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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Working capital funding
Funding the company's working capital requirements to support day-to-day operations.
Capital expenditure for the Jaipur facility
Setting up a proposed manufacturing facility in Jaipur to expand production capacity.
Repayment of borrowings
Repayment or prepayment, in full or in part, of certain outstanding borrowings.
General corporate purposes
Funding general corporate purposes to support overall business growth.
(₹ in Crore)
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Shanti Gold International Limited was incorporated in 2003 and manufactures 22 karat cubic zirconia (CZ) casting gold jewellery, operating on a business-to-business model. The company produces a wide range of designs including bangles, rings, necklaces, and jewellery sets from its manufacturing facility in Andheri East, Mumbai, supported by an in-house design team and an annual production capacity of around 2,700 kilograms. The company supplies leading jewellery retail brands such as Joyalukkas, Lalithaa Jewellery, and Alukkas, and has a presence across more than a dozen Indian states as well as export markets including the UAE, Singapore, the United States, and Qatar. Its promoters bring over two decades of experience in gold trading and jewellery manufacturing. Financially, the company has grown rapidly, with revenue rising from about Rs 682 crore in FY23 to roughly Rs 1,112 crore in FY25, alongside a corresponding increase in profitability. Growth plans include a proposed new manufacturing facility in Jaipur to expand production capacity and geographic reach beyond its current base.
Ahead of the issue, the company raised about Rs 108 crore from 15 anchor investors at the upper price band of Rs 199 per share. Notable anchor investors included Societe Generale, Wealthwave Capital Fund, Vijit Growth Fund, Founders Collective Fund, Smart Horizon Opportunity Fund, and Swyom India Alpha Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 5:30 AM
Experienced promoter leadership
Promoters bring over two decades of experience in gold jewellery manufacturing and trading, supporting established supplier and client relationships.
Established B2B client relationships
Long-standing supply relationships with well-known jewellery retail brands provide a stable base of recurring demand.
In-house manufacturing capability
A fully integrated manufacturing setup supports consistent quality control and the ability to fulfil bulk and custom orders.
Strong recent growth
Revenue and profit have grown significantly over the past three fiscal years, reflecting rising demand for the company's products.
Customer concentration
The company relies on a relatively small number of large clients without long-term contracts, creating dependency risk.
Geographic concentration
A large share of revenue is concentrated in southern India, and planned expansion into new regions carries execution risk.
Gold price exposure
As a gold jewellery manufacturer, profitability is sensitive to fluctuations in gold prices and supply availability.
Shanti Gold International Limited
Plot No. A-51, Road No. 1, Near Tunga International Hotel, MIDC Marol Industrial Estate, Andheri East, Mumbai 400093, India
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Regulatory and legal matters
The company has faced certain legal and tax proceedings and had some statutory dues outstanding, which could pose compliance risk.