Mumbai based Sunil Gold India Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).
The issue comprises of fresh issue of 2 crore equity shares and offer for sale of up to 65 lakh equity shares, aggregating up to 2.65 crore equity shares. The promoter selling shareholders are Anil Jain and Shrenik Jain.
The company commenced its operations as B2B suppliers of gold jewellery in 2012 from Mumbai, Maharashtra and have since expanded in Bangalore with the partnership with Ratnaakar Gold. It is engaged in the design and supply of handcrafted gold jewellery, specializing in contemporary styles, heritage and temple-inspired jewellery and other tradition-influenced designs, with manufacturing carried out through skilled third-party Karigars under their supervision and quality control framework.
Its portfolio of over 80,000 designs includes maang-tikkas, earrings, chains, necklaces, chokers, armlets, bracelets, bangles, rings, bridal jewellery, complete wedding sets and other occasion-wear jewellery.
Sunil Gold operates on a business-to-business (B2B) model wherein they supply gold jewellery to its customers, based on the designs developed by us and selected by their customers. Their customer base includes organized jewellery retail chains.
The proceeds from the fresh issue around Rs 200 crore are proposed to be utilised towards funding of the working capital requirements of the company and for general corporate purposes. The company’s business operation is working capital intensive, which is inherent to the nature of the gold jewellery manufacturing and supply industry.
The gold jewellery company primarily caters to the domestic market, supplying its products to customers located across eight states and one union territory in India. In addition, the company also supplies gold jewellery products to customers in the United Arab Emirates and Singapore and derives a significant portion of revenue from repeat orders from its existing customers.
In Fiscal 2025, the company processed around 504.58 kg of gold and the total revenue increased from Rs 241.8 crore in Fiscal 2023 to Rs 521.14 crore in Fiscal 2025, reflecting an increase of approximately 115.52% over this period.
Jewellery accounts for the largest share of gold consumption globally. Consumer gold demand is primarily driven by India and China, reflecting gold’s entrenched cultural significance in jewellery consumption and household savings. In fact, global demand for gold used in jewellery fabrication is concentrated primarily in India and China, which together continue to account for over half of global jewellery-related gold consumption. According to CRISIL, the industry is projected to grow at a CAGR of 12–14% through FY25 to FY30 reaching a market size of Rs 15,100-15,500 billion, driven by continued formalization, steady domestic demand, although with potential volume sensitivities in a high-price environment.
Market formalization, driven by factors such as compulsory hallmarking, GST compliance and consumer demand for transparency has adversely impacted unorganized retailers, leading to market consolidation. Key players in the organized sector have seized this opportunity by expanding their retail footprints both domestically and internationally. This rapid formalization of retail is expected to be a key driver of growth for organised B2B players like Sunil Gold.
The equity shares of Sunil Gold are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited (NSE).
Unistone Capital is the sole book running lead manager to the issue.
