Shringar House Of Mangalsutra IPO Enters Final Day — GMP Indicates Large Premium

Shringar House Of Mangalsutra Ltd.'s initial public offering entered its third and final day of bidding on Friday. The issue was fully subscribed within a few hours after its launch on Wednesday. On its second day, the IPO was overbooked 8.24 times the offer.

The demand has so far been led by non-institutional investors. The portion for institutional buyers is yet to be fully subscribed.

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 Shringar House Of Mangalsutra IPO has been set at Rs 155 to Rs 165 per share.

The allotment of shares is expected to be finalised on Sept. 15. Shares of Shringar House of Mangalsutra will make its debut 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, through a B2B model, serves 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 Shringar House Of Mangalsutra IPO was subscribed 12.9 times on Friday as of 10:51 a.m., as per BSE data.

• Qualified Institutional Buyers: 91%.

• Non-Institutional Buyers: 28.17 times.

• Retail Investors: 13.11 times.

• Employee Reserved: 32.15 times.

The latest grey market premium for Shringar House Of Mangalsutra is Rs 31. This implied that the estimated listing price could be Rs 196, which indicates a listing gain of 19%, as per Investorgain.com.