Shanti Gold IPO Opens July 25 with Rs.189–199 Price Band; Valuation Pegged at Rs.1,435 Cr

IPO to raise ₹360.11 crore entirely via fresh issue; proceeds to fund Jaipur facility, working capital, and debt repayment.

Mumbai-based gold jewellery manufacturer Shanti Gold International Ltd has fixed its IPO price band at ₹189–199 per share, with the issue scheduled to open for subscription on July 25 and close on July 29. The anchor book will open a day prior, on July 24, while shares are slated to be listed on the stock exchanges by August 1.

The IPO will be a pure fresh issue of 1.8 crore equity shares, aggregating to ₹360.11 crore at the upper price band. There is no offer-for-sale component, ensuring that all funds raised will directly flow into the company for operational expansion and debt optimisation. The IPO values the company at a post-issue market capitalisation of ₹1,434.7 crore.

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Utilization of Funds: Jaipur Expansion, Working Capital, and Debt Reduction

Shanti Gold plans to allocate the IPO proceeds across key strategic needs:

• ₹46.3 crore will be used to establish a new manufacturing facility in Jaipur, enhancing capacity to serve growing demand.

• ₹200 crore is earmarked for working capital requirements, which remains vital in the capital-intensive gold jewellery business.

• ₹17 crore will go towards repaying outstanding borrowings; the company’s total borrowings stood at ₹242 crore as of May 2025.

• The balance will be used for general corporate purposes, improving liquidity and operational agility.

Operational Capacity to Rise 44% with Jaipur Unit

Founded in 2003, Shanti Gold is a manufacturer of 22-karat cubic zirconia (CZ) casting gold jewellery, catering to a growing domestic market. Its existing manufacturing facility has a capacity of 2,700 kg per annum, and the new Jaipur facility will add another 1,200 kg, taking total installed capacity to 3,900 kg annually.

As of FY25, actual production stood at 1,566.05 kg, indicating capacity utilization of roughly 58%, leaving room for margin growth and demand scalability.

The company is positioning itself to capitalize on India’s expanding demand for branded CZ gold jewellery, competing with listed players such as Utssav CZ Gold, RBZ Jewellers, and Sky Gold.

IPO Timeline and Market Debut

• Price Band: ₹189–₹199 per share

• Issue Size: ₹360.11 crore (1.8 crore shares, fresh issue only)

• Issue Opens: July 25

• Issue Closes: July 29

• Anchor Allotment: July 24

• Basis of Allotment: July 30

• Listing Date: August 1

• Lead Manager: Choice Capital Advisors

The IPO is expected to draw interest from both retail and institutional investors amid strong momentum in the jewellery segment and the company’s clear growth roadmap.

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