The initial public offering () of Shringar House of Mangalsutra Ltd, a jewellery firm, will be open for subscription from September 10 to September 12. Shringar House of Mangalsutra IPO price band has been established at ₹155 to ₹165 per share.
Ahead of the IPO, the company raised ₹120.18 crore from anchor investors, which include various institutions such as Kotak Mahindra Life Insurance Company, Maybank Securities Pte Ltd – ODI, Societe Generale – ODI, AIDOS India Fund Limited, Nav Capital VCC, and Founders Collective Fund.
Founded in 2009, Shringar House of Mangalsutra specializes in the design, production, and marketing of a wide variety of Mangalsutras embellished with stones like American diamonds, cubic zirconia, pearls, mother of pearl, and semi-precious stones, crafted in 18k and 22k gold.
The company mainly caters to its Business-to-Business (B2B) clientele, capturing approximately 6 percent of the organized Mangalsutra market in India as of 2023, according to a report from CareEdge cited in the draft papers.
The revenue from operations for Shringar House of Mangalsutra grew to ₹1,430 crore in the fiscal year 2025, up from ₹1,101 crore the previous fiscal year, while profit after tax increased to ₹61 crore from ₹31 crore during that time.
Shringar House of Mangalsutra IPO subscription status
Subscription for the public issue will open at 10:00 IST during Wednesday’s deals.
Shringar House of Mangalsutra IPO review
Canara Bank Securities notes that the pricing of the issue is reasonable at a 19X PE compared to the average 21X PE of its listed competitors, although it appears slightly overvalued with a 6X PB versus a 5X PB for its peers. The company has a nationwide presence, with most of its sales happening in the state of Maharashtra. It is well-positioned for growth due to the launch of new SKUs, its established relationships with prominent clients, and innovations such as the 24K gold mangalsutra set to debut in 2026.
Nonetheless, the absence of plans for facility expansion and increasing inventory levels leading to negative cash flow from operations in FY 24 and FY 25 are concerns. They advise investors willing to take on higher risks to SUBSCRIBE for potential long-term profits.
SBICAP Securities has pinpointed 42 cities and has formed partnerships with 11 third-party facilitators for this initiative. The company’s business model is heavily reliant on working capital, as it acquires gold from banks and bullion houses, requiring immediate payments, while clients are afforded an average credit period of approximately 15-20 days. As the company seeks to increase its volume and expand its operations, its working capital demands are anticipated to rise accordingly. It plans to utilise the net proceeds from the IPO to address its working capital requirements.
The company stands to gain from the ongoing transition from the unorganized to the organised sector, as well as from the substantial market potential for mangalsutra. With the upper price band set at ₹165, the company’s valuation at a post-issue capital FY25 PE stands at 26.0x. They urge investors to SUBSCRIBE to the offering at the specified cut-off price.
Shringar House of Mangalsutra IPO details
Shringar House of Mangalsutra IPO involves a new issuance of 2.43 crore shares, which includes a reservation of up to 20,000 equity shares for the company’s employees.
The company intends to allocate ₹280 crore from the IPO proceeds to meet its working capital requirements, with the remaining funds earmarked for general corporate purposes.
Choice Capital Advisors Pvt Ltd is the lead manager for the book-running process, while MUFG Intime India Pvt Ltd acts as the registrar for the offering.
Shringar House of Mangalsutra IPO GMP today
Shringar House of Mangalsutra IPO GMP is ₹28. This indicates Shringar House of Mangalsutra share price were trading at a premium of ₹28 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Shringar House of Mangalsutra share price was indicated at ₹193 apiece, which is 16.97% higher than the IPO price of ₹165.
According to the activities seen in the grey market over the last eight sessions, today’s IPO GMP shows an upward trend and anticipates a robust listing. The lowest GMP recorded is ₹0.00, while the peak GMP stands at ₹28, as per expert analysis.
” indicates investors’ readiness to pay more than the issue price.
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