1. At a Glance
Shanti Gold International is coming to the bourses with a ₹360.11 crore IPO, entirely fresh issue. Retailers are lapping it up (1.84× on Day 1), QIBs barely awake. Aggressive pricing at ₹199 could either shine like 22kt gold or sink like cheap brass.
2. Introduction with Hook
Picture this: Mumbai’s Andheri East—more famous for traffic jams than unicorns—hosts a 13,448 sq. ft. jewellery factory pumping out 400 new designs every month. Now, this glitter factory wants ₹360 crore from you. Revenue grew 56% last year to ₹1,112 crore, PAT doubled to ₹55.8 crore. Sounds sexy? Hold that thought—IPO valuations are spicier than roadside pani puri.
3. Business Model (WTF Do They Even Do?)
Shanti Gold is strictly B2B—think wholesaler to big brands like Joyalukkas, Lalitha, Alukkas.
- Products: Bangles, rings, necklaces, sets—daily wear to wedding bling.
- Process: CAD designers (80 of them) + machines + outsourced stone setters.
- Scale: 2,700 kg annual capacity; supplying across 15 states & 1 UT.
- Revenue Source: Selling finished jewellery to retail chains—no direct retail presence.
The model works—until it doesn’t, because B2B margins are
