In July 2025, India’s IPO market continues to offer diverse opportunities, with Shanti Gold International Ltd. emerging as a notable player. The company, specialising in the manufacturing of high-quality gold jewellery, is set to raise ₹360.11 crores through its IPO, opening on July 25, 2025. Below is an in-depth look into the IPO, company financials, and market outlook.
About Shanti Gold International Ltd.
Shanti Gold International Ltd., incorporated in 2003, is a leading manufacturer of 22kt CZ casting gold jewellery. The company specialises in the design and production of a wide range of jewellery, including bangles, rings, necklaces, and sets. It caters to both special occasions and daily wear jewellery across various price points.
The company operates from a 13,448.86 square feet manufacturing facility in Andheri East, Mumbai, with an annual production capacity of 2,700 kg of jewellery. Shanti Gold also uses advanced CAD (Computer-Aided Design) technology to create intricate gemstone-studded designs. As of May 31, 2025, the company employs a team of 80 CAD designers, producing over 400 new designs monthly.
The company serves major jewellery businesses, including Joyalukkas, Lalitha Jewellery, Alukkas Enterprises, Vysyaraju Jewellers, Shree Kalptaru Jewellers, and others. With a robust presence in 15 states and 1 union territory, Shanti Gold is expanding its footprint across India.
Shanti Gold International Ltd. IPO Details
The Shanti Gold International IPO is a bookbuilding IPO with a total issue size of ₹360.11 crore. The company plans to issue 1.81 crore shares at a price band of ₹189 to ₹199 per share.
- IPO Open Date: July 25, 2025
- IPO Close Date: July 29, 2025
- Price Band: ₹189 to ₹199 per share
- Lot Size: 75 shares
- Total Issue Size: ₹360.11 crore
Important IPO Timeline
| Event | Date |
| IPO Open Date | July 25, 2025 |
| IPO Close Date | July 29, 2025 |
| Tentative Allotment Date | July 30, 2025 |
| Refund Initiation | July 31, 2025 |
| Credit of Shares to Demat | July 31, 2025 |
| Tentative Listing Date | August 1, 2025 |
| Cut-off time for UPI mandate | 5 PM on July 29, 2025 |
Key IPO Details
| Particulars | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹189 to ₹199 per share |
| Lot Size | 75 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 1,80,96,000 shares (aggregating up to ₹360.11 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 5,40,00,000 shares |
| Share Holding Post Issue | 7,20,96,000 shares |
Lot Size of Shanti Gold International Ltd. IPO
| Application Type | Lots | Shares | Amount |
| Retail (Min) | 1 | 75 | ₹14,175 |
| Retail (Max) | 13 | 975 | ₹1,94,025 |
| S-HNI (Min) | 14 | 1,050 | ₹2,08,950 |
| S-HNI (Max) | 67 | 5,025 | ₹9,99,975 |
| B-HNI (Min) | 68 | 5,100 | ₹10,14,900 |
Shanti Gold International Ltd. Financials
The Shanti Gold International IPO comes with a market capitalisation of ₹1,434.71 crore. The company has shown impressive growth in its top and bottom lines, with a 56% increase in revenue and a 108% rise in PAT between FY24 and FY25.
Key Performance Indicators (as of March 31, 2025)
- Return on Capital Employed (ROCE): 25.70%
- Debt/Equity: 1.60
- Return on Net Worth (RoNW): 44.85%
- Profit After Tax (PAT) Margin: 5.05%
- EBITDA Margin: 8.83%
- Price-to-Book Value: 7.05
- Pre-IPO EPS: ₹10.34
- Post-IPO EPS: ₹7.75
- Pre-IPO P/E: 19.24
- Post-IPO P/E: 25.69
Financial Snapshot
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 419.83 | 325.40 | 256.88 |
| Revenue (₹ Cr) | 1,112.47 | 715.04 | 682.28 |
| Profit After Tax (₹ Cr) | 55.84 | 26.87 | 19.82 |
| EBITDA (₹ Cr) | 97.71 | 53.45 | 45.57 |
| Net Worth (₹ Cr) | 152.37 | 96.67 | 69.81 |
| Total Borrowing (₹ Cr) | 233.00 | 210.68 | 165.34 |
Shanti Gold International Ltd.: Industry Outlook
The gold jewellery industry continues to thrive in India, driven by rising disposable incomes, changing consumer preferences, and growing demand for luxury items. Shanti Gold International Ltd. is positioned well to benefit from this growth, particularly in 22kt CZ casting jewellery.
- India is the world’s largest consumer of gold, and the market continues to show robust demand, especially in light of rising disposable incomes.
- The company’s in-house manufacturing ensures quality control and cost efficiency, giving it a competitive edge in the growing jewellery market.
- The shift towards online jewellery sales and the expanding reach of brands across tier-2 and tier-3 cities further strengthens Shanti Gold’s market prospects.
Use of IPO Proceeds
| Purpose | Expected Amount (₹ Cr) |
| Funding of capital expenditure for the Jaipur Facility | ₹46.30 |
| Funding working capital requirements | ₹200.00 |
| Repayment of borrowings | ₹17.00 |
| General corporate purposes | Balance |
Conclusion
Shanti Gold International Ltd. presents a strong investment opportunity for those looking to tap into India’s booming gold jewellery market. With its wide range of intricately designed jewellery, in-house manufacturing, and long-standing relationships with major jewellery retailers, the company is poised for further growth.
However, given its high P/E ratio and the relatively low profit margin, investors should consider a long-term investment horizon. Those looking for exposure to the luxury jewellery sector with an established player may find this IPO appealing.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
