IPO Details
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Schedule of Shanti Gold International Ltd IPO
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Allotment of bids
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Listing on exchange
About Shanti Gold International IPO
The initial public offering (IPO) of Shanti Gold International comprises a fresh issue of up to 18,096,000 equity shares with a face value of ₹10 each. Promoters involved in the offering include Pankajkumar H Jagawat, Manojkumar N Jain and Shashank Bhawarlal Jagawat. The IPO begins on a date TBA and closes on a date TBA. The allotment of shares will take place on TBA and the credit of shares will take place on TBA. The refunds will be initiated on TBA.
Objectives of Shanti Gold International IPO
- Funding capital expenditure for setting up the proposed Jaipur facility.
- Meeting working capital requirements.
- Repayment or prepayment, in full or part, of certain borrowings availed by the company
- General corporate purposes.
The objectives outlined in the Memorandum of Association (MOA) support both existing business operations and the initiatives planned with the IPO proceeds. Additionally, the listing of equity shares is expected to enhance brand visibility, strengthen market presence, and create a public market for the company's shares in India.
Shanti Gold International IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | Up to 18,096,000 shares |
Offer for Sale | NA |
EPS (in ₹) for FY 24 | 4.98 |
Shanti Gold International IPO Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the net issue |
Non-institutional Investors (NIIs) | Not less than 15% of the net issue |
Retail-individual Investors (RIIs) | Not less than 35% of the net issue |
Industry Outlook
The Indian jewellery market is projected to grow 13.1% y-o-y to ₹4,653 billion in CY24 and reach ₹7,162 billion by CY29 at a CAGR of 9.7%, driven by rising disposable incomes and the middle-class viewing gold jewellery as both a status symbol and investment.
Economic resilience and growth
India's real GDP grew 7.0% in FY23 to ~Rs. 161 trillion, despite prior pandemic impacts and geopolitical tensions. Growth accelerated to 8.2% in Q1FY24 and remained strong at 8.1% in Q2FY24, driven by investments, manufacturing, and construction.
Consumption patterns
Indian households are shifting towards discretionary spending, rising from 53.6% in FY19 to 54% in FY23, reflecting higher disposable incomes.
Rising middle-class and rural economy
Rural consumption is surging due to rising incomes, improved infrastructure, and government initiatives. Increased discretionary spending, dietary shifts, and digital adoption highlight evolving economic patterns.
Middle-income households are driving consumption across essential and luxury goods, with rural India emerging as a key growth driver.
About Shanti Gold International
Shanti Gold International, based in Mumbai, is a leading manufacturer of high-quality 22kt CZ casting gold jewellery, recognised for its extensive design range and production capacity (Source: CARE Report). Specialising in intricately designed bangles, rings, necklaces, and complete jewellery sets, the company caters to diverse price segments, from wedding and festive collections to everyday wear.
Established in 2003 as a partnership firm by promoters Pankajkumar H. Jagawat and Manojkumar N. Jain, Shanti Gold has grown into a reputed name in the industry, backed by two decades of expertise. A fully integrated in-house manufacturing setup ensures strict quality control across design, production, and packaging.
Equipped with advanced machinery such as casting machines, steamers, induction melters, and air compressors, the facility blends modern technology with skilled craftsmanship.
Shanti Gold International Ltd Strengths
Diverse jewellery portfolio with quality manufacturing
The company specialises in 22kt CZ gold jewellery, offering a wide range of designs, including bangles, rings, necklaces, and complete sets for weddings, festivals, and daily wear.
A fully integrated 13,448.86 sq. ft. manufacturing facility in Andheri, with an annual capacity of 2,700 kg, ensures stringent quality control and efficient production using advanced machinery and skilled craftsmanship.
Experienced leadership and strong industry relations
Promoters Pankajkumar H. Jagawat and Manojkumar N. Jain bring over 20 years of industry expertise, while Shashank Bhawarlal Jagawat has 16 years of experience.
Their leadership has fostered long-standing relationships with major corporate jewellery brands, including Joyalukkas India Limited and Lalithaa Jewellery Mart Limited, ensuring sustained business growth.
Financial stability and growth potential
A strong and scalable business model with consistent revenue and profitability growth. Operational excellence and market-driven product offerings contribute to financial stability, positioning the company for continued expansion in the jewellery sector.
Risks of Shanti Gold International IPO
- Customer dependence and market concentration The business relies on strong relationships with customers but lacks long-term contracts, making it vulnerable to shifts in demand or financial instability of key clients. A significant portion of revenue comes from Southern India, exposing the company to regional economic and market risks.
Additionally, dependence on 22kt CZ jewellery and fluctuations in consumer preferences could impact financial performance.
- Operational and expansion risks Manufacturing operations are concentrated at the Andheri facility, and any disruptions could affect production and cash flow. Expansion plans, including the Jaipur facility, are subject to delays and cost overruns.
The business also faces seasonal demand fluctuations and high inventory costs due to the nature of jewellery manufacturing.
