Shanti Gold International CFO Bets On 'Strongest-Ever Financials' As IPO Gets Subscribed 1.16 Times On Day 1

Shanti Gold International IPO: The initial public offering (IPO) of gold jewellery manufacturer Shanti Gold International Ltd, got subscribed 1.16 times on the first day of bidding today (July 25). The three-day mainboard issue received bids for 1,46,47,725 shares against 1,26,67,200 shares on offer.

Shanti Gold International IPO bidding opened for subscription on July 25, 2025 and will close on July 29, 2025. Shanti Gold International shares will debut on BSE, NSE with a tentative listing date fixed as Friday, August 1, 2025.

With the launch of the company's IPO, Pankajkumar Jagawat, CMD, Shanti Gold International Ltd and Shriram Iyengar, CFO, Shanti Gold International Ltd spoke to NDTV Profit in an exclusive interview today, and shed light on the growth outlook and how they plan to utilize the IPO proceeds.

According to the company's financial metrics, revenue and EBITDA almost doubled while net profit also rose significantly in FY25 compared to FY24. Shriram Iyengar, chief financial officer (CFO) of Shanti Gold International told NDTV Profit that this is the company's 'strongest-ever financials they could ever have.'

According to Iyengar, the company is placed 'comfortably' as far as debt is concerned and cost optimization along with digitization will help them in sustaining margins further. Also, Pankajkumar Jagawat, chairman, believes that the business is completely 'working capital oriented; so they do not see much competition.

"We have fixed clients for the last 15 years and over 400 customers," said Jagawat. The company will utilize the IPO proceeds towards leveraging the working capital and debt repayment, according to the management.

Shanti Gold International IPO was subscribed 1.16 times on the first day of bidding on Friday. The IPO received bids for 1,46,47,725 shares against 1,26,67,200 shares on offer. The portion reserved for the retail individual investors (RIIs) fetched 1.84 times subscription while the category for non-institutional investors got subscribed 1.09 times. The qualified institutional buyers (QIBs) portion received 1% subscription.

Shanti Gold International IPO mopped up a little over Rs 108 crore from anchor investors. The Rs 360-crore mainboard IPO will conclude on July 29. The price band for the offer has been fixed at Rs 189-199 per share. The IPO is entirely a fresh issue of 1.81 crore shares worth Rs 360.11 crore, at the upper end of the price band, with no offer-for-sale (OFS) component.

The proceeds of the issue will be used for setting up a facility in Jaipur, funding the company's incremental working capital requirements, payment of debt and for general corporate purposes. Shanti Gold specialises in the design and production of various types of gold jewellery. Choice Capital Advisors is the sole book-running lead manager to the issue.