Shanti Gold IPO Draws Overwhelming 80x Demand, All Eyes on Allotment Day

₹360 Cr issue closes with frenzied bids, retail investors swarm amid solid GMP

The glitter wasn’t just in the name. Shanti Gold International’s ₹360 crore IPO has ended with a bang, oversubscribed by more than 80.8 times on its final day — a staggering response that’s turned heads across Dalal Street and beyond.

Bidding closed on July 29, and by the end of the third day, the numbers were nothing short of electric. With a tight price band of ₹189–199 per share and a surprisingly healthy grey market premium (GMP), investors of all types — from retail hopefuls to heavyweight institutions — piled in.

Now, the big wait begins. Allotment status is expected to go live on July 30.

Subscription numbers stun the Street

If anyone doubted retail appetite for IPOs in this market, they’re not doubting anymore. Shanti Gold’s issue was lapped up with such intensity that even seasoned analysts admitted they hadn’t expected this level of traction.

Here’s a quick breakdown of who bid how much:

• Retail portion subscribed 71.6x
• Qualified Institutional Buyers (QIBs) went in for 98.4x
• Non-Institutional Investors (NIIs) bid a jaw-dropping 123.1x

That’s not normal. That’s rare air.

One equity strategist in Mumbai said, “We see 20–30x for smaller IPOs all the time. But anything above 80x — that’s frenzy. Pure gold rush.”

GMP stays firm despite heavy bidding

The grey market premium held steady through all three days, signaling confidence in a solid listing pop.

Sources tracking the unofficial market reported that Shanti Gold’s shares were commanding a GMP of ₹37 over the upper band of ₹199. That means investors are betting on a listing price near ₹236 — nearly 18.6% above the issue price.

Just one sentence here: It’s not the most explosive GMP we’ve seen this year, but it’s rock solid considering the IPO size.

What the company plans to do with the ₹360 Cr

Shanti Gold isn’t just collecting money for the sake of it. There’s a plan on paper — and it’s fairly detailed.

• ₹120 Cr earmarked for setting up a new manufacturing unit in Jaipur
• ₹100 Cr for working capital
• ₹80 Cr to clear part of its corporate debt
• Remaining ₹60 Cr will go towards general business needs and contingencies

The Jaipur facility is the centerpiece. It’s expected to house advanced design, finishing, and quality testing infrastructure. A company insider said the location was picked for strategic reasons, including access to skilled artisans and proximity to logistics hubs.

Here’s what the IPO looked like — at a glance

For those who missed the fine print, here’s a table summarizing the key IPO details:

One Mumbai-based analyst said, “It’s a textbook IPO — simple structure, focused use of funds, and strong execution visibility.”

Why investors are bullish on Shanti Gold

This isn’t some flash-in-the-pan startup looking for a quick market entry. Shanti Gold has built a name over the years in the precious metal manufacturing space, and this IPO appears to be about scaling smartly rather than just raising cash.

Here’s what’s fueling optimism:

• The company already exports to 18 countries

• They’ve locked in supply contracts for the next 2 years

• It has clocked a CAGR of 24% in revenue over the past 3 years

• EBITDA margins, while modest, have steadily improved YoY

One sentence: Investors love predictability, and Shanti’s numbers aren’t making them nervous.

Retail hopes hang on allotment day

With such fierce demand, especially from non-retail segments, the odds of a single-lot retail allotment are slim. Some brokerages estimate that less than 1 out of every 60 retail applicants will get a slice of the pie.

That hasn’t stopped people from refreshing the registrar site every few minutes. Social media groups are buzzing, as usual, with theories about allotment algorithms and past patterns.

A college student in Pune joked on X (formerly Twitter): “Forget CAT or UPSC. Getting Shanti Gold IPO allotment feels harder!”