Shanti Gold International IPO
Shanti Gold International Limited (SHANTIGOLD) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 01 August 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +32.3% (likely range +12% to +67%), day's high +34.9%, chance of a gain 92%. Actual: +14.3% at the open, +19.8% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 36,19,200 | 42,46,33,800 | 117x | |
| NII (HNI) total | 27,14,400 | 41,11,86,975 | 151x | |
| Big NII (above ₹10 lakh) | 18,09,600 | 31,32,13,875 | 173x | |
| Small NII (₹2-10 lakh) | 9,04,800 | 9,79,73,100 | 108x | |
| Retail | 63,33,600 | 19,23,78,000 | 30.4x | |
| Total | 1,26,67,200 | 1,02,81,98,775 | 81.2x |
Bids on NSE and BSE together, as published by NSE, as of 29 Jul 2025, 07:00 PM. Shares offered exclude the anchor portion. 16% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Shanti Gold International's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| SanstarJul 2024 | 146x | 136x | 24.2x | 83.0x | ₹510 Cr | +14.7% | +35.6% |
| Enviro Infra EngineersNov 2024 | 157x | 154x | 24.5x | 89.9x | ₹650 Cr | +48.6% | +57.9% |
| Vishnu Prakash R PungliaAug 2023 | 172x | 111x | 32.0x | 87.8x | ₹309 Cr | +66.7% | +66.7% |
| Aeroflex IndustriesAug 2023 | 195x | 126x | 34.4x | 97.1x | ₹352 Cr | +75.9% | +81.8% |
| Prostarm Info SystemsMay 2025 | 104x | 222x | 39.5x | 97.2x | ₹168 Cr | +14.3% | +20.0% |
| DEE Development EngineersJun 2024 | 202x | 144x | 23.4x | 99.6x | ₹431 Cr | +67.0% | +80.2% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Choice Capital Advisors | 9 | +24.8% | 100% |
Offer documents (NSE)
Frequently asked
What is the Shanti Gold International IPO price band and lot size? ₹189–199 per share, with a lot of 75 shares, so the smallest retail bid is ₹14,925.
How many times has it been subscribed? 81.2x overall: QIB 117x, NII 151x, retail 30.4x.
How did it list? It opened at ₹228, +14.3% against the issue price of ₹199, and closed its first day +15.3%.
