Shringar House of Mangalsutra's IPO: A Jewel in the Crown of Subscriptions

The IPO of Shringar House of Mangalsutra Ltd was fully subscribed swiftly, achieving 2.01 times overall subscription. The company plans to use the proceeds to support working capital. The IPO is entirely a fresh issue without an Offer For Sale component and serves B2B clients in India's organized Mangalsutra market.

The initial public offering (IPO) of Mumbai-based jewelry firm Shringar House of Mangalsutra Ltd achieved full subscription within hours on Wednesday, ultimately closing with 2.01 times more subscription than anticipated.

NSE data reveals that the IPO received bids for over 34 million shares, surpassing the offered 17 million shares. Of this, Retail Individual Investors subscribed 2.83 times, while the non-institutional investors contributed a 2.70 times subscription. The Qualified Institutional Buyers part managed a 1% subscription.

Proceeds from the IPO, priced between Rs 155 to Rs 165 per share, are earmarked for working capital and corporate purposes. Distinctively, this IPO is a fresh issue, devoid of any Offer For Sale component. Established in 2009, Shringar specializes in crafting Mangalsutras, holding a 6% share in India's organized market for these ornaments as of 2023.

(With inputs from agencies.)