Shanti Gold International IPO Subscribed 80.78x on Final Day; QIB Portion Booked 117.33x

Mumbai, July 29, 2025 — Shanti Gold International’s ₹360 crore IPO closed on July 29 with an overall subscription of 80.78 times. QIBs bid 42.46 crore shares against 36.19 lakh offered (117.33x), while NIIs bid 41.03 crore shares for 27.14 lakh (151.17x), indicating strong institutional demand.

The demand was supported by Shanti Gold’s established operations in 22kt CZ casting gold jewellery and export presence in the UAE, Singapore, USA, and Qatar. Ongoing capacity expansion in Jaipur further strengthens its production scale beyond its current Mumbai-based facility.

Final Day Subscription Status

Shanti Gold International IPO saw aggressive bidding across all categories, with NIIs and QIBs leading the demand.

• Anchor Investors: 1.00x (54.29 lakh shares bid vs. 54.29 lakh offered)
• QIBs: 117.33x (42.46 crore shares bid vs. 36.19 lakh offered)
• NIIs: 151.17x (41.03 crore shares bid vs. 27.14 lakh offered)
  • bNII: 173.08x (31.32 crore shares bid vs. 18.09 lakh offered)
  • sNII: 107.35x (9.71 crore shares bid vs. 9.04 lakh offered)
• RIIs: 29.73x (18.82 crore shares bid vs. 63.33 lakh offered)
• Total: 80.78x (102.33 crore shares bid vs. 1.27 crore offered)

Outlook

Strong demand from QIBs and NIIs signals institutional confidence in Shanti Gold’s fundamentals and growth prospects. The market views its export presence and capacity expansion as positives. The stock could list at a premium if sentiment holds through listing day.

IPO Timeline

• Allotment Finalisation: 30 July 2025
• Refund Initiation: 31 July 2025
• Shares Credited to Demat: 31 July 2025
• Listing Date (BSE & NSE): 01 August 2025

Company Overview

Shanti Gold International Ltd is a leading manufacturer of 22kt CZ casting gold jewellery, offering bangles, rings, necklaces, and bridal sets. The company has a well-established presence in domestic retail markets and exports to UAE, Singapore, USA, and Qatar. It currently operates from a Mumbai-based facility and is expanding production with a new unit in Jaipur.

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