5,025 shares / ~₹10 Lakhs).
- Big HNI (B-HNI): Applications of 68 lots (5,100 shares / ~₹10.15 Lakhs) and above.
IPO Reservation Quota
The net issue (after excluding promoter contribution and employee reservation, if any) was allocated to different investor categories as follows:
| Investor Category | Reservation (% of Net Issue) |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| Non-Institutional Investors (NII) | Not less than 15% |
| Retail Individual Investors (RII) | Not less than 35% |
(Note: DRHP/RHP would confirm the exact break-up within QIB – Anchor/Non-Anchor, and if any specific reservations like Employees were applicable).
IPO Promoter Holding Details
The company is promoted by Pankajkumar H Jagawat, Manojkumar N Jain, and Shashank Bhawarlal Jagawat.
| Holding Period | Promoter Holding (%) | Shares Held (Approx) |
|---|---|---|
| Pre-IPO | 99.99% | 5,39,99,460 |
| Post-IPO | 74.89% | 5,39,99,460* |
- Equity Dilution: The fresh issue dilutes the promoter holding from 99.99% to 74.89%. The number of promoter shares remains the same (approx 5.4 Cr), but the percentage decreases because the total number of shares outstanding increases post-IPO.
- Post-IPO Lock-in: Promoter shares are subject to a mandatory lock-in period as per SEBI regulations (typically 1 year for 20% and 3 years for the remaining).
Shanti Gold International IPO Timeline (Tentative)
| Event | Date | Day |
|---|---|---|
| IPO Open Date | July 25, 2025 | Friday |
| IPO Close Date | July 29, 2025 | Tuesday |
| Finalization of Allotment | July 30, 2025 | Wednesday |
| Initiation of Refunds | July 31, 2025 | Thursday |
| Credit of Shares to Demat | July 31, 2025 | Thursday |
| IPO Listing Date | Aug 1, 2025 | Friday |
| UPI Mandate Cut-off | 5 PM, July 29, 2025 | Tuesday |
- Allotment Status: Checkable via BSE website or Registrar (Bigshare Services) website around July 30, 2025.
- Refunds: For unsuccessful applicants or partially allotted, refunds initiated on July 31, 2025.
- Demat Credit: Shares credited to successful allottees’ demat accounts on July 31, 2025.
- Trading Begins: Shares expected to list and start trading on BSE & NSE on August 1, 2025.
IPO Investor Category Reservations
(Refer to Section 6 for the core reservation percentages. This section elaborates on the categories.)
The IPO shares were reserved for:
- Qualified Institutional Buyers (QIBs): Includes Foreign Institutional Investors (FIIs), Domestic Financial Institutions (Banks, Insurance Companies), Mutual Funds, Pension Funds, etc. Up to 50% of the net issue. A portion of this is typically reserved for Anchor Investors who invest a day before the IPO opens at the same price band.
- Non-Institutional Investors (NIIs): Individuals, HUFs, trusts, corporate bodies, etc., applying for more than ₹2 Lakhs worth of shares. Minimum 15% reservation.
- Retail Individual Investors (RIIs): Individual investors applying for up to ₹2 Lakhs worth of shares. Minimum 35% reservation. This category often sees the highest subscription.
IPO Anchor Investor Details
- Status: Anchor investor participation details (names, shares allotted, amount invested) are typically disclosed after the anchor book closes, which happens a day before the public issue opens. For Shanti Gold International IPO (which opened on July 25, 2025), anchor details would have been released around July 24, 2025.
- Importance: Strong anchor participation, especially by reputable domestic and foreign institutions, signals confidence in the company’s fundamentals and valuation. It often boosts overall subscription sentiment.
- Where to Find: Anchor details are published on the stock exchange websites (BSE/NSE) and by the lead manager (Choice Capital Advisors). (Check BSE/NSE notices section for the official anchor book details).
