Shanti Gold International IPO kicks off: Should you subscribe to it?
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 25-28.
- Jul 25, 2025,
- Updated Jul 25, 2025 10:07 AM IST
The initial public offering (IPO) of Shanti Gold International shall open for bidding on Friday, July 25. The company is selling its shares in the range of Rs 189-199 apiece. Investors can apply for a minimum of 75 equity shares and its multiples thereafter. The issue shall close for bidding on Tuesday, July 29.
The IPO of Shanti Gold International is entirely a fresh share sale of 1,80,96,000 equity shares amounting to Rs 360.11 crore, with no offer-for-sale (OFS) component. The net proceeds from the issue shall be utilized towards funding capex for Jaipur facility, funding capital working capital requirement, debt repayment and general corporate purposes.
Incorporated in 2003, Mumbai-based Shanti Gold International is engaged in the business of manufacturing gold jewellery. It manufactures high-quality 22kt CZ casting gold jewellery, specialising in design and production. It offers a wide range of high-quality, intricately designed jewelry.
Shanti Gold International reported a net profit of Rs 55.84 crore with a revenue of Rs 1,112.47 crore for the financial year ended on March 31, 2025. The company clocked a net profit of Rs 26.87 crore with a revenue of Rs 715.04 crore for the year 2023-24. The company shall command a market capitalization close to Rs 1,435 crore.
Shanti Gold International has reserved 50 per cent of the net issues for qualified institutional bidders (QIBs), while non-institutional investors will have 15 per cent of the allocation. Retail investors will get 35 per cent of the issue. The company was commanding a grey market premium of Rs 40 apiece, suggesting a 20 per cent listing pop for the investors.
Choice Capital Advisors is the sole book-running lead manager of the Shanti Gold International IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE, with Friday, August 1 as the tentative date of listing. Here's what a host of brokerage firms said about the IPO of Shanti Gold International:
Arihant Capital Markets Rating: Subscribe The overall outlook for Shanti Gold International is positive, driven by strong financial performance. Its fully integrated, in-house manufacturing setup ensures high-quality production, while its growing presence across 15 states and solid relationships with key jewelry brands suggest strong expansion potential, said Arihant Capital Markets.
"Compared to industry peers, Shanti Gold’s financial metrics stand out, positioning it well for future growth. However, risks such as reliance on outsourced labor and market volatility in gold prices remain factors to monitor. The issue is valued at a P/E ratio of 25.69 times, based on a FY25 EPS of Rs 7.7. We are recommending a 'subscribe' for this issue," it addedCanara Bank Securities Rating: Subscribe Shanti Gold has had a robust financial performance for the past three years, where revenue has grown at a CAGR of 28 per cent and PAT has grown at 68 per cent CAGR. The issue is fairly priced at 19 times PE as compared to it’s listed peers, said Canara Bank Securities. "With the upcoming plant in Jaipur, it is all set to capture the Northern India market," it added with a 'subscribe' rating.
Anand Rathi Shares & Stock Brokers Rating: Subscribe Shanti Gold benefits from its fully integrated in-house manufacturing, strong CAD-led design capabilities, and a wide product portfolio tailored to client preferences. It is further backed by consistent growth in customer base, operational scale, and geographic expansion, particularly into North India and overseas markets, said Anand Rathi Shares & Stock Brokers.
"It has established strong ties with prominent jewelry brands like Joyalukkas, Lalitha Jewellery, and Alukkas Enterprises, and operates across 15 states and 1 union territory, with branch offices in major cities including Mumbai, Bengaluru, Chennai, and Hyderabad. Given these strengths, the IPO appears fully priced, and a 'subscribe for long-term' rating is advised," it said.
SBI Securities Rating: Neutral Shanti Gold in the previous three financial years has registered revenue, Ebitda and PAT CAGR of 27.6 per cent, 46.5 per cent and 67.9 per cent CAGR to Rs 1,106.4 crore, Rs 91.7 crore and Rs 55.8 crore, respectively. It has generated negative operating cash flow during the last 3 financial years, and the business is exposed to the high working capital requirements, said SBI Securities.
"It generates 73 per cent of revenue from the southern region, which exposes it to geographical concentration risks. We maintain a 'neutral' view on the company and would like to monitor the company’s growth trajectory, geographical diversification, and cash flow position post listing" it added.
SMIFS Rating: Subscribe "We recommend subscribing to the issue, given Shanti Gold’s strong in-house design-led business model, scalable manufacturing capabilities, growing domestic and export footprint, and consistent financial performance," said SMIFS.
With capacity utilization expected to ramp up at the existing Andheri unit and operations at the upcoming Jaipur facility likely to scale meaningfully, revenue has the potential to nearly double over the next 3-4 years. This positions the company well to capture emerging opportunities and deliver sustained long term value in India’s evolving jewellery sector, it added.Ventura Securities Rating: Subscribe Shanti Gold's growth strategy includes expanding its presence in North India and enhancing its international reach, with plans to increase its production capacity to 3,900 kg per annum through a new manufacturing facility in Jaipur. It is well-positioned to capitalize on the growing demand for high-quality gold jewellery, leveraging its extensive experience, strong customer base, and advanced manufacturing capabilities, said Ventura Securities with a 'subscribe' rating.
