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Shanti Gold International IPO
Price Band
₹189.0–199.0
Issue Size
₹360.11 Cr
Lot Size
75 shares
Min Investment
₹14,925
GMP
+₹34.0 (17.09%)
Issue Price
₹199.0
Subject to Sauda
₹1900
Paid only if allotted
Shanti Gold International IPO AI Summary
- Shanti Gold International IPO is listed on BSE, NSE in the Gems, Jewellery And Watches sector.
- Price band: ₹189.0–₹199.0 per share, lot size 75 shares (min. investment ₹14,925).
- Subscription window: 25 Jul–29 Jul 2025, listing on 01 Aug 2025.
- Current GMP is +₹34.0 (17.09%), an estimated listing price of ₹233 — unofficial and can change daily.
Shanti Gold International Limited is a well-established player in the gold jewellery manufacturing sector, with a strong growth trajectory in revenue and profit. The company is set to utilize the proceeds from its IPO for various strategic purposes, including expansion and working capital. Investors should consider the company's fundamentals and market conditions when evaluating this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Shanti Gold International IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 29 Jul 2025 — not a current signal.
10 of 12 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Shanti Gold International IPO Grey Market Premium (GMP) Today
GMP
+₹34.0
GMP %
+17.09%
Est. Listing
₹233.0
Updated: 25 Jul 2026 14:14
About the Company
Incorporated in 2003, Shanti Gold International Limited is engaged in the business of manufacturing gold jewellery. The company manufactures high-quality 22kt CZ casting gold jewellery, specialising in design and production. The company offers a wide range of high-quality, intricately designed jewelry, including bangles, rings, necklaces, and sets, suitable for special occasions, weddings, festive events, and daily wear at various price points. The company has an in-house manufacturing setup for design, production, and packaging, ensuring quality control. It uses advanced machines and outsourced labour for tasks like manual stone setting, ensuring precision and craftsmanship. The company has a 13,448.86 square feet manufacturing facility in Andheri East, Mumbai, and has an annual production capacity of 2,700 kg, enabling precise and efficient jewelry production. The company team of 80 computer-aided design technology (CAD) designers creates over 400 gemstone-studded CZ gold designs monthly, using advanced CAD technology to craft intricate pieces. The company has established long-term relationships with several jewelry businesses, including corporate brands like Joyalukkas, Lalitha Jewellery, Alukkas Enterprises, Vysyaraju Jewellers, and Shree Kalptaru Jewellers, among others. The company began operations in 2003 and has expanded to 15 states and one union territory by May 31, 2025, with branches in major cities like Mumbai, Bangalore, Chennai, and Hyderabad. Product portfolio: The company offers a variety of intricately designed jewellery, including bangles, rings, necklaces, and complete sets. It caters to different price ranges, providing jewellery for special occasions like weddings, as well as for festive and daily wear. As of May 31, 2025, we had a total of 222 employees on our payroll and 100 contract labourers. Competitive Strengths: Wide range of jewelry designs driven by a team of experts Complete in-house manufacturing: Ensuring quality at every step Experienced Promoters with execution capabilities Financially stable business model Established relations with corporate and jewellery businesses
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 419.83 | 325.40 | 256.88 |
| Total Income | 1,112.47 | 715.04 | 682.28 |
| Profit After Tax | 55.84 | 26.87 | 19.82 |
| EBITDA | 97.71 | 53.45 | 45.57 |
| NET Worth | 152.37 | 96.67 | 69.81 |
| Total Borrowing | 233.00 | 210.68 | 165.34 |
Key Ratios
EPS
₹10.34
NAV
₹28.22
ROCE
25.70%
RoNW
44.85%
P/B Value
7.05
P/E Ratio
19.24
Market Cap
₹1434.71 Cr
PAT Margin
5.05%
Debt/Equity
1.60
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Sky Gold And Diamonds Limited | 46.61 | 28.59% | 34.53 | 9.52 | 9.44 |
| Rbz Jewellers Limited | 61.26 | 17.15% | 14.42 | 9.7 | 9.7 |
| Utssav Cz Gold Jewels Limited | 53.23 | 30.94% | 19.35 | 11.63 | 11.63 |
| Shanti Gold International This IPO | 28.22 | 44.85% | 19.25 | 10.34 | 10.34 |
Promoters
Pankajkumar H Jagawat, Manojkumar N Jain and Shashank Bhawarlal Jagawat
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of capital expenditure requirements towards setting up of the Proposed Jaipur Facility 46.30 2 Funding working capital requirements of the Company 200.00 3 Repayment and/or pre-payment, in full or part, of certain borrowings availed by Company 17.00 4 General Corporate Purposes 46.01 5 Issue Expenses 50.80 Total 360.11
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹682.28 Cr in the year ending 31 Mar 2023, increasing to ₹715.04 Cr by 31 Mar 2024, and further rising to ₹1,112.47 Cr by 31 Mar 2025. This shows a significant upward trend in revenue over the periods.
Profit Trend
Profit After Tax was ₹19.82 Cr for the year ending 31 Mar 2023, which grew to ₹26.87 Cr by 31 Mar 2024, and reached ₹55.84 Cr by 31 Mar 2025. This indicates a strong growth in profitability across the reported periods.
Valuation
At the issue price of ₹199.0, Shanti Gold International has an implied P/E ratio of 19.25, compared to peers trading at a P/E range of 14.42 to 34.53.
Grey Market Premium, Explained
The Grey Market Premium (GMP) refers to the unofficial trading of shares before they are listed on the stock exchange. A positive GMP indicates that the shares are expected to list at a higher price than the issue price, while a negative GMP suggests the opposite. Investors often use GMP as an indicator of market sentiment towards an IPO.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall portfolio strategy, financial goals, and risk tolerance. It's important to consider the company's growth potential and market conditions.
Who May Want to Wait
Investors who prefer stable investments with lower risk may want to avoid IPOs like this, which can be subject to high volatility and market fluctuations. It's crucial to assess personal risk tolerance before investing.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares are listed on the stock exchange at a price higher than the issue price. However, there are risks involved, as market conditions can change rapidly, and the stock may not perform as expected post-listing.
This evaluation is generated from Shanti Gold International's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Shanti Gold International IPO GMP today?
Shanti Gold International IPO GMP today is +₹34.0 (17.09%), indicating an estimated listing price of ₹233. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Shanti Gold International IPO?
The price band of Shanti Gold International IPO is ₹189.0–₹199.0 per share.
When does Shanti Gold International IPO open and close?
Shanti Gold International IPO opens on 25 July 2025 and closes on 29 July 2025.
When does Shanti Gold International IPO list on the stock exchange?
Shanti Gold International IPO listed on 01 August 2025 at ₹233.0.
What is the lot size for Shanti Gold International IPO?
The lot size for Shanti Gold International IPO is 75 shares, requiring a minimum investment of ₹14,925.
What is the price band for the IPO?
The price band for the IPO is ₹189.0 to ₹199.0.
What is the minimum investment required?
The minimum investment required is ₹14,925.0.
What is the lot size for the IPO?
The lot size for the IPO is 75 shares.
When is the listing date for the shares?
The shares are expected to be listed on 1st August 2025.
What does GMP mean?
GMP stands for Grey Market Premium, indicating the expected price of the shares in the grey market before they are officially listed.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
25 Jul 2025
Close
29 Jul 2025
Allotment
30 Jul 2025
Listing
01 Aug 2025
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