Shanti Gold International to debut today; GMP points to mild listing pop
is set to make its
stock market debut
on Friday with market participants eyeing a modest listing premium of 17%, going by the latest grey market premium (GMP) of Rs 34 over the issue price of Rs 199. This puts the estimated listing price around Rs 233 per share.
The Rs 360-crore IPO, entirely a fresh issue, saw strong investor interest, getting subscribed over 80 times overall, led by 151.17x in the HNI segment and 117.33x in QIBs. The retail portion drew a relatively lower but still healthy 29.73x demand.
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The jewellery manufacturer, known for its 22kt CZ casting gold ornaments and
B2B client base
, plans to deploy the IPO proceeds towards setting up a new facility in Jaipur, funding working capital, and partial debt repayment.
The company operates out of a single facility in Mumbai and caters to over 15 states and one union territory, servicing clients like Joyalukkas and Lalitha Jewellery.
Shanti Gold reported a 56% jump in revenue to Rs 1,112 crore and 108% growth in net profit to Rs 56 crore in FY25, showcasing strong operating momentum.
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However, at a P/E of 25.69x post issue, analysts caution that the IPO was priced at a premium, given the fragmented and competitive nature of India's gold jewellery market.
The stock will list on BSE and NSE, and investors now await to see whether the secondary market can sustain the enthusiasm shown during bidding, especially in light of the tempered GMP.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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