Shanti Gold International
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Jul 2025 – 29 Jul 2025
- Listing date
- 01 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹199 per share
- Lot size
- 75 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹360 Cr
- Market cap at offer price
- ₹1,435 Cr
- Promoter holding
- 99.99% → 74.89% pre-issue → post-issue
- ISIN
- INE06ZD01017
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Choice Capital Advisors Pvt.Ltd.
- Registered office
- Plot No A-51, 2nd Floor to 7th Floor, MIDC, Marol Industrial Area, Road no.-1, Near Tunga International Hotel, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 54,28,800 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 75 shares per lot, in multiples, at ₹199
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.34 | 7.75 |
| P/E (×) | 19.25 | 25.68 |
| Price to book (×) | 7.05 | — |
| Market cap | — | ₹1,435 Cr |
Key performance indicators
- Return on net worth
- 44.85%
- ROCE
- 25.70%
- Debt / equity
- 1.60
- PAT margin
- 5.05%
- EBITDA margin
- 8.83%
- NAV per share
- ₹28.22
- Price to book
- 7.05
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shanti Gold International
Shanti Gold International Limited was originally formed as a partnership firm 'M/s Shanti Gold' on August 5, 2003, and was converted to a public limited company on November 1, 2013. The company operates from its manufacturing facility in Mumbai with an installed capacity of 2,700 kg per annum. The company manufactures high-quality 22kt CZ casting gold jewellery and offers a wide range of intricately designed pieces including bangles, rings, necklaces, and complete jewellery sets. The company serves corporate clients such as Joyalukkas India Limited, Lalithaa Jewellery Mart Limited, and Alukkas Enterprises Private Limited, primarily through a B2B model. The company achieved revenue from operations of ₹11,064.07 million in Fiscal 2025, growing at a 27.61% CAGR from Fiscal 2023 to 2025.
Company Analysis
from RHPShanti Gold International Limited is one of the leading manufacturers of high-quality 22kt CZ casting gold jewellery, specializing in the design and production of all types of gold jewellery across various price points for special occasions, festive and daily-wear segments.
Shanti Gold International Limited was originally formed as a partnership firm 'M/s Shanti Gold' on August 5, 2003, and was converted to a public limited company on November 1, 2013. The company operates from its manufacturing facility in Mumbai with an installed capacity of 2,700 kg per annum. The company manufactures high-quality 22kt CZ casting gold jewellery and offers a wide range of intricately designed pieces including bangles, rings, necklaces, and complete jewellery sets. The company serves corporate clients such as Joyalukkas India Limited, Lalithaa Jewellery Mart Limited, and Alukkas Enterprises Private Limited, primarily through a B2B model. The company achieved revenue from operations of ₹11,064.07 million in Fiscal 2025, growing at a 27.61% CAGR from Fiscal 2023 to 2025.
Objects of the Issue
- Funding of capital expenditure requirements towards setting up of the Proposed Jaipur Facility ₹462.97 million p.97
- Funding incremental working capital requirements of our Company ₹2,000.00 million p.97
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company ₹170.00 million p.97
- General corporate purposes [●] p.97
Issue Structure
- Total Issue
- Up to 18,096,000 Equity Shares of face value of ₹10 each aggregating up to ₹ [●] million
- Fresh Issue
- Fresh issue of up to 18,096,000 Equity Shares of face value of ₹10 each for cash at price of ₹ [●] per Equity Share (including a premium of ₹[●] per Equity Share), aggregating up to ₹ [●] million
- Offer for Sale
- Not Applicable
- Price Band
- Price band of a minimum price of ₹ [●] per Equity Share (Floor Price) and the maximum price of ₹ [●] per Equity Share (Cap Price). The Cap Price shall be at least 105% of the Floor Price and shall be less than or equal to 120% of the Floor Price.
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company earns revenue primarily through the sale of 22kt CZ casting gold jewellery to corporate clients and jewellery retailers. The company manufactures jewellery based on customer orders and specifications, operating on a B2B business model with customers typically receiving 40-60 days credit periods. The company also generates revenue from export sales to markets including UAE, Singapore, Qatar, and USA.
Business Segments
SWOT Analysis
- • Leading 22kt CZ casting gold jewellery manufacturer with significant installed capacity(p.25)
- • Experienced promoters with 16-20+ years in jewellery industry(p.117)
- • Strong revenue growth of 27.61% CAGR during FY2023-FY2025(p.25)
- • Established relationships with major corporate jewellery clients(p.117)
- • Fully integrated in-house manufacturing enabling quality control(p.117)
- • Improved profitability with net profit margin increasing from 2.92% to 5.05%(p.26)
- • High customer concentration with top 10 customers representing 34.49% of revenue(p.29)
- • No long-term contracts with customers creating order volatility risk(p.34)
- • Significant dependence on single product - 22kt CZ jewellery(p.32)
- • High supplier concentration with top supplier representing 40.09% of gold purchases(p.37)
- • Low capacity utilization of only 58% in FY2025(p.40)
- • Negative operating cash flow for three consecutive years(p.39)
- • High debt-to-equity ratio of 1.60 times(p.41)
- • No long-term supplier agreements creating procurement risk(p.41)
- • Dependence on leasehold properties rather than owned facilities(p.55)
- • No dividend paid in last three years(p.65)
- • Growing Indian jewellery market expected to reach ₹7,162 billion by CY29 with 9.7% CAGR(p.25)
- • Rising demand from growing middle class with increasing disposable income(p.25)
- • Capacity expansion at Proposed Jaipur Facility to add 1,200 kg production capacity(p.104)
- • Geographic expansion into North India and new export markets(p.36)
- • Opportunity to enter plain gold jewellery segment where 85% of bridal jewellery is plain gold(p.104)
- • Global jewellery market projected to reach USD 247-257 billion by 2028 at 5% CAGR(p.112)
- • Expansion of organized jewellery retail sector creating demand for wholesale suppliers(p.112)
- • Gold price volatility and supply disruption risks affecting production costs(p.38)
- • Seasonal demand fluctuations concentrated in specific months(p.38)
- • Strong competition from existing and new industry players(p.62)
- • Regulatory changes in hallmarking, GST and jewellery industry regulations(p.112)
- • Risk of shift in consumer preferences towards studded ornaments over plain jewellery(p.36)
- • High regional concentration with 72.76% revenue from Southern India exposing to local economic risks(p.35)
- • Monsoon and agricultural dependence affecting demand in rural and Tier II/III markets(p.38)
- • Tariffs, import duties and trade restrictions on gold affecting procurement(p.38)
- • Threat from design imitation and counterfeit products(p.43)
- • Economic downturn could reduce consumer spending on jewellery(p.36)
- • Foreign exchange volatility affecting export competitiveness(p.73)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pankajkumar H Jagawat | Promoter | 49.98% | [●] |
| Manojkumar N Jain | Promoter | 49.98% | [●] |
| Shashank Bhawarlal Jagawat | Promoter | 0.01% | [●] |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.