Shanti Gold IPO GMP, Today: ₹38 Premium, 1.56x Booked on Day 2 – Subscription Status, Expert Reviews, and Apply-or-Avoid Analysis

As retail investors eye potential listing gains and long-term growth prospects, the Shanti Gold International IPO has been gaining momentum. On Day 2 of bidding (July 26), the IPO was subscribed 1.56x, signaling strong interest from retail and non-institutional investors. With a ₹38 Grey Market Premium (GMP) and improving subscription numbers, the IPO has become a focal point for short-term traders and long-term investors alike.

This article breaks down the key aspects of the Shanti Gold IPO—including GMP trends, valuation metrics, expert reviews, and subscription details—to help you decide whether to apply before the issue closes on July 29.

IPO Subscription Update (End of Day 2)

According to BSE data (as of 10:09 IST on July 26), Shanti Gold IPO has seen decent traction across investor categories:

• Total Subscription: 1.56x
• Retail Individual Investors (RII): 2.34x
• Non-Institutional Investors (NII): 1.61x
• Qualified Institutional Buyers (QIB): 1%

A total of 1,92,02,250 bids have been received against 1,26,67,200 shares on offer. This signals a solid start, particularly from retail investors, while QIB interest may build closer to the final bidding day.

💰 GMP Trend & Expected Listing Price

The Grey Market Premium (GMP) for Shanti Gold IPO is currently trending at ₹38, indicating a potential listing price of around ₹237 per share—a ~19.1% premium over the upper price band of ₹199.

GMP Snapshot:

• Current GMP: ₹38
• Price Band: ₹189–₹199
• Estimated Listing Price: ₹237
• GMP Range (last 11 sessions): ₹0 – ₹39

This uptrend in GMP reflects growing market sentiment and could signal strong listing day interest, provided broader market conditions remain stable.

💡 Pro Tip: Grey Market Premium (GMP) is unofficial and volatile—use it alongside fundamentals before deciding to invest.

🏦 Financial Snapshot and IPO Details

Shanti Gold International Ltd is a prominent gold jewellery manufacturer with a focus on design, precision, and expanding domestic reach.

Key Financials:

IPO Highlights:

• IPO Size: ₹360 crore (Fresh Issue Only)
• Price Band: ₹189–₹199
• Lot Size: 75 shares
• Minimum Investment: ₹14,925
• Issue Closes: July 29, 2025
• Anchor Investment Raised: ₹108+ crore
• Major Anchor Investors: Societe Generale, Wealthwave Capital Fund, Rajasthan Global Securities, Astorne Capital VCC Arven, and others.

The company plans to allocate IPO proceeds as follows:

• ₹200 Cr for working capital
• ₹46.3 Cr to set up a new unit in Jaipur
• ₹17 Cr to repay a term loan from Saraswat Bank
• Remaining for general corporate purposes

🧾 Brokerage Ratings & Risk Factors

GEPL Capital Review:

• Valuation: P/E ratio of 19.2x based on FY25 earnings
• Verdict: “Subscribe”
• Investment Rationale: Strong revenue momentum, attractive valuation, expanding market presence, and PAT doubling year-over-year.

Adroit Financial Services View:

• Strengths: Loan repayment will reduce interest burden, improve cash flows.
• Concerns: High dependency on gold price volatility could impact inventory valuation.
• Verdict: “Subscribe for long-term” given its growth prospects and improved financial foundation.

⚖️ Should You Apply?

✅ Reasons to Consider:

• Strong retail response and growing GMP signal solid listing potential.
• Financial Outlook: Robust FY25 projections with significant year-on-year growth in both revenue and profitability.
• Anchor investment from credible institutions builds confidence.
• Reasonable valuation compared to industry peers.

⚠️ Risks to Watch:

• Fluctuations in gold prices could impact margins and valuation.
• QIB response has been tepid so far—final day participation will be key.
• Operates in a competitive and commodity-sensitive sector.

📅 Final Call: Apply or Avoid?

With improving financials, a solid GMP, and expert backing from major brokerages, Shanti Gold International IPO appears promising, especially for long-term investors looking for exposure to the gold retail and manufacturing segment. However, investors should remain cautious of short-term risks linked to market volatility and gold price swings.

📌 Key Dates to Remember:

• IPO Opened: July 25
• IPO Closes: July 29
• Allotment Date (Expected): August 1
• Listing Date (Tentative): August 5

✅ Conclusion

The Shanti Gold IPO stands out with its 1.56x Day 2 subscription, ₹38 GMP, and positive broker reviews. While short-term listing gains look possible, long-term growth appears backed by sound financial planning and strategic expansion.

IPO closes July 29—review your investment goals, risk appetite, and portfolio diversification strategy before placing your bid.