Shringar House Of Mangalsutra IPO Fully Subscribed On Day One — Check Subscription Details, GMP

Shringar House Of Mangalsutra IPO has been fully subscribed on day one, a few hours after its launch on Wednesday. The mainboard IPO is a book-building issue worth Rs 400.95 crore. It consists of only a fresh issuance of 2.43 crore shares, with no offer for sale component.

The price band for the IPO has been fixed between Rs 155 and Rs 165 per share.

The allotment of shares is likely to be finalised on Sept. 15. Shares of Shringar House of Mangalsutra are proposed to be listed on the BSE and NSE on Sept. 17. 

Incorporated in 2009, Shringar House Of Mangalsutra is in the business of manufacturing mangalsutras in India, with various stones like American diamonds, cubic zirconia, pearls, and semi-precious stones.

The company's B2B model means they serve a wide array of clients such as wholesale jewellers, corporate and retail outlets. The company has presence UK, UAE, USA and New Zealand, among other geographies.

• Open date: Sept. 10

• Close date: Sept. 12

• Allotment date: Sept. 15

• Tentative Listing date: Sept. 17

• IPO size: Rs 400.95 crore

• Minimum bid: Lot size of 90 shares

The IPO was subscribed 1.12 times on Wednesday as of 01:30 p.m., as per BSE data.

• Qualified Institutional Buyers: Nil

• Non-Institutional Buyers: 1.26 times

• Retail Investors: 1.68 times

The grey market premium for Dev Accelerator is Rs 30 as of 11:15 a.m. This implied that the estimated listing price is Rs 195, which indicates a listing gain of 18%, as per Investorgain.com.