Shringar House Of Mangalsutra Listing Date: What Does GMP Signal Ahead Of Market Debut This Week
Despite a strong subscription, the GMP for Shringar House of Mangalsutra has declined since the IPO opened for subscription.
The share allotment for Shringar House of Mangalsutra IPO was finalised on Monday, September 15, following the successful subscription. The initial public offering of Shringar House of Mangalsutra IPO was subscribed 60.29 times across investor categories, with bids for over 102 crore shares against 1.7 crore shares on offer.
The IPO applicants are now keeping a watch on the grey market premium (GMP) of the Shringar House of Mangalsutra, ahead of its debut on the exchanges.
The company will initiate the transfer of shares to the Demat accounts and refunds on September 16. Shares of Shringar House of Mangalsutra are scheduled to be listed on the NSE and BSE on Sept. 17.
Here is a look at the latest GMP and expected listing price for the shares of Shringar House of Mangalsutra.
Shringar House Of Mangalsutra IPO GMP
The GMP for Shringar House of Mangalsutra IPO was Rs 26 on September 16. Compared to the upper limit of the IPO price band of Rs 165, the latest GMP indicates an estimated listing price of Rs 191 apiece. The latest GMP for Shringar House of Mangalsutra IPO indicates listing of shares at a premium of 15.76% per share.
Despite a strong subscription, the GMP for Shringar House of Mangalsutra has declined since the IPO opened for subscription. The highest GMP recorded for the issue was Rs 31 during the subscription period during which the unlisted shares of Shringar House of Mangalsutra were trading as high as Rs 196.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
Shringar House Of Mangalsutra IPO Key Details
Shringar House of Mangalsutra IPO was a book-building issue worth Rs 400.95 crore. It comprised entirely a fresh issue of 2.43 crore equity shares. The price band for the IPO was fixed at Rs 155 to Rs 165 per share. The lot size for retail investors was 90 shares, requiring a minimum investment of Rs 14,850.
Choice Capital Advisors Pvt. Ltd. is the book-running lead manager. MUFG Intime India Pvt. Ltd. is the registrar for the issue.
Use Of Proceeds
The IPO proceeds will be primarily used to fund the company's working capital requirements, with an allocation of Rs 280 crore. The remaining amount will be utilised for general corporate purposes and support business growth.
About Shringar House Of Mangalsutra
Shringar House of Mangalsutra specialises in designing and manufacturing 18k and 22k gold Mangalsutras. Based in Mumbai, the company serves a wide range of B2B clients, including some top jewellery retailers, across India and select global markets.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
