Investors showed overwhelming interest in Shanti Gold International’s IPO because the issue received 74.36 times more subscriptions than available shares during the final day of bidding. The strong investor interest originated from both retail and non-institutional investors. The IPO operates from July 25 until July 29 with a 1.81 crore fresh equity share offering to raise ₹360.11 crore. Before their public offering the company obtained ₹108 crore from anchor investors including Societe Generale as well as Wealthwave Capital Fund and Rajasthan Global Securities.
The retail investors demonstrated the greatest enthusiasm for the IPO by subscribing to their allocated shares 26.18 times. Non-Institutional Investors (NIIs) demonstrated greater enthusiasm through their 147.03 times subscription of the available shares. Qualified Institutional Buyers (QIBs) also showed significant interest through their 101.45 times subscription rate. These subscription figures demonstrate investors have strong faith in the company’s operational basics and its projected growth trajectory.
The current grey market premium (GMP) stands at ₹33 per share which boosts market optimism. The IPO pricing at ₹199 per share indicates a potential listing gain of about 16.5% based on the upper price band. The IPO offers shares at ₹189 to ₹199 per share while the minimum purchase must be 75 shares that cost ₹14,925 at the highest end.
Shanti Gold International operates as a B2B manufacturer of 22kt cubic zirconia (CZ) casting gold jewellery from its Mumbai headquarters. The company provides its products to well-known retail chains including Joyalukkas as well as Lalithaa Jewellery Mart and Alukkas. The company generates more than 70% of its income from South Indian operations but plans to establish a new 1,200 kg manufacturing facility in Jaipur to access North Indian markets for plain jewellery production.
Financially, the company has delivered strong growth. The company achieved a revenue increase from ₹679 crore in FY23 to ₹1,106 crore in FY25 while its net profit expanded from ₹19.8 crore to ₹55.8 crore within the same period. The company achieved a robust CAGR of 68% throughout this period. The company has improved operational efficiency through its 8.83% EBITDA margin growth and achieved a strong Return on Equity (RoE) of 44.85% during FY25. The post-issue P/E ratio of 19x for this company is more favorable than the market average of 23x while its P/B ratio at 7x exceeds that of its listed competitors.
Most brokerages have positive views about the IPO while advising investors to take part in the subscription. The analysts praise the company’s strong client relationships together with its stable design output that reaches 400 new designs monthly and its complete manufacturing integration. Shanti Gold’s strategic direction toward new regional expansion represents a key advantage according to analysts. The company faces risks because its revenue mainly comes from one area but its strong financial health and positive growth trajectory indicate it will continue to grow.
The IPO of Shanti Gold International provides investors with an attractive investment chance that combines immediate listing benefits with long-term potential in B2B jewelry manufacturing.
