Shanti Gold International IPO is scheduled to open on July 25, 2025 (Friday) and will close on July 29, 2025 (Tuesday). The basis of allotment will be finalized on July 30, 2025 (Wednesday), refunds will be processed on July 31, 2025 (Thursday) and shares will be credited to Demat accounts on the same day. The IPO is planned to list on BSE and NSE on August 1, 2025 (Friday).
Shanti Gold International IPO is a Book Built Issue of around ₹360.11 crores, which includes a fresh issue of 1.81 crore equity shares having a face value of ₹10 each. The price band is ₹189 to ₹199 per share.
The lot size for retail investors is 75 shares, requiring a minimum investment of ₹14,175. For small HNI (sNII), the minimum lot size is 14 lots (1,050 shares) costing ₹2,08,950, and for big HNI (bNII) it is 68 lots (5,100 shares) costing ₹10,14,900. The IPO quota is divided as Retail 35%, QIB 50%, and NII 15%.
The company reported revenue of ₹1,112.47 crores in FY 2025 compared to ₹715.04 crores in FY 2024, and profit of ₹55.84 crores in FY 2025 against ₹26.87 crores in FY 2024. Looking at the financial performance, experts suggest this IPO is good for long-term investment.

About Shanti Gold International IPO
Shanti Gold International Limited, established in 2003, is engaged in the manufacturing of high-quality 22kt CZ casting gold jewellery. The company is well-known for its beautifully designed jewellery collections, which include bangles, rings, necklaces, and full sets. These products are suitable for weddings, special occasions, festivals, and even daily wear across various price ranges.
Shanti Gold International has its own in-house manufacturing unit located in Andheri East, Mumbai, spread across 13,448.86 square feet with an annual production capacity of 2,700 kg. The company handles everything from design, production to packaging in-house to maintain strict quality control. It uses advanced machinery and also outsources some of the manual work, like stone setting, to ensure the jewellery meets high standards of precision and craftsmanship.
The company employs a team of 80 expert CAD designers who create over 400 new CZ-studded gold jewellery designs every month using the latest technology. Over the years, Shanti Gold International has built strong, long-term relationships with reputed jewellery brands such as Joyalukkas, Lalitha Jewellery, Alukkas Enterprises, Vysyaraju Jewellers, and Shree Kalptaru Jewellers.
As of May 31, 2025, the company operates in 15 states and 1 union territory, with branches in key cities like Mumbai, Bangalore, Chennai, and Hyderabad. The company’s workforce includes 222 employees and 100 contract labourers. Its key strengths include a wide variety of jewellery designs, fully in-house production, experienced promoters, stable financial performance, and trusted relations with corporate and jewellery businesses across India.
Shanti Gold International IPO Overview
Particulars | Details |
IPO Listing on | BSE, NSE |
Face Value per Share | ₹10 |
Price Band (Per Share) | ₹189 to ₹199 |
Minimum Lot Size | 75 Shares |
IPO Type | Book Building Process |
Total Issue Size | 1,80,96,000 Shares (Approx ₹360.11 Cr) |
Offer Structure | 100% Fresh Issue |
Listing Type | BSE & NSE |
Retail Investors Quota | Up to 35% |
QIB Portion | Up to 50% |
NII Portion | Up to 15% |
Pre-Issue Share Capital | 5,40,00,000 Shares |
Post-Issue Share Capital | 7,20,96,000 Shares |
Shanti Gold International IPO Prospectus
Shanti Gold International IPO Dates
Event | Date & Day |
IPO Open Date | July 25, 2025 (Friday) |
IPO Close Date | July 29, 2025 (Tuesday) |
Basis of Allotment | July 30, 2025 (Wednesday) |
Refunds Initiation | July 31, 2025 (Thursday) |
Credit to Demat Account | July 31, 2025 (Thursday) |
IPO Listing Date | August 1, 2025 (Friday) |
Shanti Gold International IPO Lot Size
Investors can apply for a minimum of 75 shares and in multiples thereafter. Below is the table showing minimum and maximum investment for Retail and HNI categories in terms of shares and amount.
