Shanti Gold International IPO to open on July 25; anchor book closes with bids worth Rs 108 crore

Shanti Gold on Thursday has finalised allocation of 54.29 lakh shares to 15 anchor investors at Rs 199 per equity share.

Mumbai-based gold jewellery maker Shanti Gold International has mobilised Rs 108.03 crore via anchor book on July 24, a day before its IPO opening.

Its initial public offering will open for subscription on July 25 and close on July 29, with price band of Rs 189-199 per share.

Shanti Gold on Thursday has finalised allocation of 54.29 lakh shares to 15 anchor investors at Rs 199 per equity share.

Societe Generale, Wealthwave Capital Fund, Vijit Growth Fund, Founders Collective Fund, Smart Horizon Opportunity Fund, Swyom India Alpha Fund, and Sunrise Investment Opportunities Fund were among 15 investors participated in the anchor book.

Incorporated in 2003, Shanti Gold aims to Rs 360.11 crore via entirely fresh issue of 1.8 crore equity shares at the upper price band.

The 22kt CZ casting gold jewellery maker will spend Rs 46.3 crore of IPO proceeds for setting up of the proposed Jaipur facility, and Rs 200 crore for working capital requirements. Further, Rs 17 crore will be used for repayment of debt, and the remainder funds for general corporate purposes.

Currently, with manufacturing facility in Mumbai having capacity of 2,700 kg per annum, the company makes jewellery products for several corporate jewellery brands such as Joyalukkas India, Lalithaa Jewellery Mart, Alukkas Enterprises, Vysyaraju Jewellers, and Shree Kalptaru Jewellers.

After Jaipur expansion, its manufacturing capacity will increase by 1,200 kgs, to a total of 3,900 kgs.

Choice Capital Advisors is acting as the book running lead manager for the Shanti Gold International IPO.