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What is the story about?
Shares of Shringar House of Mangalsutra made a decent stock market debut on Wednesday, September 17. The stock listed at ₹188.50 per share on the NSE, a premium of 14.24% from it's IPO price. Similarly, the company's stock started trading at ₹187.70, a jump of 13.7% from the issue price of ₹165 on the BSE.
The ₹400.95-crore IPO had seen strong investor interest during its three days of public bidding. The issue of the company was subscribed more than 60 times its offer size between September 10 and September 12.
Shivani Nyati of Swastika Investmart said the IPO is well-positioned for a promising listing, making it an attractive opportunity for investors seeking exposure to the jewelry segment. "Investors may book half the profit and hold the rest," she added, while adding, "The P/E ratio stands at 19.47x, which is considered attractive compared to sector peers."
The company sold its shares in a fixed a price band of ₹155 to ₹165 per share for its IPO, which comprised entirely a fresh issue of 2.43 crore shares aggregating to ₹400.95 crore.
Shringar House of Mangalsutra already raised ₹120.19 crore from anchor investors, including Kotak Mahindra Life Insurance, Maybank Securities, Societe Generale, Plutus Investment Trust, North Star Opportunities Fund, Founders Collective, Mint Focused Growth Fund, Aidos India Fund, Rajasthan Global Securities, Sunrise Investment Trust, Astrone Capital, Jalan Chemical Industries, Shine Star Build and NAV Capital.
Proceeds from the IPO of about ₹280 crore will be used for its working capital requirements, and the remainder funds for general corporate purposes.
Company description
Incorporated in 2009, Shringar House of Mangalsutra designs, manufactures, and markets a wide range of Mangalsutras in 18k and 22k gold, often studded with American diamonds, cubic zirconia, pearls, mother of pearl, and semi-precious stones.
With 6% share of India's organised Mangalsutra market in FY23, the company offers over 15 collections and 10,000+ active SKUs across bridal, traditional, contemporary, Indo-western, and daily-wear segments.
Company's marquee corporate clientele includes Malabar Gold, Titan, Reliance Retail, Novel Jewel, Joyalukkas, PN Gadgil Jewellers, Damas Jewellery (UAE), etc. Shringar served 34 corporate clients, 1,089 wholesalers and 81 retailers as of FY25.
The ₹400.95-crore IPO had seen strong investor interest during its three days of public bidding. The issue of the company was subscribed more than 60 times its offer size between September 10 and September 12.
Shivani Nyati of Swastika Investmart said the IPO is well-positioned for a promising listing, making it an attractive opportunity for investors seeking exposure to the jewelry segment. "Investors may book half the profit and hold the rest," she added, while adding, "The P/E ratio stands at 19.47x, which is considered attractive compared to sector peers."
The company sold its shares in a fixed a price band of ₹155 to ₹165 per share for its IPO, which comprised entirely a fresh issue of 2.43 crore shares aggregating to ₹400.95 crore.
Shringar House of Mangalsutra already raised ₹120.19 crore from anchor investors, including Kotak Mahindra Life Insurance, Maybank Securities, Societe Generale, Plutus Investment Trust, North Star Opportunities Fund, Founders Collective, Mint Focused Growth Fund, Aidos India Fund, Rajasthan Global Securities, Sunrise Investment Trust, Astrone Capital, Jalan Chemical Industries, Shine Star Build and NAV Capital.
Proceeds from the IPO of about ₹280 crore will be used for its working capital requirements, and the remainder funds for general corporate purposes.
Company description
Incorporated in 2009, Shringar House of Mangalsutra designs, manufactures, and markets a wide range of Mangalsutras in 18k and 22k gold, often studded with American diamonds, cubic zirconia, pearls, mother of pearl, and semi-precious stones.
With 6% share of India's organised Mangalsutra market in FY23, the company offers over 15 collections and 10,000+ active SKUs across bridal, traditional, contemporary, Indo-western, and daily-wear segments.
Company's marquee corporate clientele includes Malabar Gold, Titan, Reliance Retail, Novel Jewel, Joyalukkas, PN Gadgil Jewellers, Damas Jewellery (UAE), etc. Shringar served 34 corporate clients, 1,089 wholesalers and 81 retailers as of FY25.
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