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Shanti Gold International IPO
Shanti Gold International Ltd
₹14,175 /75 sharesMinimum Investment
Shanti Gold International IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹199.00 | ₹227.55 | ₹28.55 (14.35%) |
Shanti Gold International IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 25 Jul ‘25 - 29 Jul ‘25 | ₹14,175 | 75 | ₹189 - ₹199 |
| Issue Size | IPO Doc |
|---|---|
| 360.11Cr | RHP PDF |
Subscription rate
As of 29 Jul'25, 04:00 PM
| Qualified Institutional Buyers | 111.72x |
| Non-Institutional Investor | 150.17x |
| Retail Individual Investor | 27.25x |
| Total | 77.73x |
About Shanti Gold International
Founded in
2003
Managing director
Mr Pankajkumar H Jagawat
Parent organisation
Shanti Gold International Ltd
Strengths & Financials of Shanti Gold International
Strengths
Risks
Shanti Gold International claims to have a strong design capability supported by 79 CAD professionals who create over 400 new designs every month. The company further states that its extensive product portfolio and focus on diverse client preferences have enabled it to serve jewellery businesses across 15 Indian states, 2 Union Territories, and four international markets.
The company claims to operate a fully integrated in-house manufacturing facility spread over 13,448.86 square feet in Andheri East, Mumbai, with an installed capacity of 2,700 kilograms per annum. All aspects of design, manufacturing, and packaging are handled internally, supported by equipment such as casting machines, steamers, induction melters, and air compressors. The company further states that this integrated setup allows better quality control, efficient customisation, and reduced dependency on external vendors.
Shanti Gold International claims to have built long-standing relationships with several well-known jewellery brands and corporate clients, including Joyalukkas India Limited, Lalithaa Jewellery Mart Limited, Alukkas Enterprises Private Limited, Vysyaraju Jewellers Private Limited, and Shree Kalptaru Jewellers (I) Private Limited. These relationships are supported by the company’s ability to deliver a wide range of customised designs tailored to the preferences of each client. By maintaining consistent quality and understanding market trends, the company claims to have strengthened its position among wholesale jewellers and corporate jewellery businesses.
The company has reported a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 679.40 crore in FY23 to Rs 711.43 crore in FY24 and Rs 1,106.41 crore in FY25. PAT increased from Rs 19.82 crore in FY23 to Rs 26.87 crore in FY24 and Rs 55.84 crore in FY25.
The top five customers accounted for Rs 257.63 crore (23.29 percent) of the company’s revenue in FY25, Rs 171.74 crore (24.15 percent) in FY24, and Rs 143.29 crore (21.09 percent) in FY23. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients can adversely affect the company’s business and financial standing.
A significant portion of the company’s revenue is derived from South India. It accounted for Rs 805.06 crore (72.76 percent) of the company’s revenue in FY25, Rs 568.34 crore (79.89 percent) in FY24, and Rs 483.23 crore (71.13 percent) in FY23. Furthermore, Tamil Nadu alone accounted for Rs 337.55 crore (30.51 percent) of the company’s revenue in FY25, Rs 278.64 crore (39.17 percent) in FY24, and Rs 223.22 crore (32.85 percent) in FY23. Any adverse political, social, or economic developments in these regions could harm the company’s business, results of operations, and financial condition.
The top supplier accounted for Rs 402.13 crore (40.09 percent) of the company’s total purchases in FY25, Rs 344.27 crore (50.84 percent) in FY24, and Rs 199.05 crore (32.42 percent) in FY23. Any disruption in supplies from this supplier could adversely affect the company’s business and finances.
The company’s business is impacted by seasonality with higher demand for gold and silver jewellery during the wedding season (May-June, September-December, and January), and auspicious religious events such as Diwali/Dhanteras and Akshaya Tritiya. Any inability to address this fluctuation in demand could adversely affect its business and financial condition
The company reported negative cash flow from operating activities amounting to Rs 15.30 crore in FY25, Rs 13.03 crore in FY24, and Rs 4.84 crore in FY23. Additionally, negative cash flow from investing activities amounted to Rs 5.07 crore in FY24 and Rs 4.48 crore in FY23. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
Shanti Gold International maintains a significant inventory due to the nature of its business. It accounted for Rs 148.58 crore (42.28 percent) of the company’s current assets in FY25, Rs 128.60 crore (50.33 percent) in FY24, and Rs 85.39 crore (41.95 percent) in FY23. Any misjudgment in forecasting customer demand or shifts in consumer preferences may lead to excess inventory, requiring the company to sell unsold stock at lower prices, or understocking, which could affect its ability to meet customer requirements.
The company, its promoters, and directors are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of FY25, the company had contingent liabilities amounting to Rs 14.62 crore. If any of these liabilities materialise, it could adversely affect the company’s financial condition.
As of May 31, 2025, the company had outstanding financial indebtedness amounting to Rs 262.67 crore. Any failure to service or repay these loans could harm the company’s operations and financial position.
Shanti Gold International Financials
*All values are in Rs. Cr
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Application Details of Shanti Gold International IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹189 - 199 | ₹2 Lakh |
| High Networth Individual | ₹189 - 199 | ₹2 - 5 Lakh |
For Shanti Gold International IPO, eligible investors can apply as Regular.