Public Market

IPO

Shanti Gold's IPO oversubscribed 81x

ICICI Direct  

Mumbai-based Shanti Gold's initial public offer (IPO) was subscribed 80.8 times. The offer received bids for 102.35 crore shares against 1.26 crore shares on offer. The price per share was set between INR 189 and INR 199.The Non-Institutional Investors (NIIs) category was subscribed 151.48 times. The Qualified Institutional Buyers (QIBs) category was subscribed 117.33 times. The Retail Individual Investors (RIIs) category was subscribed 30.37 times.The IPO consists of a fresh issue of 18,096,000 equity shares for INR 360.11 crore, of which INR 46.29 crore will be used towards capital expenditure of setting up a new facility in Jaipur, INR 200 crore towards working capital requirements, and INR 17 crore for repayment of debt. The company had earlier raised INR 108.03 crore from anchor investors.Post IPO, the promoter's shareholding in the company will decrease to 74.89% from the previous 99.98%.Founded in 2003, Shanti Gold has a manufacturing plant in Mumbai with a production capacity of 2,700 kg per year.