Shanti Gold International IPO: Price, Valuation, And GMP

Shanti Gold International IPO - Complete Overview 

Shanti Gold International IPO, a Mainboard IPO, is a book-built issue of Rs. 360.11 Cr (1.81 Cr Shares) by Shanti Gold International Limited. The company was founded in 2003 and focuses on making high-end jewelry out of 22 carat gold, casting exquisite items in gold, and adding cubic zirconia to emphasize them. It gives both creative design and effective manufacturing equal weight.

It uses a completely vertically integrated structure that includes in-house design, manufacturing, and packaging facilities in order to maintain unwavering quality. This architecture enables quality surveillance from raw material entry to retail presentation.  

Being equipped with a most sophisticated set of high-volume casting and machining machinery, it enables secondary craftsmen to do delicate operations, such as hand setting cubic zirconia, thus combining automated precision with hand crafting.  

The factory at Mumbai, in Andheri East, is sprawling across 13448.86 sq ft and is calibrated to an average yearly production of 2700 kg of finished jewellery, in contrast to large-scale output and careful dimensional accuracy.  

They have a specialised team of 80 CAD engineers who produce over 400 prototypes every month of gold articles intricately studded with cubic zirconia using advanced CAD packages to visualise the intricate geometries peculiar to modern jewellery. 

 

Product:

• Finely crafted jewelry.

• Necklaces

• Rings

• Bangles

• Matching sets for celebratory occasions and everyday wear, as well as ceremonial items for wedding ceremonies.

 

This new IPO is to be launched on 25 July 2025, and the initial public offering of this upcoming IPO will end on 29 July 2025.

If you want to apply for the IPO, click to open a Demat Account.

 

Shanti Gold International IPO Details

The Rs. 360.11 crore mainline IPO comprises a wholly fresh issue of 1.81 crore shares.

The IPO listing date is on Friday, 01 August  2025, and it will be listed at BSE and NSE. The Shanti Gold International IPO price band is Rs. 189 to Rs. 199 for each Share.

 

 

Company Financial

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	419.83	325.40	256.88
Total Revenue	1,112.47	715.04	682.28
PAT	55.84	26.87	19.82
Net Worth	152.37	96.67	69.81
Borrowings	233	210.68	165.34

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(153.03)	(130.26)	(48.38)
Net Cash Flow Investing Activities	12.67	(50.75)	(44.77)
Net Cash Flow Financing Activities	132.55	196.27	91.92

 

Geography-wise Revenue Breakdown

(Source RHP)

 

The Objective of The Issue

• Financing the necessary capital expenditures to establish the proposed Jaipur facility.

• Meeting the company's operating capital needs.

• Full or partial repayment and/or prepayment of specific loans that the company has taken out.

• General corporate purposes.
  
  

Click to check the IPO application status.

Peers of Shanti Gold International Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Utssav CZ Gold Limited	10	11.63	19.35
RBZ Jewellers Limited	10	9.70	14.42
Sky Gold Limited	10	9.52	34.53

 

Evaluation

The Shanti Gold IPO price is between Rs. 189 to Rs. 199 for each Share.

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 10.34 from the last year, the resulting P/E ratio is 19.24x.

Considering the weighted EPS of Rs. 7.44 for the last three years, the P/E ratio is 26.74x.

Explore the GNG Electronics IPO.

 

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 24.48x.

Particulars	P/E Ratio (x)
Highest	34.53
Lowest	14.42
Average	24.48

In simple words, the P/E ratio of this IPO is 19.24x, compared with the industry’s average P/E of 24.48x, indicating an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fully priced for the investors when considered based on the average P/E ratio of the industry.

IPO's Strengths 

• A wide range of jewelry collections created by a committed group of experts.

• Vertically integrated, end-to-end production: ensuring quality at every turn.

• Veteran promoters equipped with operational execution expertise.

• Sound financial structure underpinning sustainable growth.

• Long-standing partnerships with corporate entities and the jewellery trade.

 

 

IPO’s Weaknesses

• The majority of the company’s operational and revenue-generating activities continue to be concentrated in Southern India, a region that produced 72.76% of its revenue from Fiscal 2025. Such geographic concentration exposes the company to the effects of regional economic cycles.

• The product mix is currently heavily skewed towards 22kt cubic zirconia jewellery, and a portion of the Net Proceeds is earmarked for financing capacity expansion for a new line of machine-made plain gold jewellery, which is intended to be manufactured at the Proposed Jaipur Facility.

• The dependence on gold as a principal raw material subjects the Company to the dual risk of price volatility and changing demand patterns. Any prolonged non-availability of gold of acceptable quality could distort the cost structure.
  
  

Shanti Gold International IPO GMP 

Shanti Gold International IPO GMP today is Rs. 0 as of 21 July 2025, while writing this information. Hence, its estimated listing price is Rs. 199 (upper price + current GMP).

Shanti Gold International IPO Timetable (Tentative)

The IPO open date is from Jul 25 to Jul 29, with IPO allotment on Jul 30, refund initiation on Jul 31, and listing on Friday, Aug 01, 2025.

Events	Date
IPO Opening Date	Jul 25, 2025
IPO Closing Date	Jul 29, 2025
IPO Allotment Date	Jul 30, 2025
Refund Initiation	Jul 31, 2025
IPO Listing Date	Aug 01, 2025

 

Shanti Gold International IPO Details 

The IPO with a face value of Rs. 10 per Share offers a total issue size of 1,80,96,000 Shares (Rs. 360.11 Cr) and will be listed at BSE and NSE.

IPO Opening & Closing Date	Jul 25, 2025 to Jul 29, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 189 to Rs. 199
Lot Size	75 Shares
Issue Size	1,80,96,000 Shares (Rs. 360.11 Cr)
Offer for Sale	-
Fresh Issue	1,80,96,000 Shares (Rs. 360.11 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Bigshare Services Pvt Ltd.

 

 

Shanti Gold International IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (75 Shares) amounting to Rs. 14,925 and 13 Lots (975 Shares) amounting to Rs. 1,94,025, respectively, while for HNI investors, the minimum Lot is 14 (1050 Shares) amounting to Rs. 2,08,950.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	67 Lots
B-HNI (Minimum)	68 Lots

Shanti Gold International IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Promoters And Management of Shanti Gold International Ltd.

• Pankajkumar H Jagawat

• Manojkumar N Jain

• Shashank Bhawarlal Jagawat.
  
  

Pre-Issue Promoter Shareholding	99.99%
Post-Issue Promoter Shareholding	74.89%

 

Shanti Gold International IPO Lead Managers

• Choice Capital Advisors Pvt Ltd.

 

 

Dividend Policy

The company has paid no dividends in the last three fiscal years.

Conclusion

Shanti Gold International IPO strategically targets India’s high-end gold jewellery market, leveraging an integrated production framework alongside well-established retail alliances. Concentration of sales in specific locations and reliance on a narrow product line introduce operational vulnerabilities.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.