Shanti Gold IPO: Price Band Set For Rs 360-Crore Fresh Issue

Shanti Gold International Ltd. on Tuesday set the price band for its upcoming initial public offering of fresh shares to raise up to Rs 360.11 crore. The company has offered to sell 1.80 crore shares in the range of Rs 189-199 apiece. The face value of each share is Rs 10.

The IPO will open for bidding on July 25 and close on July 29. The pre-IPO fundraise from institutional investors through the anchor round will be held on July 24, as per the red herring prospectus.

The tentative date of allotment of shares to IPO investors will be July 30, and the stock will make its debut on the BSE and NSE on Aug. 1.

The net proceeds from the fresh issue will be utilised for various purposes. The company will deploy Rs 200 crore to fund working capital requirements, Rs 46 crore for capital expenditure towards setting up a new manufacturing facility in Jaipur and Rs 17 crore for repayment of debt.

The proposed Jaipur facility will have an installed production capacity of 1,200 kg, which will augment existing capacity to a total of 3,900 kg, the RHP noted.

The IPO is expected to help Shanti Gold in gaining visibility and improving its brand image among potential customers.

Choice Capital Advisors Pvt. Ltd. India is the leading bookrunner, while Bigshare Services Pvt. Ltd. is the registrar for the offer.

Shanti Gold International is involved in manufacturing high-quality 22kt CZ casting gold jewellery. It specialises in the designing and producing of all types of gold jewellery, including bangles, rings, necklaces, and complete jewellery sets across various price points.