Shanti Gold International Ltd, a manufacturer of gold jewellery, saw its initial public offer subscribed 1.16 times on the opening day of bidding, which took place on Friday, July 25. On Thursday, the company announced it had garnered just over ₹108 crore from anchor investors.
The anchor investors receiving share allocations included Societe Generale, Wealthwave Capital Fund, Rajasthan Global Securities, Astorne Capital VCC Arven, J4S Venture Fund – I, Shine Star Build Cap Pvt Ltd, and Meru Investment Fund PCC-Cell 1, among others, as stated in a circular published on the BSE website.
Investors have the option to bid for a minimum of 75 equity shares and then in increments of 75 shares thereafter.
The ₹360-crore initial public offering (IPO) for Shanti Gold is set to close on July 29.
Shanti Gold International IPO price band has been established at ₹189-199 per share. The company specializes in the design and manufacturing of different forms of gold jewellery and has an annual production capacity of 2,700 kg.
Shanti Gold’s operational revenue grew by 55.52% to ₹1,106.41 crore in FY25, up from ₹711.43 crore in the previous fiscal year, and the profit after tax increased to ₹56 crore in FY25, up from ₹27 crore in FY24.
Shanti Gold IPO subscription status
Shanti Gold IPO subscription status is 1.16 times on day 1, so far. The retail portion was subscribed 1.84 times, and NII portion has been booked 1.09 times, Qualified Institutional Buyers (QIBs) portion received 1% bids.
The company has received bids for 1,46,79,750 shares against 1,26,67,200 shares on offer, according to data on BSE.
Shanti Gold International IPO review
As per GEPL Capital, taking into account the FY25 earnings in relation to the company’s paid-up capital after the IPO, the issue is valued at a P/E ratio of 19.2 times. The brokerage opines that the company is appropriately valued when compared to its competitors, is strategically broadening its geographic reach, and is experiencing robust growth in both revenue and profit after tax (PAT). Consequently, the brokerage advises a “Subscribe” rating for the issue.
According to a brokerage report from Adroit Financial Services Private Ltd, the company is set to achieve cost savings by paying off a Rs. 17 crore term loan from Saraswat Co-operative Bank. This will enhance the company’s cash flow in the long run, strengthening its foundation to seize emerging market opportunities. A significant risk for the company is the potential decline in gold prices, which may affect the valuation of their merchandise. As a result, the recommendation is to “Subscribe” to the IPO for a long-term investment, taking into account its valuation and potential for growth.
Shanti Gold International IPO details
The Shanti Gold IPO consists of fresh issue of 1.8 crore shares exclusively.
The company plans to allocate ₹46.3 crore from the IPO proceeds to establish its proposed facility in Jaipur, while ₹200 crore will be designated for its working capital needs. Additionally, ₹17 crore is set aside for debt repayment, which stood at ₹242 crore as of May 2025, with the remaining funds intended for general corporate purposes.
Choice Capital Advisors Pvt Ltd serves as the main manager for the Shanti Gold International IPO, whereas Bigshare Services Pvt Ltd is acting as the registrar for the offering.
Shanti Gold International IPO GMP today
Shanti Gold IPO GMP is +38. This indicates Shanti Gold International share price was trading at a premium of ₹38 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Shanti Gold share price was indicated at ₹237 apiece, which is 19.10% higher than the IPO price of ₹237.
According to the grey market activities observed over the past 11 sessions, today’s IPO GMP is showing an upward trend and is anticipated to have a robust listing. The minimum GMP recorded is ₹0.00, while the maximum GMP stands at ₹39, as per experts from investorgain.com.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
About The Author
