Shanti Gold International Limited, a leading name in the gold jewellery industry, is set to launch its maiden public issue. This Shanti Gold IPO aims to strengthen the company's manufacturing capacity, repay borrowings, and support its working capital needs.
With its strong reputation in 22kt CZ casting gold jewellery, the IPO has created buzz among investors looking to participate in a gold IPO with a growing domestic and international footprint.
IPO Details – Shanti Gold International Limited
| Particulars | Details |
|---|---|
| IPO Type | 100% Book Built Issue |
| Fresh Issue Size | 18,096,000 equity shares (Face value ₹10) |
| Issue Size | ₹360.11 crore |
| Price Band | ₹189 – ₹199 per share |
| IPO Open Date | July 25, 2025 |
| IPO Close Date | July 29, 2025 |
| Anchor Investor Bidding | July 24, 2025 |
| Lot Size (Minimum Order Quantity) |
75 shares |
| Minimum Investment | ₹14,175 (75 shares × ₹189) |
| Listing on | NSE and BSE |
| Tentative Listing Date | Early August 2025 |
| Book Running Lead Manager | Choice Capital Advisors Pvt Ltd |
| Registrar to the Issue | Bigshare Services Pvt Ltd |
Also read : NSDL IPO – A Detailed Analysis
About Shanti Gold International Ltd
Shanti Gold International Ltd (formerly M/s Shanti Gold) was incorporated in 2003 and became a public limited company in 2013. It is headquartered in Andheri East, Mumbai, Maharashtra.
Core Specialization
The company is known for manufacturing high-quality 22kt CZ casting gold jewellery with a strong focus on:
- Bangles
- Rings
- Necklaces
- Complete jewellery sets
Products are offered at various price points, catering to daily wear, festive, and special occasions.
Manufacturing Facilities & Capacity
| Location | Annual Installed Capacity |
|---|---|
| Andheri (Mumbai) | 2,700 kg |
| Proposed Jaipur Facility | 1,200 kg (will increase total capacity to 3,900 kg) |
The company uses advanced machinery like laser soldering and continuous casting machines. All jewellery undergoes stringent quality control processes and is BIS hallmarked for high quality 22kt CZ casting standards.
Client Base & Market Presence
Shanti Gold International caters to both corporate clients and jewellery businesses. Its notable clients include:
Lalithaa Jewellery Mart
Shree Kalptaru Jewellers (I) Pvt Ltd
Lalitha Jewellery
Additionally, it exports to four international markets:
- UAE
- Singapore
- Qatar
- USA
This combination of domestic and international markets ensures a diverse range of customers and revenue streams.
Objects of the Issue (IPO Proceeds)
The IPO proceeds will be used as follows :
| Utilization Head | Amount (₹ million) |
|---|---|
| Capital expenditure for Jaipur facility | 462.97 |
| Incremental working capital requirements | 2,000.00 |
| Repayment / pre-payment of borrowings | 170.00 |
| General corporate purposes | Remaining Net Proceeds |
The Proposed Jaipur Facility will focus on machine-made plain gold jewellery, diversifying the company’s product portfolio beyond CZ casting gold jewellery.
Financial Performance Snapshot
| Particulars (₹ million) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 6,794.04 | 7,114.34 | 11,064.07 |
| Net Profit | 198.19 | 268.68 | 558.42 |
| Net Profit Margin (%) | 2.92% | 3.78% | 5.05% |
| Net Worth | 698.05 | 966.69 | 1,523.73 |
| Total Borrowings | 1,653.35 | 2,106.78 | 2,329.97 |
- CAGR (FY23–FY25): 27.6% revenue growth
Strong improvement in profit margins
Strengths
Leader in 22kt CZ casting gold jewellery in terms of capacity.
Integrated in-house manufacturing and BIS-certified quality control.
Diverse product range for corporate and jewellery businesses across India and exports to four international markets.
Strong corporate client base (e.g., Lalithaa Jewellery Mart, Shree Kalptaru Jewellers).
Expansion opportunity through the Jaipur facility which will increase production capacity by 44%.
Risks & Challenges
Regional concentration: 72.8% of revenue in FY25 came from Southern India (Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Kerala).
Customer concentration: Top 10 customers contributed 34.5% to revenue in FY25.
Volatility in gold prices: Directly impacts margins and inventory costs.
Working capital-intensive business; negative operating cash flows in recent years.
Dependence on 22kt CZ casting gold jewellery; changing consumer preferences could impact sales.
Industry Outlook – Jewellery Industry
The Indian jewellery industry is expected to grow at a 9.7% CAGR between CY23–CY29, reaching ₹7,162 billion by CY29 (from ₹4,653 billion in CY24).
Key growth drivers:
Rising disposable incomes in India
Growing demand for high-quality 22kt CZ casting gold jewellery
Increasing export opportunities to international markets
Expanding consumption of daily wear jewellery and complete jewellery sets
Peer Comparison
| Company | Revenue FY25 (₹ Cr) | Net Profit Margin | Business Model |
|---|---|---|---|
| Shanti Gold | 1,106 Cr | 5.05% | Manufacturing & exports |
| Titan Company Ltd | 57,000 Cr | 9% | Branded retail & manufacturing |
| Kalyan Jewellers | 18,000 Cr | 4.5% | Retail-focused |
| Senco Gold Ltd | 4,500 Cr | 5% | Retail & wholesale |
Shanti Gold focuses heavily on corporate clients and exports, making it unique compared to retail-focused peers.
Allotment & Listing
How to Check Shanti Gold IPO Allotment Status
Visit the registrar's website (Bigshare Services Pvt Ltd).
Enter PAN / Application Number / Demat Account Number.
Submit to view allotment status.
Expected allotment date: August 1, 2025
Listing date: Early August 2025
How to Apply for Shanti Gold IPO
Investors can apply via:
- ASBA (Applications Supported by Blocked Amount) through net banking
- UPI-based IPO applications via brokers like Tradejini.
Ensure you have a valid Demat account and sufficient bank balance for the application amount.
Conclusion – Should You Invest in Shanti Gold IPO?
The Shanti Gold International IPO offers investors exposure to the growing jewellery industry through a company that is a leader in 22kt CZ casting gold jewellery. Its strong client base, quality control, and expansion plans are positives.
However, investors must consider:
High dependence on Southern India
Gold price fluctuations
Customer concentration risks
If priced attractively, the IPO can be a good opportunity for investors seeking long-term exposure to the gold jewellery segment.
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