Shanti Gold IPO GMP: Latest Trends, Subscription Status & Review
The Shanti Gold IPO GMP has come into sharp focus as investors rush to grab shares in one of the most talked-about gold jewellery IPOs this year. With substantial subscription numbers and a robust grey market premium, the Shanti Gold International IPO has become the centre of attention in India’s primary market, especially for those looking to capitalise on potential listing gains.
Shanti Gold IPO Overview 2025
Shanti Gold International, a Mumbai-based company known for its high-quality 22 kt CZ casting gold ornaments, opened its initial public offering (IPO) on July 25, 2025, with subscriptions set to close on July 29, 2025. The size of the IPO is 360.11 crores (in a single fresh issue of 1.81 crore equity shares). There is no offer-for-sale component, so all funds are poised to strengthen the company’s balance sheet—primarily to boost manufacturing capacity, repay borrowings, and expand working capital.
Shanti Gold IPO Key Details 2025
| Details | Information |
| IPO Open Date | July 25, 2025 |
| IPO Close Date | July 29, 2025 |
| Price Band | ₹189–₹199 per share |
| Issue Size | ₹360.11 crore |
| Lot Size | 75 shares |
| Listing Date | August 1, 2025 (Tentative) |
| Registrar | Bigshare Services Pvt Ltd |
| Lead Manager | Choice Capital Advisors |
| BSE/NSE Listings | Yes |
(References: Chittorgarh, IPOWatch, Business Standard)
Current Subscription Status of Shanti Gold IPO (as of Day 2—July 28, 2025)
Investors have shown considerable interest in the Shanti Gold IPO. Here’s a look at the latest subscription data by category:
| Category | Subscription Status (Day 2) |
| Qualified Institutional Buyers (QIB) | 0.05x – 1% |
| Non-Institutional Investors (NII) | 7.53x |
| Retail Individual Investors (RII) | 6.61x |
| Total Overall Subscription | 4.93x |
On the second day, more than 6.24 crore shares were bid upon as compared to the 1.27 crore shares that were on offer. The strong appetite among retail and non-institutional investors signals positive sentiment about the company’s prospects and market position.
Grey Market Premium (GMP) Trends 2025
The Shanti Gold IPO GMP is closely watched to estimate listing gains. By July 28, 2025, the GMP is 38.39 per share. With the upper price band being 199, this translates to a premium of almost 20 percent, indicating expected listing prices of 237-239. GMP flows in the last week show that there is strong demand and market certainty.
| Date | IPO GMP (₹) |
| July 28 | 39 |
| July 27 | 38 |
| July 26 | 38 |
| July 24 | 30-37 |
| July 21 | 30 |
Latest Financial Performance Snapshot of Shanti Gold IPO 2025
Shanti Gold posted impressive growth leading up to its IPO:
| Financial Year | Revenue (₹ crore) | Net Profit (₹ crore) |
| 2024-25 | 1,112.47 | 55.84 |
| 2023-24 | 715.04 | 26.87 |
The EBITDA margin of the company is explained as 8.83% for the financial year 2025, with a net profit margin of 5.05%. This strong performance, along with orders from reputed jewellery retailers and bold expansion plans (including a new plant in Jaipur), adds to investor optimism.
Should You Apply for the Shanti Gold IPO 2025? Analyst Review
Brokers and other people who monitor the market are optimistic:
- Valuation: The IPO is priced at a price-to-earnings (P/E) ratio of around 19–19.2x, regarded as fairly valued relative to listed peers.
- Growth Story: Shanti Gold’s pan-India ambition, well-established customer relationships (including with retailers like Joyalukkas), and strong B2B business model provide steady growth drivers in a robust jewellery sector.
- Risks: The most serious risks are the volatility of spot prices of gold, lack of any substantial long-term contracts, adverse cash flow in specific periods, and reliance on economic cycles.
Brokerage Verdict: The majority of the respective recommendations persist on the side of the subscribe signal, with a recommendation that long- to medium-term investors can take advantage of the company’s market expansion, efficient manufacturing setup, and industry presence.
How to Check Allotment Status ofÂ
- Go to the registrar, Bigshare Services site
- Lease BSE/NSE allotment IPO websites
- The results will come out on July 30, 2025
Important Dates for Investors
| Event | Date |
| Allotment Finalisation | July 30, 2025 |
| Refunds Initiated | July 31, 2025 |
| Shares Credited (Demat) | July 31, 2025 |
| Listing Date (BSE/NSE) | August 1, 2025 |
IPO Application Details Table
| Application Type | Minimum Lot | Shares | Min. Investment (₹) | Max. Investment (₹) |
| Retail | 1 | 75 | 14,175 (lower band) | 194,025 (13 lots) |
| sNII | 14 | 1,050 | 2,08,950 | – |
| bNII | 68 | 5,100 | 1,014,900 | – |
Key Points for Investors
- Min. Investment: 14,175 (75 shares at 189), Lower Band, and 14,925 Upper Band
- No Offer of sale: All newer equity; funding of capital for the growth of the company
- Stable GMP: Grey market premium indicates strong demand
- Retail Focus: 35 per cent of shares appertained to reserved retail applications
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Frequently Asked Questions (FAQs)
1. What is the Shanti Gold IPO GMP today?
Based on the July 28, 2025, GMP, a price range of 38-39 per share is provided, which indicates a substantial premium expected on listing.
2. When is the Shanti Gold IPO?
The IPO will open on July 25 and close on July 29, 2025. The allotment date is July 30, and refunds and shares will be in Demat on July 31 and listed on August 1.
3. What is the appropriate amount of money to spend by a retail investor?
The minimum number of shares that retail investors can apply for is 75. The number of shares allotted to the investor is 37 and 36, respectively, at 14,175 and 14,925 in the lower and upper price bands.
4. How strong is the financial status of Shanti Gold International?
The company generated 1112.47 crores in revenue and a net profit of 55.84 crores in FY25, representing a significant increase compared to last year.
5. Is it worth subscribing to the Shanti Gold IPO?
The majority of the analysts suggest subscribing to it because of its fair valuation, good demand, and future growth potential. Nevertheless, consider risks like fluctuating gold prices.
6. What will be the stock placement of the IPO?
The company will list its shares on two exchanges, BSE and NSE, on 1st August 2025.
7. How can I check allotment status?
Check your allotment status on Bigshare Services’ official website or through BSE/NSE portals from July 30, 2025.
