India’s one of the leading manufacturers of 22 karat casting gold jewellery is going for a public issue. Shanti Gold International IPO is opening on July 25, 2025 (Friday), and the bidding will close on July 29, 2025 (Tuesday). The company specializes in the design and production of gold jewelry, including bangles, rings, and necklaces.
In this blog, we’ll know the 10 key Shanti Gold International IPO
1. Shanti Gold International IPO
Shanti Gold International IPO is a mainboard IPO which is going to open on July 25, 2025 and will close on July 29, 2025. The allotment date is July 30, 2025, while the listing is expected to be on August 1, 2025. As it is a mainboard IPO, it is going to list on both the NSE and BSE exchanges.
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2. Shanti Gold International IPO
Shanti Gold International IPO valuation, as denoted by the market capitalization, stood at around ₹1,434.71 crores. The lot size is 75 shares, and the price band is fixed at ₹189 to ₹199 per share.
Its issue size is ₹360.11 crores (over 1.80 crore shares), which is the only fresh issue of shares.
3. Shanti Gold International IPO
Shanti Gold International IPO fresh issue proceeds will be used for capital expenditure in setting up a proposed facility in Jaipur. It will also be used for working capital requirements, repayment, or pre-payment of loans and other corporate requirements.
4. Shanti Gold International IPO
Shanti Gold International IPO
Shanti Gold International IPO
5. Shanti Gold International IPO
Shanti Gold International IPO GMP is 39 as of July 24, 2025 (at 16:55). It is expected to list with a gain of 19.60% at ₹238. However, GMP is not a safe or assured criterion to bid for an IPO.
6. Shanti Gold International Limited: Company Overview
Founded in 2003, Shanti Gold International Limited manufactures 22 karat casting gold jewellery for daily wear, weddings, and festivals. Its fully integrated in-house manufacturing facility in Mumbai spans over 13,448 square feet and has an annual capacity of 2,700 kg.
As of May 31, 2025, the team consists of 79 talented CAD designers who consistently create over 400 new designs each month. The number of customers served has grown from 372 in FY24 and 455 in FY25.
The company caters to well-known corporate brands such as Joyalukkas India Limited, Lalithaa Jewellery Mart Limited, Vysyaraju Jewellers Private Limited, and Shree Kalptaru Jewellers.
The brand’s presence extends across 15 states and 2 union territories in India as of May 31, 2025, with key operations in cities like Mumbai, Bangalore, Chennai, and Hyderabad. Beyond India, the company has also established an international presence in the UAE, USA, Singapore, and Qatar.
7. Shanti Gold International IPO: Industry Overview
In 2024, the Indian jewellery market is projected to grow by 13.1% year-on-year, reaching a value of ₹4,653 billion. Looking ahead, the market is expected to expand at a compound annual growth rate (CAGR) of 9.7% between 2023 and 2029, reaching ₹7,162 billion by the end of this period.
This surge in demand for gold jewellery in India is largely driven by the expanding middle-class population and their rising disposable incomes. As more individuals achieve higher income levels, they become increasingly able to afford luxury items such as gold jewellery. For this growing middle class, gold jewellery represents not only a status symbol and a reflection of an improved lifestyle but also a valuable investment.
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8. Shanti Gold International IPO
In FY25, Shanti Gold International Limited’s revenue from operations grew by 56% year-on-year, reaching ₹1,106 crores in FY25 from ₹711 crores in FY24. The net profit also increased by 108% from ₹27 crores in FY24 to ₹56 crores in FY25. The net worth of the company also jumped by 58% YoY to ₹152 crores in FY25.
In the financial year 2024-25, the EBITDA stood at ₹98 crores, up 83% YoY from ₹53 crores in FY24. The total borrowings stood at ₹233 crores in FY25, a rise of 11% from the previous financial year. On the other hand, total assets increased by 29% YoY to ₹420 crores in FY25.
9. Shanti Gold International
Shanti Gold International Limited’s P/E ratio stands at 19.24, and it is lower than the industry P/E ratio of 24.48. So, this can be an undervalued opportunity that can reach its true potential after listing.
As of March 31, 2025, Shanti Gold International has a healthy RoNW and ROCE of 44.85% and 25.70%, respectively. Its key listed peers are RBZ Jewellers Limited, Sky Gold Limited, and Utssav CZ Gold Limited.
Shanti Gold International’s EBITDA margin was 8.83% and it is better than the margins of Sky Gold Limited (6.46%) and Utssav CZ Gold Limited (6.24%), and lags only behind the RBZ Jewellers Limited (12.24%).
It has the highest debt-equity ratio of 1.60 in the industry, which shows the heavy reliance on debt over equity.
10. Shanti Gold International IPO Risk Factors
In FY25, the top 10 customers contributed 34.49% of total revenue. Any loss or reduced demand from these key clients could significantly impact the company’s financial performance. A large portion of the business (over 72% of revenue) comes from Southern India. This regional concentration exposes the company to economic and market risks specific to that area.
The business mainly focuses on 22kt CZ jewellery but plans to expand into machine-made plain gold jewellery with a new facility in Jaipur. Dependence on gold and seasonal sales fluctuations also pose challenges, alongside recent negative cash flows from operations that may affect future growth.
For all the insights on Shanti Gold International IPO
References:
https://shantigold.in/wp-content/uploads/2025/07/Shanti-Gold-International-Ltd_RHP.pdf
https://www.investorgain.com/gmp/shanti-gold-ipo-gmp/1337/
Author: All Content is verified by SMC Global Securities.
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