Shanti Gold International Glistens on IPO Horizon

Shanti Gold International has filed for an IPO aiming to raise funds for expansion, working capital, and debt reduction. The company specializes in gold jewelry, producing 400 designs monthly. Revenues and profits have surged, marking a strategic moment for the launch. Choice Capital Advisors leads the IPO.

Shanti Gold International, a prominent gold jewelry manufacturer, is preparing to launch an initial public offering (IPO) as it files draft papers with market regulator SEBI. The company aims to raise funds through a complete fresh issue of 1.8 crore equity shares, as detailed in the draft red herring prospectus submitted on Monday.

Proceeds from the offering will primarily support the establishment of a new facility in Jaipur, pitched at Rs 45.83 crore. Additionally, Rs 190 crore will be directed for augmenting the company's working capital, while Rs 20 crore is earmarked for debt repayment. Remaining funds will address general corporate needs.

Situated in Mumbai, Shanti Gold is renowned for its expertise in gold jewelry design and production, crafting over 400 designs monthly. The company reported a 4.71% revenue growth to Rs 711.43 crore for FY24, with profit after tax increasing by 35.57%. Choice Capital Advisors is overseeing the book-running for the IPO.

(With inputs from agencies.)