Shringar House of Mangalsutra Limited made a strong debut on Wednesday, September 17, as its shares listed at Rs 188.5 on the NSE, a 14.24% premium over the IPO issue price of Rs 165. The public issue had a price band of Rs 155–165 per share.
The IPO, valued at Rs 400.95 crore, consisted entirely of a fresh issue of 2.43 crore equity shares of face value Rs 10 each. The minimum application size was set at 90 shares, requiring a retail investment of Rs 14,850 at the upper price band. Choice Capital Advisors Private Limited acted as the book-running lead manager, while MUFG Intime India Private Limited served as registrar.
According to the company, the net proceeds from the issue will be utilised to fund working capital requirements and for general corporate purposes.
Founded in 2009, Shringar House of Mangalsutra Limited is a Mumbai-based designer, manufacturer, and marketer of premium mangalsutras crafted in 18k and 22k gold, often studded with American diamonds, pearls, cubic zirconia, and semi-precious stones. The company is a significant player in the organised mangalsutra market with a 6% share.
Shringar has established a strong domestic presence across 24 states and 4 union territories, and also exports to international markets including the UK, USA, UAE, New Zealand, and Fiji.
Financially, the company reported healthy growth in FY25, with revenue rising 29.8% to Rs 1,429.8 crore from Rs 1,101.5 crore in FY24. Profit after tax more than doubled to Rs 61.1 crore in FY25, compared to Rs 31.1 crore in the previous year.
