The spotlight in stock market today is firmly on Shringar House of Mangalsutra as its IPO continues to generate impressive investor interest. On the third and final day of public bidding, the company’s Rs 400.95-crore IPO has been subscribed nearly 15 times, reflecting a robust appetite from investors.
The Mumbai-based jewellery maker, renowned for designing mangalsutras for top brands, has caught the eye of retail, institutional, and anchor investors alike.
Market Performance: IPO Subscription Highlights
Shringar House of Mangalsutra’s public issue has seen extraordinary traction. By 11:30 am on Day 3, NSE data showed:
- Total bids received: Over 25 crore shares
- Offer size: 1.70 crore shares
- Employee portion: Subscribed nearly 35 times
- Retail investors: 15 times subscribed
- Non-Institutional Investors (NII): 34 times subscribed
- Qualified Institutional Buyers (QIB): Fully subscribed
These figures indicate strong investor confidence in the company’s business model and its position in the Indian jewellery sector.
Company Details: What You Need to Know?
Shringar House of Mangalsutra is a leading designer and manufacturer of mangalsutras, catering to several marquee brands in India and abroad.
Key highlights of the IPO:
- IPO size: Rs 400.95 crore
- Number of shares: 2.43 crore equity shares (entirely fresh issue)
- Price band: Rs 155-165 per share
- Minimum bid: 90 shares (investment of Rs 14,850 at upper band)
The allotment process is expected to conclude on September 15, with shares scheduled to debut on the stock exchanges on September 17.
Prior to the public issue, Shringar House of Mangalsutra successfully raised Rs 120.2 crore through its anchor book on September 9. Top contributors included:
- Kotak Mahindra Life Insurance Company: 12.12 lakh shares worth Rs 20 crore
- Maybank Securities: Shares worth Rs 15 crore
- Plutus Investment Trust, Founders Collective Fund, North Star Opportunities Fund, Societe Generale: Rs 10 crore each
The company plans to utilize Rs 280 crore of the IPO proceeds for working capital, with the balance earmarked for general corporate purposes.
Clientele: National and International Reach
Shringar House of Mangalsutra has an extensive client base, supplying products to leading jewellery chains across India and internationally. Some key clients include:
- Malabar Gold
- Titan Company
- Reliance Retail
- Novel Jewels (Aditya Birla Group)
- Joyalukkas India
- P N Gadgil Jewellers
- Kalamandir Jewellers
- Waman Hari Pethe Jewellers
- Goldbox Enterprises (UK)
- Sona Sansaar (New Zealand)
- Damas Jewellery (UAE)
- Vaibhav Jewellers
- D P Abhushan
This diversified clientele underlines the company’s strong market presence and its ability to cater to both domestic and global demand.
Summary: Shringar House of Mangalsutra’s IPO Momentum
Shringar House of Mangalsutra’s IPO journey is a clear reflection of the market’s appetite for businesses rooted in tradition but scaling up for growth. The strong subscription numbers across retail, institutional, and anchor investors highlight confidence in its sustainable business model.
- The IPO has been subscribed nearly 15 times on the final day
- Employees and institutional investors showed exceptional interest
- The company aims to utilize IPO funds primarily for working capital and corporate purposes
- Debut on the stock market is slated for September 17
As Shringar House of Mangalsutra share price prepares for its market debut, investors and market watchers are closely tracking the momentum.
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