Shanti Gold IPO Day 2: Price Band, Subscription Staus; GMP, Key Details Inside

The Initial Public Offering (IPO) of Shanti Gold International Ltd. entered its second day of bidding on Monday, with rising interest among retail investors and a stable Grey Market Premium (GMP) signaling positive sentiment ahead of listing.

Shanti Gold IPO: Issue size and price band

The Rs 360.11 crore issue, which opened for subscription on July 25 and will close on July 29, is entirely a fresh issue of around 1.81 crore equity shares. The company has fixed the price band between Rs 189 and Rs 199 per share, with a minimum bid lot of 75 shares.

Shanti Gold IPO: Subscription size

On the first day, the IPO saw an overall subscription of about 43 percent, led largely by retail participation. Retail investors had subscribed to nearly three-fourths of their quota by midday on Friday, while non-institutional investors covered close to 37 percent. The response from qualified institutional buyers (QIBs), however, remained subdued.

As of market close on Day 2, the IPO had been subscribed approximately 1.16 times, with bids received for around 1.46 crore shares against the 1.26 crore shares on offer.

Also Read: IPO Boom: 14 New Public Issues to Launch Next Week, 12 Listings Await - Market Surge Alert | Republic World

Shanti Gold IPO: GMP

Shanti Gold International IPO's last recorded GMP stood at Rs 38, as of July 28, 2025, 11:57 AM. With the upper end of the price band at Rs 199, the estimated listing price is around Rs 237 per share, implying a potential gain of approximately 19.10% per share, as per a market tracking website. 

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.

Shanti Gold IPO: Key dates

Key IPO-related dates include allotment finalisation on July 30, refunds initiation and share credits by July 31, and a tentative listing on stock exchanges scheduled for August 1.

Shanti Gold IPO: Financial performance

Financially, the company reported a revenue of approximately Rs 1,106 crore and a net profit of Rs 55.84 crore for the fiscal year ended March 2025. Over 70 percent of its revenues come from the retail jewellery segment, with a significant focus on in-house design and Computer-Aided Design (CAD)-led manufacturing.
About the company

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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