Shanti Gold IPO Shines Bright with Strong Retail Subscription

Shanti Gold International Ltd's initial public offering (IPO), a gold jewellery manufacturer, was well-received on its first day, with a subscription rate of 1.16 times. Retail investors showed strong interest with a 1.84 times subscription. The IPO aims to raise Rs 360 crore, concluding July 29.

The initial public offering (IPO) of Shanti Gold International Ltd, a renowned gold jewellery manufacturer, witnessed significant interest, getting subscribed 1.16 times on the first day of its listing period.

According to NSE data, the IPO attracted bids for over 1.46 crore shares against an offering of 1.26 crore shares. Retail investors, in particular, expressed strong interest, with their category being subscribed 1.84 times. Non-institutional investors subscribed to 1.09 times, while the qualified institutional buyers (QIBs) section saw a modest 1% subscription.

Shanti Gold International's IPO, which plans to wrap up by July 29, is an entirely fresh issue priced between Rs 189-199 per share, aiming to raise Rs 360 crore. The proceeds will be allocated towards establishing a new facility in Jaipur, enhancing working capital, reducing debt, and fulfilling general corporate needs.