The Initial Public Offering of Shanti Gold International Limited was fully subscribed on the first day of bidding.

The issue received bids of 1,46,47,725 shares against the offered 1,26,67,200 equity shares, at a price band of ₹189-199, according to the data available on the stock exchanges. Overall, the issue was subscribed 1.16 times.

Retail Portion and Non-Institutional Investors Portion were subscribed 1.84 times and 1.09 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 0.01 times. The issue kicked off for subscription on Friday, July 25, 2025, and will close on Tuesday, July 29, 2025. 

A day before the opening of the issue, Shanti Gold International Ltd raised Rs 108 crores from anchor investors. Some of the marquee Institutions that participated in the anchor includes Societe Generale, Wealthwave Capital, Rajasthan Global Securities, Abundantia Capital VCC, Swyom India, Astorne Capital, Shine Star Build Cap and Meru Investment.

Leading brokerage firms like Anand Rathi, BP Wealth, Arihant Capital, Adroit Financial Service, CanMoney Securities, Ventura Securities, SMIFS, Marwadi Financial Services, GEPL Capital have given a “Subscribe” rating to the issue highlighting the company’s strong positioning in the 22kt CZ casting gold jewellery segment, robust B2B model, and established relationships with marquee jewellery brands across India. The company’s fully integrated operations, design-led manufacturing, and plans to expand capacity and enter new product categories are seen as key growth drivers.

At the upper price band, the issue is valued at a P/E of 25.7x FY25 earnings. While risks such as high working capital needs, negative operating cash flows, and regional concentration exist, brokerages believe these are offset by the company’s strong financial performance, scale-up strategy, and diversification plans. Choice Capital Advisors Private Limited is the sole book-running lead manager, Bigshare Services Private Limited is the registrar of the issue.