Shanti Gold International Limited is a distinguished name in the world of fine jewelry, renowned for its craftsmanship, innovation, and commitment to excellence. Specializing in the design and manufacturing of premium 22kt CZ casting gold jewelry, the company has positioned itself as a trusted partner for some of India’s leading jewelry brands.
With an expansive 13,448.86 sq. ft. state-of-the-art manufacturing facility located in Andheri East, Mumbai, Shanti Gold combines artistry with advanced technology to deliver intricate designs at scale. The facility boasts an impressive annual production capacity of 2,700 kg, backed by a highly skilled workforce and automated processes that ensure precision, quality, and timely delivery.
At the heart of its creative engine is a team of 80 talented CAD designers, who produce over 400 unique gemstone-studded designs every month. These pieces, ranging from bangles and rings to elaborate necklaces and complete sets, are crafted to suit every occasion — be it a wedding, festive celebration, or everyday elegance — and are offered across a broad spectrum of price points.
What sets Shanti Gold apart is its vertically integrated model — from in-house design and production to final packaging, every step is meticulously monitored to maintain uncompromised quality. The company also leverages skilled contract artisans for intricate manual processes like stone setting, blending traditional craftsmanship with modern precision.
Over the years, Shanti Gold has built enduring relationships with prestigious corporate clients, including Joyalukkas, Lalitha Jewellery, Alukkas Enterprises, Vysyaraju Jewellers, and Shree Kalptaru Jewellers. Its growing national presence spans 15 states and one union territory, with key branches in major cities such as Mumbai, Bangalore, Chennai, and Hyderabad.
As of May 31, 2025, Shanti Gold proudly employs 222 full-time professionals and collaborates with 100 contract laborers, all working towards a common vision — to create jewelry that not only adorns but also tells a story of craftsmanship, culture, and timeless beauty.
Shanti Gold International IPO – Details
| IPO Opening Date | 25 July 2025 |
| IPO Closing Date | 29 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,80,96,000 Shares Worth ₹[] Crore Fresh Issue: 1,80,96,000 Shares Worth ₹[] Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹[] – ₹[] per share |
| Market Lot | – |
| Min Order | – |
| Listing At | BSE, NSE |
| Register | Bigshare Services Pvt Ltd |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Shanti Gold International IPO – Date Schedule
| IPO Open Date | 25 July 2025 |
| IPO Close Date | 29 July 2025 |
| Basis of Allotment | 30 July 2025 |
| Initiation of Refund | 31 July 2025 |
| Credit of Shares to Demat Account | 31 July 2025 |
| IPO Listing Date | 01 August 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 29, 2025 |
Shanti Gold International IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | – | – | ₹ |
| Retail (Max) | – | – | ₹ |
| S-HNI (Min) | – | – | ₹ |
| S-HNI (Max) | – | – | ₹ |
| B-HNI (Min) | – | – | ₹ |
Competitive Strength
- Wide range of jewelry designs driven by a team of experts.
- Complete in-house manufacturing: Ensuring quality at every step.
- Experienced Promoters with execution capabilities.
- Financially stable business model.
- Established relations with corporate and jewellery businesses.
Company Promoters
- Pankajkumar H Jagawat
- Manojkumar N Jain
- Shashank Bhawarlal Jagawat
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹682.28 Cr | ₹651.32 Cr | ₹19.82 Cr | ₹165.34 Cr |
| 31 March 2024 | ₹715.04 Cr | ₹679.21 Cr | ₹26.87 Cr | ₹210.68 Cr |
| 31 March 2025 | ₹1,112.47 Cr | ₹1,039.64 Cr | ₹55.84 Cr | ₹233.00 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROCE | 25.70% |
| Debt/Equity | 1.60 |
| RoNW | 44.85% |
| PAT Margin | 5.05% |
| EBITDA Margin | 8.83% |
| Pre IPO | Post IPO | |
| EPS (₹) | 10.34 | 7.75 |
| P/E (x) |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding of capital expenditure requirements towards the setting up of the Proposed Jaipur Facility. | 46.30 |
| Funding the working capital requirements of our Company. | 200.00 |
| Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company. | 17.00 |
| General corporate purposes. |
Shanti Gold International IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Utssav CZ Gold Limited | 19.35 |
| 2 | 10 | RBZ Jewellers Limited | 14.42 |
| 3 | 10 | Sky Gold Limited | 34.53 |
✅Strengths
- Wide range of 22kt CZ gold jewellery for all occasions and price points.
- Own manufacturing unit in Mumbai with 2,700 kg annual capacity.
- Team of 80+ CAD designers creating 400+ designs monthly.
- Trusted by major clients like Joyalukkas and Lalitha Jewellery.
- Presence across 15 states and 1 union territory.
⚠️Risks
- High revenue dependence on South India and a few key clients.
- A single manufacturing facility poses operational risk.
- Exposed to gold price fluctuations and negative cash flows.
- Subject to regulatory and compliance risks.
Shanti Gold International IPO Promoter Holding
| Pre Issue Share Holding | 99.98% |
| Post Issue Share Holding | – |
Shanti Gold International IPO Prospectus
Company Contact Information
| Shanti Gold International Ltd. Plot No A-51, 2nd Floor to 7th Floor, MIDC, Marol Industrial Area, Road no.-1, Near Tunga International Hotel, Mumbai, Maharashtra, 400093 Phone: + 91 22 4824 964 Email: cs@shantigold.in Website: https://shantigold.in/ |
Shanti Gold International IPO Registrar
| Bigshare Services Pvt Ltd Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Shanti Gold International IPO Lead Manager(s)
| 1. Choice Capital Advisors Pvt Ltd |
Shanti Gold International IPO FAQs
| What is Shanti Gold International IPO? Shanti Gold International IPO is a main-board IPO. The issue is priced at ₹[] to ₹[] per equity share. The IPO is to be listed on BSE & NSE. |
| When will Shanti Gold International IPO open? The IPO is to open on 25 July 2025 for QIB, NII, and Retail Investors. |
| What is Shanti Gold International IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Shanti Gold International IPO? You can apply Shanti Gold International IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Shanti Gold International IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Shanti Gold International IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Shanti Gold International IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Shanti Gold International IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Shanti Gold International IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Shanti Gold International IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Shanti Gold International IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Shanti Gold International IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Shanti Gold International IPO Size? Shanti Gold International IPO size is ₹[] Crore. |
| What is the Shanti Gold International IPO Price Band? Shanti Gold International IPO Price Band is ₹[] to ₹[]. |
| What is Shanti Gold International IPO Minimum and Maximum Lot Size for Retail? The minimum bid is [] Shares with ₹[] while the maximum bid is [] Shares with ₹[]. |
| What is the Shanti Gold International IPO Allotment Date? Shanti Gold International IPO allotment date is 30 July 2025. |
| What is the Shanti Gold International IPO Listing Date? Shanti Gold International IPO listing date is 01 August 2025. The IPO is to be listed on BSE and NSE. |
