Shanti Gold International’s IPO garnered robust retail demand and a GMP of ₹38–₹39, signaling an expected listing around ₹237–₹238—~19% gain over the ₹199 upper price band. Get full coverage, subscription trends, and expert views.
🚀 IPO & GMP Snapshot
- IPO Price Band: ₹189 – ₹199/share
- Grey Market Premium (GMP): ₹38–₹39 as of July 28, indicating ~19% listing upside on ₹199 upper band.The Economic Times+10mint+10The Economic Times+10Goodreturns+9mint+9The Economic Times+9
- Estimated Listing Price: ~₹237–₹238/share
- IPO Issue Size: ₹360 crore through a full fresh issue (1.81 crore shares)mint+7The Economic Times+7The Economic Times+7
📊 Subscription & Demand Trends
- Day 1 (July 25): 43% subscribed overall; retail led with ~1.84× subscription; NIIs ~1.09×; QIB interest muted.Goodreturns+7The Economic Times+7The Economic Times+7
- Day 2 (July 28 morning): Overall subscriptions climbed to ~2.01–2.25×; retail demand soared (~3×), while QIB segment remained under-subscribed.Moneycontrol+7mint+7The Economic Times+7
🧠 What Drives the GMP Strength
- Retail Momentum: Strong interest from individual investors drives grey market bidding ahead of institutional traction.Moneycontrol+9The Economic Times+9The Economic Times+9
- Financial Health: Revenue grew 55% and PAT soared 108% in FY25; RoE stood at 44.8%. Financials looked solid.The Economic Times+1The Economic Times+1
- Market Sentiment: Consistent GMP (₹38–₹39) shows confidence in listing gains.Goodreturns+2The Economic Times+2The Economic Times+2
✅ Strengths & ⚠ Cautions
Strengths
- Strong revenue and profit growth, healthy EBITDA margins of ~8.8%
- Longstanding B2B client relationships (e.g., Joyalukkas, Alukkas) across 15 states and exports to multiple countries
- Institutional confidence: ₹108 crore raised via anchor round at ₹199 favoring notable names.The Economic Times+4Samco+4The Economic Times+4The Economic Times+3mint+3The Economic Times+3
Risks
- Regional and customer concentration—over 70% revenue from South India and reliance on a few large clients
- Capital-intensive model and exposure to gold price fluctuations
- Valuation caution: P/E 19× (discount to peers), P/B ~7× which is higher than peer average (~5×).Samco+1The Economic Times+1The Economic Times+2The Economic Times+2mint+2
🙋 FAQs
Q1: What is the current GMP for Shanti Gold IPO?
As of July 28, the grey market premium is ₹38–₹39, implying a projected listing about 19% above ₹199.The Economic Times+4mint+4The Economic Times+4
Q2: When is listing expected?
Allotment is likely on July 30, and listing is expected August 1, 2025.Moneycontrol+1mint+1
Q3: Does high GMP guarantee listing profit?
No. GMP reflects sentiment, not guarantees. Actual listing price may differ due to subscription dynamics and market conditions.The Economic Times
Q4: Should I subscribe based on GMP?
If you seek short-term listing gains and are okay with ~15–20% upside, this IPO may suit you. For long-term investors, focus on fundamentals and growth strategy over GMP alone.Goodreturns+8mint+8The Economic Times+8
✅ Final Take
Shanti Gold International IPO shows robust retail demand, strong early subscription, and a firm GMP of ₹38–₹39—suggesting an estimated listing price of ~₹237–₹238. While the financials look healthy, valuation is on the higher side and risks include regional concentration and commodity dependence. Short-term listing gains may be attractive, but long-term subscribers should assess fundamentals carefully rather than relying solely on GMP numbers.
⚠️ Disclaimer
This blog is for informational purposes only and does not constitute investment advice. GMP is speculative and may vary until listing. Please consult a SEBI-registered advisor before investing.
