Shanti Gold International sets Rs 360-crore IPO's price band at Rs 189-199 per share

Shanti Gold International IPO

Mumbai-based gold jewellery maker Shanti Gold International has fixed price band at Rs 189-199 per share for its maiden public issue on July 22. The offer will open on July 25 and close on July 29, while the anchor book will be launched on July 24.

The company, which is valued at Rs 1,434.7 crore, aims to raise Rs 360.11 crore via initial public offering (IPO), which comprises of entirely fresh issue of 1.8 crore equity shares. Hence, the entire issue proceeds will be received by the company.

Incorporated in 2003, Shanti Gold plans to spend Rs 46.3 crore out of IPO funds for setting up of a facility in Jaipur, and Rs 200 crore for its working capital requirements. Further, Rs 17 crore will be used for repaying debt, and the remainder money for general corporate purposes.

As of May 2025, its total outstanding borrowings were Rs 242 crore.

The 22kt CZ casting gold jewellery maker operates its business with a manufacturing capacity of 2,700 kg per annum. With the proposed Jaipur facility, the installed production capacity will increase by 1,200 kgs to a total of 3,900 kgs.

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"To cater to the growing demand in the Indian jewellery market and expand our geographical reach, we are planning a capacity expansion by construction and setting up of a new manufacturing facility in Jaipur," said Shanti Gold which competes with listed peers like Utssav CZ Gold, RBZ Jewellers, and Sky Gold.

As of March 2025, its actual production stood at 1,566.05 kg.

The company will finalise IPO share allotment by July 30. The participants can start trading in Shanti Gold shares on the bourses effective August 1.

Choice Capital Advisors is the sole book running lead manager handling the Shanti Gold IPO.