Introduction
The stock market in India is buzzing again with yet another exciting Initial Public Offering Shanti Gold International IPO. As the subscription window closes today on July 29, 2025, investors across all categories retail, high-net-worth individuals, and institutions are keeping a close watch on its final demand status, Grey Market Premium (GMP), allotment dates, and likely listing price.
If you're wondering how well this IPO performed and whether you should expect allotment or consider listing gains, this in-depth and easy-to-understand guide is here to help. In this post, we will cover the Shanti Gold International IPO day 3 subscription status, GMP insights, key business fundamentals, how proceeds will be used, and our risk-based investment advisory all in one place.
Key Shanti Gold IPO Details at a Glance
Let’s begin with the most important figures you need to know:
| Detail | Information |
|---|---|
| Issue Type | Book Building (Fresh Issue Only) |
| Total Issue Size | ₹360.11 crore |
| Number of Shares Offered | 1.81 crore equity shares |
| Price Band | ₹189 to ₹199 per share |
| Minimum Lot Size | 75 shares |
| Minimum Investment Amount | ₹14,175 |
| IPO Opening Date | July 25, 2025 |
| IPO Closing Date | July 29, 2025 |
| Allotment Date | July 30, 2025 |
| Expected Listing Date | August 1, 2025 |
| Exchange Listing | BSE and NSE |
| Lead Manager | Choice Capital Advisors Pvt Ltd |
| Registrar | Bigshare Services Pvt Ltd |
This IPO aims to raise funds entirely through a fresh issue, which means the proceeds go directly to the company and not existing shareholders.
Day 3 Subscription Status: Strong Demand from Retail and HNIs
As of the morning of July 29, 2025, the Shanti Gold International IPO day 3 subscription status revealed a strong overall subscription of 7.45 times.
Let’s break it down by investor type:
| Investor Category | Times Subscribed |
|---|---|
| Retail Individual Investors (RII) | 8.53x |
| Non-Institutional Investors (NII) | 14.75x |
| Qualified Institutional Buyers (QIB) | 0.07x |
| Overall Subscription | 7.45x |
Retail investors led the charge with enthusiastic participation. NII interest was also extremely strong, reflecting positive sentiment from high-net-worth and non-retail entities. However, subscription from Qualified Institutional Buyers (QIB) remained subdued.
Despite lower QIB interest, the IPO closing at 7.45x signals strong confidence from retail and NII segments potentially a good sign for listing performance.
GMP Today: What the Grey Market Says
The Grey Market Premium (GMP) for Shanti Gold International IPO on July 29, 2025, stood at ₹37.5.
This means that in the unofficial grey market (an off-market channel for trading IPO shares before listing), buyers are willing to pay ₹37.5 above the IPO's upper price band of ₹199. This implies a likely listing price of ₹236.5, suggesting a premium of around 18.84%.
Note: Grey market trends are unofficial and speculative. They provide sentiment but are not a guarantee of actual listing price.
About the Company: Shanti Gold International Ltd
Founded in 2003 and based in Mumbai, Shanti Gold International Ltd is a leading manufacturer of 22kt Cubic Zirconia (CZ) casting gold jewellery.
The company operates entirely on a Business-to-Business (B2B) model, selling its products to jewellery chains across 15 Indian states and 1 Union Territory. Key product lines include:
- Gold bangles
- Necklaces
- Rings
- Bridal jewellery sets
Clients
Some of the well-known jewellery brands that the company supplies to include:
- Joyalukkas
- Lalithaa Jewellery
- GRT Jewellers (select regions)
Manufacturing Facilities
Shanti Gold operates out of a centralised, integrated manufacturing facility located in Andheri East, Mumbai, covering over 13,400 square feet. The plant has a production capacity of 2,700 kilograms of jewellery per annum.
The company plans to use IPO proceeds to set up a new manufacturing unit in Jaipur, which will add another 1,200 kilograms per annum, boosting total capacity to 3,900 kg/year.
Financial Performance Snapshot
| Metric | FY24 | FY25 (Estimated) |
|---|---|---|
| Revenue | ₹711.43 crore | ₹1,112.47 crore |
| Net Profit (PAT) | ₹26.78 crore | ₹55.84 crore |
| EBITDA Margin | ~6.5% | ~7.9% |
| Debt | ₹242 crore | Reduced post-IPO |
The company’s revenue and net profit more than doubled in the last financial year, showcasing robust demand and operational scalability.
How Will the IPO Money Be Used?
The entire ₹360.11 crore raised via the IPO will be utilized as follows:
- Working Capital Needs: The jewellery business is capital-intensive; funds will help manage day-to-day operations.
- CapEx for New Jaipur Facility: Will increase production by 44% and allow access to northern India markets.
- Repayment of Loans: Around ₹17 crore will go towards reducing high-interest debts.
- General Corporate Purpose: Enhancing brand, workforce expansion, and technology upgrades.
This shows the company is investing in long-term capacity and strengthening its financial structure.
IPO Timeline
| Event | Date |
|---|---|
| IPO Opened | July 25, 2025 |
| IPO Closed | July 29, 2025 |
| Allotment Finalisation | July 30, 2025 |
| Refunds Processed | July 31, 2025 |
| Shares Credited to Demat | July 31, 2025 |
| Listing Date | August 1, 2025 |
Once the allotment status is finalized, applicants can check it on the Bigshare Services portal.
Investment Risk Advisory
Every IPO carries potential risks, no matter how attractive it looks on paper. Here are the key risks for investors to consider before or after listing:
1. Client Concentration Risk
Shanti Gold International heavily relies on a few large clients. If a major buyer switches to a competitor or delays payments, it could hurt revenues.
2. Gold Price Volatility
The company’s raw material is gold which is globally traded and volatile. A sharp spike or drop in gold prices can affect profit margins.
3. No Retail Presence
Being a B2B company, Shanti Gold doesn’t directly interact with consumers. Any demand slump or distributor issue can affect business performance.
4. Debt Exposure
Though part of the IPO funds will be used to repay loans, the company has historically carried significant debt. Investors should keep an eye on interest costs and debt servicing.
5. Grey Market Dependency
Many investors base decisions on GMP, which is not regulated. Investing solely on GMP expectation can be risky, especially if listing sentiment weakens.
Should You Invest?
Here’s a simple summary for different investor types:
- Short-Term Investors: Strong GMP and subscription indicate good listing gains likely a good opportunity for those seeking a quick return.
- Long-Term Investors: Attractive business model and rising demand are positives. However, watch how the company manages scaling, client diversity, and margins.
- Risk-Averse Investors: Consider waiting until after listing. Evaluate performance for 1–2 quarters post-listing before committing.
Bonus: What to Do If You Miss Allotment?
If you don’t receive an allotment, don’t worry many IPOs correct after listing. You can:
- Buy at listing if price remains near expected range.
- Track performance and wait for dips before entering.
- Check other upcoming IPOs with similar fundamentals on fliptheloss.in.
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Conclusion
To wrap up, Shanti Gold International IPO day 3 subscription status at 7.45x shows strong interest among retail and HNI investors. With a GMP of ₹37.5, many are expecting a positive listing on August 1.
But as always invest with caution. Focus on fundamentals, assess risk appetite, and avoid getting carried away by grey market hype. Whether you’re in it for the listing gain or long-term growth, align your investments with your financial goals.
Disclaimer: This article is for informational purposes only. Nothing here is investment advice. Always consult a SEBI-registered advisor before investing. Market investments are subject to risk, and past performance does not guarantee future results.