- Financial and commodity price risks Negative net cash flows in recent fiscal periods pose a financial challenge. Dependence on gold exposes the company to price volatility and supply constraints, which could impact profitability.
Additionally, the business is affected by the success of customers' end-products, as any decline in demand could negatively impact sales and operations.
All Financial Information about Shanti Gold International
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Parameter | Shanti Gold International Limited | Utssav CZ Gold Limited | RBZ Jewellers Limited | Sky Gold Limited |
|---|---|---|---|---|
Revenue from Operations in ₹ crores | 711.43 | 340.19 | 327.42 | 1,745.48 |
EPS in ₹ for FY 24 | 4.98 | 7.65 | 5.39 | 35.18 |
NAV per share in ₹ for FY 24 | 17.90 | 20.96 | 51.87 | 212.15 |
P/E ratio for FY 24 | - | 37 | 39 | 168 |
Anchor Investing Bidding Date: TBA
IPO Registrar and Book Running Lead Manager
Registrar: Bigshare Services Private Limited
Book Running Lead Managers: Choice Capital Advisors Private Limited
Business Model
Established as a partnership firm in 2003, Shanti Gold International Ltd was founded by Pankajkumar H. Jagawat and Manojkumar N. Jain, who bring over 20 years of expertise in the jewellery industry.
Specialising in high-quality 22kt CZ gold jewellery, the company offers a diverse range of bangles, rings, necklaces, and complete sets, catering to both everyday wear and special occasions like weddings and festivals.
While most processes are handled in-house, intricate tasks like stone setting are entrusted to skilled artisans to maintain exceptional craftsmanship. With an annual production capacity of 2,700 kg, Shanti Gold International Ltd continues to uphold its commitment to quality and innovation.
Shanti Gold International Growth Trajectory
Over the last few years, the company's revenue from operations has shown significant growth, increasing from ₹428.34 crore in FY22 to ₹711.43 crores in FY24. EBITDA margin has also improved remarkably, rising from 4.83% in FY22 to 7.51% in FY24.
Shanti Gold International Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crores) | 715.03 | 682.27 | 430.13 |
Profit Before Tax (in ₹ crores) | 35.82 | 30.95 | 8.39 |
Profit After Tax (in ₹ crores) | 26.86 | 19.81 | 3.30 |
EPS | 4.98 | 3.67 | 0.61 |
EBITDA (in ₹ crores) | 53.45 | 45.57 | 20.69 |
Shanti Gold International Balance Sheet
| Parameters | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Profit Before Tax (in ₹ crores) | 35.82 | 30.95 | 8.39 |
Net Cash generated from (used in) Operating Activities (in ₹ crores) | (12.51) | (3.56) | (15.79) |
Net Cash from (used in) Investing Activities (in ₹ crores) | (5.07) | (4.47) | (2.6) |
Net Cash generated from (used in) Financing Activities (in ₹ crores) | 19.62 | 9.19 | 18.20 |
Net Cash and Cash Equivalents (in ₹ crores) | 2.04 | 1.15 | (0.18) |
How To Check Allotment Status of Shanti Gold International Ltd IPO?
- Visit the Registrar's Website
Go to the official website of Bigshare Services Private Limited, the registrar for this IPO. Bigshare’s website has a page for checking IPO allotment status. On this page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then click the 'Submit' button. Your allotment status will be displayed.
- Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.
On the BSE IPO page, follow these steps:
- Select 'Equity' from the dropdown menu
- Choose ‘Shanti Gold International Ltd.' in the next dropdown
- Enter your application number
- Enter your PAN
- Click 'Search'
Your ' Shanti Gold International Ltd’ allotment status will be displayed.
- Verify on the National Stock Exchange Website The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check ‘Shanti Gold International Ltd.’ allotment status.
Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'. On the NSE IPO Bid Verification page, enter:
- Application number
- PAN
Then click 'Submit'. Your ‘Shanti Gold International Ltd. IPO’ bid and allotment details will be displayed.
How To Apply for Shanti Gold International Ltd IPO?
Here are the steps to apply for Shanti Gold International Ltd IPO:
- Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Shanti Gold International Ltd IPO FAQs
What is the Shanti Gold International IPO?
Shanti Gold International, a leading manufacturer of 22kt CZ casting gold jewellery, is launching its IPO with a fresh issue of up to 18,096,000 equity shares. The company specialises in high-quality gold jewellery, including bangles, rings, necklaces, and complete sets.
Is Shanti Gold International IPO coming?
Yes, Shanti Gold International Ltd is expected to come up with its IPO soon.
Who is the Chairman of Shanti Gold International Ltd?
The Chairman and Managing Director of Shanti Gold International Ltd is Pankajkumar H. Jagawat.
What is a lot of size of shares of the Shanti Gold International IPO?
The company hasn’t given any information on the lot size yet.
From where can I read more about the Shanti Gold International IPO?
You may read more about the Shanti Gold International Ltd and its IPO from the company’s red draft herring prospectus (DRHP) here.
