Shanti Gold IPO Description – Established in 2003, Shanti Gold International is one of India’s leading manufacturers of 22kt CZ casting gold jewellery by installed capacity. With an integrated in-house facility in Andheri East, Mumbai, spanning 13,448.86 sq. ft., the company boasts an annual installed manufacturing capacity of 2,700 kg. Its operations rely on advanced machinery such as casting machines and CAD technology, complemented by skilled outsourced labor for intricate stone settings.
The company produces a broad portfolio including bangles, rings, necklaces, and bridal sets, catering to weddings, festivals, and daily wear. Backed by 79 in-house CAD designers developing over 400 designs monthly. Shanti Gold has served 455, 372, and 379 customers in FY 2025, 2024, and 2023, respectively. Revenue grew at a 27.61% CAGR, reaching INR 1,106.41 crore in FY 2025.
With a strong customer base across 15 Indian states, two union territories, and long-standing relationships with major brands like Joyalukkas and Lalithaa Jewellery, Shanti Gold is expanding further with a new facility planned in Jaipur to capture additional market opportunities.
Promoters of Shanti Gold International – Pankajkumar H Jagawat, Manojkumar N Jain, and Shashank Bhawarlal Jagawat
Table of Contents
Shanti Gold IPO Details
| Shanti Gold IPO Dates | 25 – 29 July 2025 |
| Shanti Gold IPO Price | INR 189 – 199 per share |
| Fresh issue | 1,80,96,000 shares (INR 342.01 – 360.11 crore) |
| Offer For Sale | Nil |
| Total IPO size | 1,80,96,000 shares (INR 342.01 – 360.11 crore) |
| Minimum bid (lot size) | 75 shares (INR 14,925) |
| Face Value | INR 10 per share |
| Retail Allocation | 35% |
| Listing On | NSE, BSE |
Shanti Gold Financial Performance
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 679.40 | 711.43 | 1,106.41 |
| Expenses | 651.32 | 679.21 | 1,039.64 |
| Net income | 19.82 | 26.87 | 55.84 |
| Margin (%) | 2.92 | 3.78 | 5.05 |
Shanti Gold Offer News
Shanti Gold Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 (Pre Issue) | FY 2025 (Post-Issue)* | |
| EPS | 3.67 | 4.98 | 10.34 | 7.75 |
| PE Ratio | – | – | 18.28 – 19.24 | 24.4 – 25.69 |
| FY 2023 | FY 2024 | FY 2025 | |
| RONW (%) | 33.08 | 32.28 | 44.85 |
| NAV | 12.93 | 17.90 | 28.22 |
| ROCE (%) | 19.36 | 17.97 | 25.70 |
| EBITDA (%) | 6.71 | 7.51 | 8.83 |
| Debt/Equity | 2.37 | 2.18 | 1.60 |
Shanti Gold IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Kostak | Subject to Sauda |
| 31 July 2025 | 38 | – | 2,100 |
| 30 July 2025 | 37 | – | 2,100 |
| 29 July 2025 | 37 | – | 2,100 |
| 28 July 2025 | 37 | – | 2,100 |
| 26 July 2025 | 36 | – | 2,100 |
Shanti Gold IPO Objectives
The company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:
- Funding of capital expenditure requirements towards setting up the proposed Jaipur Facility – INR 46.30 crore
- Funding working capital requirements of the company – INR 200 crore
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company – INR 17 crore
- General corporate purposes
Shanti Gold IPO Subscription – Live Updates
| Category | QIB | NII | Retail | Total |
|---|---|---|---|---|
| Shares Offered | 36,19,200 | 27,14,400 | 63,33,600 | 1,26,67,200 |
| 29 Jul 2025 | 117.33 | 151.18 | 29.77 | 80.80 |
| 28 Jul 2025 | 0.05 | 7.53 | 6.61 | 4.93 |
| 25 Jul 2025 | 0.01 | 1.09 | 1.84 | 1.16 |
54,28,800 shares allotted to anchor investors are not included in these calculations. Similarly, NA shares allotted to market makers, if any, are not part of these calculations.
Shanti Gold – Comparison With Listed Peers
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Shanti Gold | 18.28 – 19.24 | 10.34 | 44.85 | 28.22 | 1,106.41 |
| Utssav CZ Gold | 19.35 | 11.63 | 30.94 | 53.23 | 646.32 |
| RBZ Jewellers | 14.42 | 9.70 | 17.15 | 61.26 | 530.15 |
Shanti Gold IPO Allotment Status
Shanti Gold IPO allotment status is now available on Bigshare Services’ website. Click on this link to get allotment status.
Shanti Gold IPO Dates & Listing Performance
| IPO Opening Date | 25 July 2025 |
| IPO Closing Date | 29 July 2025 |
| Finalization of Basis of Allotment | 30 July 2025 |
| Initiation of refunds | 31 July 2025 |
| Transfer of shares to demat accounts | 31 July 2025 |
| Shanti Gold IPO Listing Date | 1 August 2025 |
| Opening Price on NSE | INR 227.55 per share (up 14.35%) |
| Closing Price on NSE | INR 229.38 per share (up 15.27%) |
Shanti Gold IPO Reviews – Subscribe or Avoid?
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Shanti Gold Offer Lead Manager
CHOICE CAPITAL ADVISORS PRIVATE LIMITED
Sunil Patodia Tower, Plot No. 156-158,
J.B. Nagar, Andheri (East), Mumbai, 400 099
Phone: +91 22 6707 9999 / 7919
Email: [email protected]
Website: www.choiceindia.com
Shanti Gold Offer Registrar
BIGSHARE SERVICES PRIVATE LIMITED
56-2, 6th Floor, Pinnacle Business Park,
Mahakali Caves Road, next to Ahura Centre,
Andheri East, Mumbai- 400093, Maharashtra
Phone: +91 22 6263 8200
Email: [email protected]
Website: www.bigshareonline.com
Shanti Gold Contact Details
SHANTI GOLD INTERNATIONAL LIMITED
Plot No A-51, 2nd Floor to 7th Floor, MIDC, Marol Industrial Area,
Road No.-1, Near Tunga International Hotel, Andheri (E),
Chakala MIDC, Mumbai – 400093, Maharashtra, India
Phone: + 91 22 4824 9647 (413)
Email: [email protected]
Website: www.shantigold.in
Shanti Gold IPO FAQs
How many shares in Shanti Gold IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%.
How to apply for the Shanti Gold Public Offer?
The best way to apply for the Shanti Gold public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stockbroker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is Shanti Gold IPO GMP today?
Shanti Gold IPO GMP today is INR 38 per share.
What is the Shanti Gold kostak rate today?
Shanti Gold kostak rate today is INR NA per application.
What is Shanti Gold Subject to Sauda rate today?
Shanti Gold Subject to Sauda rate today is INR 2,100 per application.