Shringar House Of Mangalsutra IPO Day Two — Check Subscription Status, GMP

Shringar House Of Mangalsutra IPO entered its second day of bidding on Thursday. The issue was fully subscribed on day one, a few hours after its launch on Wednesday, with bidding being led by retail investors.

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 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, 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 grey market premium for Shringar House Of Mangalsutra is Rs 29.5 as of 8:50 a.m. This implied that the estimated listing price is Rs 194.5, which indicates a listing gain of 17.88%, as per Investorgain.com.