Shanti Gold International IPO
Shanti Gold International IPO — date, price band, lot size & details 2025
Shanti Gold International listed on 1 Aug 2025 at ₹227.55, 14.3% above the ₹199 issue price.
Shanti Gold International makes 22kt CZ casting gold jewellery at Andheri East in Mumbai. Its annual production capacity is 2,700 kg.
Stock price
Shanti Gold International is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 25 Jul 2025
- Close 29 Jul 2025
- Allotment 30 Jul 2025
- Refund/credit 31 Jul 2025
- Listing 01 Aug 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 25 to 29 Jul, 2025 |
|---|---|
| Price Band | ₹189 – ₹199 |
| Face Value | ₹10 |
| Lot Size | 75 Shares |
| Issue Size | ₹360.11 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | Bigshare Services Private Limited |
| Min Investment | ₹ 14,925 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 75 shares at the ₹199 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 75 | ₹14,925 |
| Retail (max) | 13 | 975 | ₹1,94,025 |
| S-HNI (min) | 14 | 1,050 | ₹2,08,950 |
| S-HNI (max) | 67 | 5,025 | ₹9,99,975 |
| B-HNI (min) | 68 | 5,100 | ₹10,14,900 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 682.28 crore in FY2023 to Rs 1,112.47 crore in FY2025.
- 02Profit after tax rose from Rs 19.82 crore in FY2023 to Rs 55.84 crore in FY2025.
- 03Return on net worth was 44.85% and return on capital employed was 25.70%.
- 04The whole Rs 360.11 crore issue was fresh capital.
- 05Rs 46.30 crore of the proceeds was for setting up new manufacturing capacity.
Risks · 7
- 01Return on net worth of 44.85% is high partly because net worth was small, at Rs 96.67 crore on 31 March 2024.
- 02Total borrowing of Rs 233.00 crore on 31 March 2025 was higher than net worth of Rs 152.37 crore.
- 03Debt to equity was 1.60 on the figures at the source.
- 04Rs 200.00 crore of the Rs 360.11 crore issue was for working capital, as gold inventory ties up cash.
- 05The PAT margin was 5.05%, and gold price swings can affect the Rs 1,112.47 crore income.
- 06The P/E was 25.69 at the upper band of Rs 199, based on post-issue EPS of Rs 7.75.
- 07Promoters held 99.99% before the issue and held 74.89% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Shanti Gold International offer document.
| Metric | 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 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Shanti Gold International RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Shanti Gold International IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹10.34 | ₹7.75 |
| P/E Ratio (x) | 19.24 | 25.69 |
| Market Cap at Offer Price (₹ Cr) | ₹1,074.68 | ₹1,433.83 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹199 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹360.11 Cr of the issue is earmarked to named objects.
Shanti Gold International IPO Anchor Investors
15 anchor investors across 15 fund houses committed ₹108.03 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Design, production and packaging are handled in-house. Manual stone setting is done with outsourced labour.
The plant at Andheri East in Mumbai covers 13,448.86 square feet and has annual production capacity of 2,700 kg.
The IPO was a fresh issue of Rs 360.11 crore. Rs 200.00 crore was planned for working capital and Rs 46.30 crore for capital expenditure on a new facility.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Shanti Gold International IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Choice Capital Advisors Pvt.Ltd.
10 issues handled (7 mainboard, 3 SME)Best listing: Adroit Industries (India) (+75.4%). Weakest: Sonaselection India (+3.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Shanti Gold International?
The current Grey Market Premium is ₹32, or 16% over the issue price.
What is the Shanti Gold International IPO price band?
₹189 to ₹199, on a face value of ₹10.
When is the allotment?
The basis of allotment is 30 July 2025, with listing on 1 August 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Bigshare Services Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
