Shanti Gold IPO Day 3: GMP, Price Band, Subscription Status, Key Dates and Other Details

The Rs 360-crore initial public offering (IPO) of Shanti Gold International has received an overwhelming response from investors, closing with nearly 7 times subscription on the final day of bidding. With a healthy premium in the grey market, the IPO has garnered keen interest from retail and high-net-worth investors, setting the stage for a potentially strong listing.

Shanti Gold IPO: Price band

The company had fixed the price band for its maiden public offer at Rs 189 to Rs 199 per share. The issue is entirely a fresh offering of 1.81 crore equity shares, with no offer-for-sale component. Investors had to apply for a minimum of 75 shares, translating to a lot size worth ₹14,925 at the upper price band.

Shanti Gold IPO: Subscription status

By Day 3, the IPO saw a significant jump in overall demand, reaching approximately 6.88 times subscription across categories. Market observers have attributed this late surge to a strong showing in the grey market and renewed interest from NIIs and QIBs.

Also Read: Shanti Gold IPO Day 2: Price Band, Subscription Staus; GMP, Key Details Inside | Republic World

Shanti Gold IPO: Grey Market Premium

Shanti Gold International’s IPO was commanding a grey market premium (GMP) of Rs 33.5 as of 12:56 PM on July 29, 2025, indicating an estimated listing price of Rs 232.5 — a potential gain of 16.83% over the upper end of the ₹199 price band.

Shanti Gold IPO: Key dates

Key IPO-related dates are as follows: the subscription window ran from July 25 to July 29. The basis of allotment is expected to be finalised on July 30, with refunds likely to be processed on July 31. Shares are expected to be credited to investors’ demat accounts on the same day, and the listing on the NSE and BSE is scheduled for August 1, 2025.

Shanti Gold IPO: Usage of proceeds

The company intends to use the IPO proceeds for multiple purposes. A significant portion, approximately Rs 200 crore, is earmarked for working capital requirements. Around Rs 46 crore will be used to set up a new manufacturing facility in Jaipur, while nearly Rs 17 crore has been allocated toward repaying or prepaying existing borrowings. The remaining funds will be used for general corporate purposes.

About the company

Founded in 2003, Shanti Gold International is primarily engaged in manufacturing and exporting 22-karat cubic zirconia (CZ) casting gold jewellery. Its client base includes several leading retail brands such as Joyalukkas and Lalithaa Jewellery. The company’s distribution network spans across 15 Indian states and select overseas markets.

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