Shringar House Of Magalsutra Share Price Rallies 13% After Listing

The shares of Shringar House Of Mangalsutra IPO debuted at 14.2% premium over the issue price at Rs 188.5 at NSE over issue price of Rs 165. The shares have been listed on the BSE with a 13.8% premium at Rs 187.7, with the issue price of Rs 165 as well.

The company's initial public offering was bid 60.29 times on 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 last grey market premium for Shringar House Of Mangalsutra was around Rs 31. This had implied an estimated listing price od Rs 196, which was slightly higher than the listing price on Wednesday.

The GMP had indicated a listing gain of 19%, as per Investorgain.com compared to the 14% premium it listed with. The demand for the maiden offering was led by qualified institutional buyers, followed by non-institutional investors.

The scrip was trading aroud 12.73% higher at Rs 186 apiece on the NSE as of 10:31 am. The stocks gains compare to a 0.34% adavnce in the benchmark index Nifty 50.

The mainboard IPO was a book-building issue worth Rs 400.95 crore. It consisted 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.

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.