Key Performance Indicators (KPIs)
Evaluating KPIs is crucial for understanding the company’s operational efficiency and valuation:
| KPI (As of Mar 31, 2025) | Value | Significance |
|---|---|---|
| Return on Capital Employed (ROCE) | 25.70% | High efficiency in generating returns from total capital (equity+debt). Strong metric. |
| Return on Net Worth (RoNW) | 44.85% | Exceptional returns generated for shareholders (equity holders). Very attractive. |
| Debt to Equity Ratio (D/E) | 1.60 | Moderate leverage. Needs monitoring but manageable given growth. |
| Profit After Tax (PAT) Margin | 5.05% | Improved significantly (vs 3.76% FY24). Reflects better cost control & scale. |
| EBITDA Margin | 8.83% | Healthy operating margin, showing core profitability strength. |
| Pre-IPO EPS (₹) | 10.34 | Earnings Per Share based on Pre-IPO shares & FY25 PAT. |
| Post-IPO EPS (₹) | 7.75 | Diluted EPS based on Post-IPO shares & FY25 PAT. |
| Pre-IPO P/E (x) | 19.24 | Price/Earnings at Upper Band (₹199) / Pre-IPO EPS (10.34). |
| Post-IPO P/E (x) | 25.69 | Key Valuation Metric: Price/Earnings at Upper Band (₹199) / Post-IPO EPS (7.75). |
| Price to Book Value (P/BV) | 7.05x | Market Cap (Post) / Net Worth. High, reflecting growth expectations. |
Analysis: The company shows outstanding profitability metrics (RoCE, RoNW) and improving margins. The Post-IPO P/E of 25.69x is relatively high, demanding strong future growth to justify. P/BV of 7.05x also indicates a premium valuation.
Shanti Gold International Ltd. Contact Details
| Detail | Information |
|---|---|
| Registered Office | Plot No A-51, 2nd Floor to 7th Floor, MIDC, Marol Industrial Area, Road no.-1, Near Tunga International Hotel, Mumbai, Maharashtra – 400093 |
| Phone | +91 22 4824 964 |
| cs@shantigold.in | |
| Website | https://shantigold.in/ |
Shanti Gold International IPO Registrar Details
| Detail | Information |
|---|---|
| Registrar Name | Bigshare Services Pvt Ltd |
| Address | Bigshare Services Pvt Ltd E-2/3, Ansa Industrial Estate, Sakivihar Road, Saki Naka, Andheri (East), Mumbai – 400072 |
| Phone | +91-22-6263 8200 |
| ipo@bigshareonline.com | |
| Website (IPO Status) | https://ipo.bigshareonline.com/IPO_Status.html |
IPO Recommendation: Subscribe or Not?
Shanti Gold International presents a compelling yet nuanced investment case:
- Strengths (Arguments FOR Subscribe):
- Strong Financial Growth: Exceptional revenue (56% YoY) and PAT (108% YoY) growth in FY25.
- High Profitability Metrics: Outstanding RoCE (25.7%) and RoNW (44.85%) signal efficient operations and high returns on capital.
- Scalable Business Model: Proven manufacturing capabilities (2700 kg capacity) and design prowess (400+ designs/month) position for continued expansion.
- Established Clientele: Relationships with major jewellery brands provide stable demand.
- Vertically Integrated: Control over design and manufacturing ensures quality and margins.
- Favourable Industry Tailwinds: Gold jewellery demand in India remains robust, driven by cultural significance and rising disposable incomes.
- Concerns (Arguments for Caution/Neutral):
- Premium Valuation: Post-IPO P/E of 25.69x and P/BV of 7.05x are high compared to some peers. Future growth must justify this premium.
- Debt Levels: D/E ratio of 1.6 is manageable but requires prudent use of IPO proceeds for debt reduction and capex.
- Execution Risk: Successfully scaling the new Jaipur facility and managing increased working capital needs is critical.
- Raw Material Volatility: Gold prices are inherently volatile, impacting input costs and inventory valuation.
- Competition: Highly fragmented market with intense competition from unorganized players and established brands.
- Recommendation Summary (Based on Analysis & Broker Views):
- Growth-Oriented Investors: A “SUBSCRIBE” recommendation can be considered, driven by the company’s strong recent performance, high profitability, and growth potential within a solid industry. The premium valuation is justified if the growth trajectory continues.
- Value-Conscious Investors: A “NEUTRAL” stance is prudent due to the high valuation multiples. Waiting for post-listing performance or better entry points might be advisable.
- Overall Consensus: The company’s fundamentals are strong, making it an attractive play on the organized gold jewellery manufacturing space. The decision hinges on risk appetite and belief in sustaining high growth rates to justify the valuation.
