Shanti Gold International Limited has announced a price range of ₹189 to ₹199 per equity share (face value ₹10) for its upcoming IPO, which is a fresh issue of up to 1.80 crore equity shares, with no offer-for-sale component.
The public issue will open for subscription on Friday, July 25, 2025, and close on Tuesday, July 29, 2025. Investors can apply for a minimum lot size of 75 shares and in multiples thereafter.
Established in 2003 as a partnership firm by Pankajkumar H. Jagawat and Manojkumar N. Jain, Shanti Gold International is a top-tier manufacturer of 22kt CZ casting gold jewellery, ranked high in terms of installed production capacity (as per a CARE report). The company produces a wide variety of jewellery, including rings, bangles, necklaces, and complete sets catering to weddings, festivals, and everyday wear.
Its fully integrated manufacturing unit, located in Andheri, Mumbai, covers an area of 13,448.86 sq. ft. and has an annual production capacity of 2,700 kg.
Shanti Gold serves an extensive clientele, including prominent names such as Joyalukkas India, Lalithaa Jewellery Mart, Alukkas Enterprises, Vysyaraju Jewellers, and Shree Kalptaru Jewellers. Its distribution network spans 15 Indian states and 2 union territories, with a growing international footprint in the USA, UAE, Singapore, and Qatar.
In FY2025, the company’s operational revenue rose by 55.52% to ₹1,106.41 crore, up from ₹711.43 crore in FY2024, driven by increased sales volume and higher gold jewellery prices. Profit after tax surged by 107.84%, rising from ₹26.87 crore to ₹55.84 crore during the same period.
Choice Capital Advisors Pvt Ltd is the sole book-running lead manager, and Bigshare Services Pvt Ltd is the registrar of the issue.
The IPO will follow the book-building route, with up to 50% of the shares reserved for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and 35% for retail investors.