Shanti Gold International IPO booked nearly 78x on day 3 so far; GMP falls
Shanti Gold International is selling its shares in the price band of Rs 189-199, applied for a minimum of 75 shares and its multiples to raise a total of Rs 360.11 crore between July 25-29.
- Jul 29, 2025,
- Updated Jul 29, 2025 3:57 PM IST
The initial public offering (IPO) of Shanti Gold International continued to see a strong response during the third and final day of the bidding process from all the categories of the investors. The issue was booked more than 1.1 times and ended day two with nearly 5 times subscription.
Shanti Gold International is offering its shares priced between Rs 189 and Rs 199. The company aims to raise Rs 360.11 crore through the sale of 1,80,96,000 fresh equity shares. The IPO will be listed on both BSE and NSE with August 1, 2025, as the tentative listing date. Investors can apply for a minimum lot of 75 shares.
According to the data, the investors made bids for 98,53,45,425 equity shares, or 77.79 times, compared to the 1,26,67,200 equity shares offered for the subscription by 3.45 pm on Tuesday, July 29, 2025. The three day bidding for the issue, which kicked off on Friday, July 25, concludes today.
The allocation for retail investors was subscribed 27.50 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 150.48 times. However, the quota set aside for qualified institutional bidders (QIBs) saw bids a solid 111.73 times as of the same time.
The IPO proceeds are intended to enhance the financial backing of Shanti Gold International, a firm established in 2003. Specialising in the manufacturing of high-quality 22kt CZ casting gold jewellery, the company is focused on strengthening its market presence and expanding its reach.
Analysts present a mixed outlook on Shanti Gold's IPO. While the strong clientele, experienced promoters, and leadership in the South Indian market are seen favourably, concerns about the absence of long-term contracts and commodity price dependencies, alongside negative cash flow, persist. These factors require careful consideration by potential investors.
Shanti Gold has wide range of jewellery designs driven by team of experts. Also, company has complete in-house manufacturing, ensuring quality at every step .Company with its experienced promoters with execution capabilities has got financially stable business model with established relations with corporate and jewellery businesses, said HEM Securities with a 'subscribe' rating.
In the latest financial year ending March 2025, Shanti Gold International reported a net profit of Rs 55.84 crore, up from Rs 26.87 crore in the previous year, against revenues of Rs 1,112.47 crore, up from Rs 715.04 crore. This showcases a strong financial track record and significant growth, indicating robust business operations.
"On the upper band, the issue is priced at a P/E of 19.2 times based on FY25 earnings, which aligns well with its peers. Given SGIL’s strategic international expansion and established domestic client base, we recommend a 'subscribe' rating for the issue with a medium to long-term investment perspective," said BP Equities.
The grey market premium (GMP) for Shanti Gold’s shares is reported between Rs 33 and Rs 36, suggesting an 16-18 per cent listing gain. Despite market volatility, the stability in GMP reflects investor confidence, driven by robust bidding for the issue.
Choice Capital Advisors is the sole book-running lead manager for the IPO, with Bigshare Services appointed as the registrar. The allocation of the IPO comprises 50 per cent reserved for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors (NIIs), and 35 per cent for retail investors, ensuring a broad investor base.
The initial public offering (IPO) of Shanti Gold International continued to see a strong response during the third and final day of the bidding process from all the categories of the investors. The issue was booked more than 1.1 times and ended day two with nearly 5 times subscription.
Shanti Gold International is offering its shares priced between Rs 189 and Rs 199. The company aims to raise Rs 360.11 crore through the sale of 1,80,96,000 fresh equity shares. The IPO will be listed on both BSE and NSE with August 1, 2025, as the tentative listing date. Investors can apply for a minimum lot of 75 shares.
According to the data, the investors made bids for 98,53,45,425 equity shares, or 77.79 times, compared to the 1,26,67,200 equity shares offered for the subscription by 3.45 pm on Tuesday, July 29, 2025. The three day bidding for the issue, which kicked off on Friday, July 25, concludes today.
The allocation for retail investors was subscribed 27.50 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 150.48 times. However, the quota set aside for qualified institutional bidders (QIBs) saw bids a solid 111.73 times as of the same time.
The IPO proceeds are intended to enhance the financial backing of Shanti Gold International, a firm established in 2003. Specialising in the manufacturing of high-quality 22kt CZ casting gold jewellery, the company is focused on strengthening its market presence and expanding its reach.
Analysts present a mixed outlook on Shanti Gold's IPO. While the strong clientele, experienced promoters, and leadership in the South Indian market are seen favourably, concerns about the absence of long-term contracts and commodity price dependencies, alongside negative cash flow, persist. These factors require careful consideration by potential investors.
Shanti Gold has wide range of jewellery designs driven by team of experts. Also, company has complete in-house manufacturing, ensuring quality at every step .Company with its experienced promoters with execution capabilities has got financially stable business model with established relations with corporate and jewellery businesses, said HEM Securities with a 'subscribe' rating.
In the latest financial year ending March 2025, Shanti Gold International reported a net profit of Rs 55.84 crore, up from Rs 26.87 crore in the previous year, against revenues of Rs 1,112.47 crore, up from Rs 715.04 crore. This showcases a strong financial track record and significant growth, indicating robust business operations.
"On the upper band, the issue is priced at a P/E of 19.2 times based on FY25 earnings, which aligns well with its peers. Given SGIL’s strategic international expansion and established domestic client base, we recommend a 'subscribe' rating for the issue with a medium to long-term investment perspective," said BP Equities.
The grey market premium (GMP) for Shanti Gold’s shares is reported between Rs 33 and Rs 36, suggesting an 16-18 per cent listing gain. Despite market volatility, the stability in GMP reflects investor confidence, driven by robust bidding for the issue.
Choice Capital Advisors is the sole book-running lead manager for the IPO, with Bigshare Services appointed as the registrar. The allocation of the IPO comprises 50 per cent reserved for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors (NIIs), and 35 per cent for retail investors, ensuring a broad investor base.