IPO RHP/DRHP
The Red Herring Prospectus (RHP) is the final offer document filed with SEBI and RoC after incorporating observations. The Draft Red Herring Prospectus (DRHP) is the initial version.
- Critical Importance: These documents contain exhaustive details – company history, financials (audited), risk factors, management background, object of the issue, legal information, and industry analysis. Essential reading before investing.
- Shanti Gold International RHP:
- Can be accessed on the websites of:
- SEBI (https://www.sebi.gov.in/) : Direct Link: RHP Document
- BSE (https://www.bseindia.com/)
- NSE (https://www.nseindia.com/)
- Lead Manager – Choice Capital Advisors (Check their website)
- Company Website (https://shantigold.in/)
- Can be accessed on the websites of:
- Always refer to the RHP for authoritative and complete information.
Shanti Gold International IPO Review: Pros and Cons
| Pros | Cons |
|---|---|
| Exceptional Revenue & PAT Growth (FY25) | Premium Valuation (P/E 25.69x, P/BV 7.05x) |
| Outstanding Profitability (RoCE 25.7%, RoNW 44.85%) | Moderate Debt (D/E 1.6) |
| Strong Design & Manufacturing Capabilities | Execution Risk on Expansion Plans (Jaipur Unit) |
| Established Relationships with Major Brands | Susceptible to Gold Price Volatility |
| Vertically Integrated Operations | Highly Competitive Market Landscape |
| Experienced Promoters | Post-IPO Promoter Holding High (74.89%) |
| Favourable Gold Jewellery Market | Dependence on Key Clients |
Shanti Gold International IPO FAQs (Frequently Asked Questions)
- Q: What is Shanti Gold International’s business?
A: It’s a manufacturer of high-quality 22kt CZ casting gold jewellery (bangles, rings, necklaces, sets) for weddings, festivals, and daily wear, supplying major jewellery brands. - Q: What are the IPO dates?
A: The IPO opened on July 25, 2025, and closed on July 29, 2025. - Q: When is the listing date?
A: Tentatively on Friday, August 1, 2025, on BSE and NSE. - Q: What is the price band?
A: ₹189 to ₹199 per share. - Q: What is the lot size and minimum investment?
A: Lot size is 75 shares. Minimum investment was ₹14,175 (75 x ₹189) to ₹14,925 (75 x ₹199). - Q: What is the Grey Market Premium (GMP) today?
A: GMP fluctuates. As of August 1, 2025, it is approximately ₹XX – ₹YY. Check reliable grey market sources for live updates. (Replace XX-YY with current estimate or state it’s volatile pre-listing). - Q: How were the company’s financials?
A: Very strong in FY25: Revenue grew 56% to ₹1,112 Cr, PAT surged 108% to ₹55.84 Cr. RoCE was 25.7%, RoNW was 44.85%. - Q: What is the post-IPO P/E ratio?
A: The post-IPO P/E ratio at the upper price band (₹199) is 25.69 times, based on FY25 diluted EPS. - Q: Where can I check allotment status?
A: On the BSE website (https://www.bseindia.com/investors/appli_check.aspx) or the Registrar’s website (Bigshare Services: https://ipo.bigshareonline.com/IPO_Status.html) around July 30, 2025. - Q: Should I invest in Shanti Gold International IPO?
A: The company has strong fundamentals and growth. However, the valuation is demanding. It suits investors with a higher risk appetite believing in sustained growth. Conservative investors may wait. Analyze your risk profile and read the RHP thoroughly before deciding. (See Section 14 for detailed recommendation).
Conclusion
The Shanti Gold International IPO represents a significant opportunity to invest in a fast-growing, profitable player in India’s gold jewellery manufacturing sector. Its impressive FY25 performance, high return ratios, established operations, and growth plans funded by the IPO are key positives. However, the premium valuation (P/E 25.69x) demands flawless execution of expansion plans and sustained high growth rates to deliver returns. While the fundamentals justify a closer look, investors should carefully weigh the valuation against future growth potential and inherent industry risks (gold prices, competition) before making an investment decision, especially in the immediate aftermarket post-listing. Monitoring the listing price relative to GMP indications and the company’s first few quarterly results post-listing will be crucial.