Category | 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 |
Objects of the Issue
- Funding of capital expenditure requirements towards setting up of the Proposed Jaipur Facility
- Funding working capital requirements of the Company.
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company.
- General corporate purposes.
Shanti Gold International IPO Promoter Holding
The promoters of Shanti Gold International Limited are Pankajkumar H Jagawat, Manojkumar N Jain, and Shashank Bhawarlal Jagawat. The promoter shareholding before the IPO stands at 99.99%, which will reduce to 74.89% post-issue.
Shanti Gold International IPO GMO
Shanti Gold International IPO – Peer Group Comparison
Company Name | EPS (₹) | P/E Ratio | RoNW (%) | NAV (₹) | Revenue (₹ Cr.) |
Utssav CZ Gold Ltd. | 11.63 | 19.35 | 30.94% | 53.23 | 646.32 |
RBZ Jewellers Ltd. | 9.70 | 14.42 | 17.15% | 61.26 | 530.15 |
Sky Gold Ltd. | 9.52 | 34.53 | 28.59% | 46.61 | 3,548.02 |
Shanti Gold International Ltd. Financial Performance
Particulars | FY 2025 | FY 2024 | FY 2023 |
Assets | 419.83 | 325.40 | 256.88 |
Revenue | 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 |
Shanti Gold International IPO Valuation – FY2025
Key Metrics | Values |
Return on Equity (ROE) | 44.85% |
Return on Capital Employed (ROCE) | 25.70% |
EBITDA Margin | 8.83% |
Profit After Tax (PAT) Margin | 5.05% |
Debt-to-Equity Ratio | 1.60 |
Earnings Per Share (EPS) | ₹10.34 (Basic) |
Price to Earnings (P/E) Ratio | N/A |
Return on Net Worth (RoNW) | 44.85% |
Net Asset Value (NAV) per Share | ₹28.22 |
Shanti Gold International IPO Review
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Shanti Gold International IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html
IPO Lead Managers aka Merchant Bankers
- Choice Capital Advisors Pvt Ltd
Company Address
Shanti Gold International Ltd.
Plot No A-51, 2nd Floor to 7th Floor, MIDC,
Marol Industrial Area, Road no.-1,
Near Tunga International Hotel,
Mumbai, Maharashtra, 400093
Phone: + 91 22 4824 964
Email: cs@shantigold.in
Website: https://shantigold.in/
FAQs
What is the Shanti Gold International IPO open and close date?
The IPO will open on July 25, 2025 (Friday) and close on July 29, 2025 (Tuesday).
What is the price band for Shanti Gold International IPO?
The price band is fixed at ₹189 to ₹199 per share.
What is the lot size for Shanti Gold International IPO?
Investors can apply for a minimum of 75 shares and in multiples thereof.
How much investment is required for retail investors?
The minimum investment for retail investors is ₹14,925 (1 lot of 75 shares).
When will the allotment of shares be finalised?
The basis of allotment will be finalised on July 30, 2025 (Wednesday).
When will the shares be credited to the Demat account?
Shares will be credited to Demat accounts on July 31, 2025 (Thursday).
What is the listing date of Shanti Gold International IPO?
The tentative listing date is August 1, 2025 (Friday) on BSE and NSE.
How much is the IPO size of Shanti Gold International?
The IPO size is approximately ₹360.11 crores, consisting of a fresh issue only.
Who are the promoters of Shanti Gold International Limited?
The promoters are Pankajkumar H Jagawat, Manojkumar N Jain, and Shashank Bhawarlal Jagawat.
How much is the promoter holding before and after the IPO?
The promoter shareholding is 99.99% pre-issue and will reduce to 74.89% post-issue.