The initial public offering (IPO) of Shanti Gold International shall open for bidding on Friday, July 25. The company is selling its shares in the range of Rs 189-199 apiece. Investors can apply for a minimum of 75 equity shares and its multiples thereafter. The issue shall close for bidding on Tuesday, July 29.
The IPO of Shanti Gold International is entirely a fresh share sale of 1,80,96,000 equity shares amounting to Rs 360.11 crore, with no offer-for-sale (OFS) component. The net proceeds from the issue shall be utilized towards funding capex for Jaipur facility, funding capital working capital requirement, debt repayment and general corporate purposes.
Incorporated in 2003, Mumbai-based Shanti Gold International is engaged in the business of manufacturing gold jewellery. It manufactures high-quality 22kt CZ casting gold jewellery, specialising in design and production. It offers a wide range of high-quality, intricately designed jewelry.
Shanti Gold International reported a net profit of Rs 55.84 crore with a revenue of Rs 1,112.47 crore for the financial year ended on March 31, 2025. The company clocked a net profit of Rs 26.87 crore with a revenue of Rs 715.04 crore for the year 2023-24. The company shall command a market capitalization close to Rs 1,435 crore.
Shanti Gold International has reserved 50 per cent of the net issues for qualified institutional bidders (QIBs), while non-institutional investors will have 15 per cent of the allocation. Retail investors will get 35 per cent of the issue. The company was commanding a grey market premium of Rs 40 apiece, suggesting a 20 per cent listing pop for the investors.
Choice Capital Advisors is the sole book-running lead manager of the Shanti Gold International IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE, with Friday, August 1 as the tentative date of listing. Here's what a host of brokerage firms said about the IPO of Shanti Gold International:
Arihant Capital Markets Rating: Subscribe The overall outlook for Shanti Gold International is positive, driven by strong financial performance. Its fully integrated, in-house manufacturing setup ensures high-quality production, while its growing presence across 15 states and solid relationships with key jewelry brands suggest strong expansion potential, said Arihant Capital Markets.
"Compared to industry peers, Shanti Gold’s financial metrics stand out, positioning it well for future growth. However, risks such as reliance on outsourced labor and market volatility in gold prices remain factors to monitor. The issue is valued at a P/E ratio of 25.69 times, based on a FY25 EPS of Rs 7.7. We are recommending a 'subscribe' for this issue," it addedCanara Bank Securities Rating: Subscribe Shanti Gold has had a robust financial performance for the past three years, where revenue has grown at a CAGR of 28 per cent and PAT has grown at 68 per cent CAGR. The issue is fairly priced at 19 times PE as compared to it’s listed peers, said Canara Bank Securities. "With the upcoming plant in Jaipur, it is all set to capture the Northern India market," it added with a 'subscribe' rating.
Anand Rathi Shares & Stock Brokers Rating: Subscribe Shanti Gold benefits from its fully integrated in-house manufacturing, strong CAD-led design capabilities, and a wide product portfolio tailored to client preferences. It is further backed by consistent growth in customer base, operational scale, and geographic expansion, particularly into North India and overseas markets, said Anand Rathi Shares & Stock Brokers.
"It has established strong ties with prominent jewelry brands like Joyalukkas, Lalitha Jewellery, and Alukkas Enterprises, and operates across 15 states and 1 union territory, with branch offices in major cities including Mumbai, Bengaluru, Chennai, and Hyderabad. Given these strengths, the IPO appears fully priced, and a 'subscribe for long-term' rating is advised," it said.
SBI Securities Rating: Neutral Shanti Gold in the previous three financial years has registered revenue, Ebitda and PAT CAGR of 27.6 per cent, 46.5 per cent and 67.9 per cent CAGR to Rs 1,106.4 crore, Rs 91.7 crore and Rs 55.8 crore, respectively. It has generated negative operating cash flow during the last 3 financial years, and the business is exposed to the high working capital requirements, said SBI Securities.
"It generates 73 per cent of revenue from the southern region, which exposes it to geographical concentration risks. We maintain a 'neutral' view on the company and would like to monitor the company’s growth trajectory, geographical diversification, and cash flow position post listing" it added.
SMIFS Rating: Subscribe "We recommend subscribing to the issue, given Shanti Gold’s strong in-house design-led business model, scalable manufacturing capabilities, growing domestic and export footprint, and consistent financial performance," said SMIFS.
With capacity utilization expected to ramp up at the existing Andheri unit and operations at the upcoming Jaipur facility likely to scale meaningfully, revenue has the potential to nearly double over the next 3-4 years. This positions the company well to capture emerging opportunities and deliver sustained long term value in India’s evolving jewellery sector, it added.Ventura Securities Rating: Subscribe Shanti Gold's growth strategy includes expanding its presence in North India and enhancing its international reach, with plans to increase its production capacity to 3,900 kg per annum through a new manufacturing facility in Jaipur. It is well-positioned to capitalize on the growing demand for high-quality gold jewellery, leveraging its extensive experience, strong customer base, and advanced manufacturing capabilities, said Ventura Securities with a 'subscribe' rating.