Shanti Gold International IPO

Incorporated in 2003, Shanti Gold International Limited is one of the leading manufacturers of high-quality 22 kt CZ casting gold jewellery in terms of installed production capacity, specialising in the design and production of all types of gold jewellery, including bangles, rings, necklaces, and complete jewellery sets across various price points.

The company operates a fully integrated in-house manufacturing setup spanning over 13,448.86 square feet in Andheri East, Mumbai, with an installed manufacturing capacity of 2,700 kg per annum. Their manufacturing operations utilise advanced equipment, including casting machines, steamers, induction melters, and air compressors, while also relying on outsourced labour for manual stone-setting operations.

The company employs cutting-edge computer-aided design (CAD) technology with a team of 79 CAD designers as of May 31, 2025, who develop over 400 designs per month regularly. During FY25, the company catered to 455 customers compared to 372 and 379 customers in FY24 and FY23, respectively.

The company has expanded its presence across 15 states and 2 union territories in India, as well as 4 countries abroad, starting from operations in one city in Maharashtra in 2003. A significant portion of revenue comes from South India, which contributed 72.76% of total revenue in FY25, with Tamil Nadu being the largest contributor at 30.51%. The company has international operations, with exports contributing 5.36% of revenue in FY25, primarily to the UAE (2.80%), Singapore (1.97%), Qatar (0.14%), and the USA (0.45%). Export revenue increased from ₹30.20 crore in FY24 to ₹59.30 crore in FY25. .

The Indian gems and jewellery industry is poised for robust growth, backed by structural formalisation, evolving consumer preferences, increasing disposable incomes, and supportive government policies. The sector contributes around 7% to India’s GDP and nearly 15% to total merchandise exports. The gold jewellery segment, which accounts for over 80% of domestic jewellery demand, remains the dominant force, culturally rooted and often serving as a dual-purpose asset for both adornment and savings.

Gold jewellery demand in India, though slightly impacted by high prices in CY23, is expected to rebound, supported by rising incomes, improving rural consumption, and seasonal demand drivers like weddings and festivals. The Indian gold jewellery market size is expected to grow from ₹465,300 crore in CY24 to ₹716,200 crore by CY29, representing a CAGR of ~8.9%. Regionally, South India commands the largest share of domestic gold jewellery consumption (42%), with Tamil Nadu contributing significantly. Additionally, global demand for gold jewellery is growing steadily, with the global market projected to grow from USD 235 Bn in CY23 to USD 308 Bn by CY29, driven by economic recovery in emerging markets, increased use of gold as a safe asset, and rising demand for modern designs.

With 72.76% of FY25 revenue from South India (especially Tamil Nadu), the company is entrenched in the region with the highest jewellery consumption. With a manufacturing capacity of 2,700 kg/year and integrated facilities in Mumbai, the company can cater to rising demand efficiently. While still small (5.36% of FY25 revenue), exports more than doubled from ₹30.2 crore in FY24 to ₹59.3 crore in FY25, with the UAE, Singapore, and the USA being major destinations. This trend aligns with India’s policy focus on promoting gold jewellery exports and can be a strong future growth lever.

Now, Shanti Gold International Limited is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹360.11.00 crore. The total issue size of the IPO is ₹360.11 crore. Its shares will be listed on the NSE and BSE.