Shanti Gold International IPO: Check IPO Date, Live Subscription and Key Details
Shanti Gold International Limited, incorporated in 2013 (initially a partnership firm since 2003), is a prominent manufacturer of high-quality 22kt gold jewellery, primarily focusing on CZ (Cubic Zirconia) casting gold jewellery. The company offers a diverse range of gold jewellery items, including bangles, rings, necklaces, and bridal sets, suitable for various occasions such as weddings, festivals, and daily wear. Their jewellery often features world's finest stones like Emerald, Jade, Pearl, and Meena. Shanti Gold operates a fully integrated in-house manufacturing facility in Andheri East, Mumbai, spanning over 13,448 sq. ft. with an annual manufacturing capacity of 2,700 Kgs.
Min Investment
₹14925
Price Range
₹189.00-199.00
Issue Size
₹360.11 Cr
IPO Type
Mainboard
Key Metrics
Check Live GMP
Face Value
₹10
EPS
7.75
P/E Ratio
25.69
RoNW
44.85%
ROE
%
Debt to Equity
1.6
Timeline
IPO Opens
25 Jul
IPO Closes
29 Jul
Allotment
30 Jul
Listing
1 Aug
IPO Objectives
- Funding of capital expenditure requirements towards setting up of the Proposed Jaipur Facility.
- Funding working capital requirements of our Company.
- Repayment and/or pre-payment, in full or in part, of certain borrowings availed by our Company.
- General corporate purposes.
Strengths
- Wide range of jewellery designs driven by a team of 79 CAD designers, developing over 400 new designs per month, ensuring product freshness and market relevance.
- Complete in-house manufacturing setup in a 13,448.86 sq. ft. facility in Mumbai, enabling stringent quality control (BIS-hallmarked products) and efficient production.
- Experienced promoters and management team with over 20 years of experience in the jewellery industry, providing strong execution capabilities and strategic leadership.
- Financially stable business model with robust growth in revenue (56% increase between FY24 and FY25) and significant surge in profit after tax (108% increase between FY24 and FY25).
- Strong relationships with prominent corporate and jewellery businesses like Joyalukkas, Lalithaa Jewellery, and Alukkas Enterprises, ensuring stable bulk orders and brand visibility.
Weaknesses
- High dependency on gold prices: The business is highly sensitive to fluctuations in global gold prices, which are influenced by international market dynamics, currency changes, and import duties. This can significantly impact profitability and inventory valuation.
- Working capital intensive business: The gold jewellery manufacturing and trading business requires substantial working capital for inventory (gold and stones) and operations. A significant portion of the IPO proceeds (₹200 crore) is earmarked for working capital, indicating this ongoing need.
- Customer concentration risk: Over 33% of revenue in FY23–FY25 came from the top 10 customers, and a significant portion of revenue (72.76% in FY25) is derived from Southern India. This makes the company vulnerable to loss of key clients or regional economic downturns.
- Reliance on traditional 22kt CZ casting jewellery: While diversifying, the current focus mainly appeals to traditional markets. Changing consumer trends towards lighter, minimalistic, and diamond-studded designs, especially among younger demographics, could pose a long-term risk.
- Absence of formal long-term contracts with customers: Relies heavily on relationship-driven repeat orders, meaning clients can renegotiate terms or switch vendors, causing potential revenue shocks.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 419.83 | 325.4 | 256.88 |
| Revenue (₹ Cr.) | 1112.47 | 715.04 | 682.28 |
| PAT (₹ Cr.) | 55.84 | 26.87 | 19.82 |
| Net Worth (₹ Cr.) | 152.37 | 96.67 | 69.81 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Shanti Gold International | 7.05 | 25.69 | 44.85 | 152.37 |
| Utssav Cz Gold Jewels | 4.12 | 20.86 | 19.76 | 35.22 |
| Rbz Jewellers Limited | 2.22 | 14.02 | 15.83 | 207 |
Subscription Details
Daily Bids Status
| Date | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.01x | 0.05x | 117.33x |
| NII | 1.09x | 7.53x | 151.17x |
| S-HNI | 1.47x | 9.54x | 107.33x |
| B-HNI | 0.90x | 6.52x | 173.08x |
| RII | 1.84x | 6.61x | 29.67x |
| Total | 1.16x | 4.93x | 80.75x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 36,19,200 | 42,46,33,800 | 8,450.21 |
| NII | 27,14,400 | 41,03,26,275 | 8,165.49 |
| Small NII | 9,04,800 | 9,71,12,400 | 1,932.54 |
| Big NII | 18,09,600 | 31,32,13,875 | 6,232.96 |
| RII | 63,33,600 | 18,78,91,725 | 3,739.05 |
| Total | 1,26,67,200 | 1,02,28,51,800 | 20,354.75 |
Company Details
- Plot No A-51, 2nd Floor to 7th Floor, MIDC, Marol Industrial Area, Road no.-1, Near Tunga International Hotel, Mumbai, Maharashtra-400093
- + 91 22 4824 964
- cs@shantigold.in
- https://shantigold.in/
Registrar Details
- Bigshare Services Pvt Ltd
- +91-22-6263 8200
- ipo@bigshareonline.com
- https://ipo.bigshareonline.com/IPO_Status.html