Mumbai, March 17, 2026: Mumbai-based gold jewellery supplier 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), marking a significant step toward expanding its business operations and strengthening its working capital base.
According to the DRHP, the IPO will comprise a fresh issue of 2 crore equity shares and an offer for sale (OFS) of up to 65 lakh equity shares, aggregating up to 2.65 crore equity shares. The promoter selling shareholders in the OFS include Anil Jain and Shrenik Jain.
Business profile and operations
Founded in 2012 in Mumbai, Sunil Gold India Limited began its journey as a business-to-business (B2B) supplier of gold jewellery. Over the years, the company has expanded its presence to Bangalore through a partnership with Ratnaakar Gold.
The company focuses on designing and supplying handcrafted gold jewellery, including contemporary designs, heritage pieces and temple-inspired collections. Its jewellery is manufactured through a network of skilled third-party karigars, operating under the company’s supervision and quality control framework.
Sunil Gold’s design portfolio includes more than 80,000 jewellery designs, covering a wide range of products such as maang-tikkas, earrings, chains, necklaces, chokers, armlets, bracelets, bangles, rings, bridal jewellery and complete wedding sets, catering to both traditional and occasion-based demand.
B2B model and market reach
The company operates primarily on a B2B model, supplying jewellery to organised retail chains and other jewellery businesses. Its products are distributed across eight states and one union territory in India, while the company also exports jewellery to markets such as the United Arab Emirates and Singapore. A large share of its revenue is generated through repeat orders from existing clients, reflecting strong customer relationships.
Utilisation of IPO proceeds
The company plans to utilise approximately ₹200 crore from the fresh issue mainly to fund its working capital requirements and for general corporate purposes. The gold jewellery manufacturing and supply industry is highly working-capital intensive, largely due to the cost of raw gold and inventory requirements.
Financial performance
Sunil Gold has reported strong growth in recent years. In Fiscal 2025, the company processed around 504.58 kilograms of gold. Its revenue grew from ₹241.8 crore in Fiscal 2023 to ₹521.14 crore in Fiscal 2025, representing an increase of about 115.52 percent over the period.
Industry outlook
Globally, jewellery accounts for the largest share of gold consumption, with India and China leading consumer demand due to gold’s deep cultural significance and its role as a store of household wealth. Together, the two countries account for more than half of global gold jewellery consumption.
According to industry estimates by CRISIL, India’s gold jewellery sector is projected to grow at a compound annual growth rate (CAGR) of 12–14 percent between FY25 and FY30, reaching a market size of ₹15,100–15,500 billion. Growth is expected to be driven by rising formalisation in the sector, steady domestic demand and expansion by organised players.
Market formalisation, supported by measures such as mandatory hallmarking, GST compliance and increasing consumer demand for transparency, has accelerated consolidation in the jewellery industry. Organised retailers and suppliers are expanding their networks, creating opportunities for structured B2B manufacturers and suppliers like Sunil Gold.
Listing plans
The company plans to list its equity shares on BSE Limited and the National Stock Exchange of India Limited (NSE).
Unistone Capital has been appointed as the sole book-running lead manager for the issue.
