Shringar House Of Mangalsutra Mobilises Rs 120 Crore From Anchor Investors Ahead Of IPO
The IPO, with a price band of Rs 155 to Rs 165 per share, will be available for subscription during September 10-12.
Jewellery firm Shringar House of Mangalsutra Ltd on Tuesday said it has garnered Rs 120.18 crore from anchor investors ahead of its initial public offering (IPO).
The company allocated 72.84 lakh equity shares at Rs 165 per share to anchor investors, according to a circular uploaded on BSE's website.
Some of the institutions that participated in the anchor include Kotak Mahindra Life Insurance Company, Maybank Securities Pte Ltd - ODI, Societe Generale - ODI, AIDOS India Fund Limited, Nav Capital VCC and Founders Collective Fund.
The IPO, with a price band of Rs 155 to Rs 165 per share, will be available for subscription during September 10-12.
The Mumbai-based company's IPO is entirely a fresh issue of 2.43 crore equity shares, worth Rs 401 crore at the upper end of the price band, with no Offer For Sale (OFS) component.
Proceeds from the fresh issue will be utilised for supporting working capital requirements of the company and general corporate purposes.
Incorporated in 2009, Shringar House of Mangalsutra is engaged in designing, manufacturing, and marketing a diverse range of Mangalsutras adorned with various stones such as American diamonds, cubic zirconia, pearls, mother of pearl, and semi-precious stones, crafted in 18k and 22k gold.
The company primarily serves its Business-to-Business (B2B) clients and holds about 6% of the organised Mangalsutra market in India as of 2023, according to the draft papers citing a CareEdge report.
Shringar House of Mangalsutra's revenue from operations increased to Rs 1,430 crore in fiscal 2025 from Rs 1,101 crore in the preceding fiscal, and profit after tax rose to Rs 61 crore from Rs 31 crore during the period.
Choice Capital Advisors is the sole book-running lead manager, and MUFG Intime India is the registrar of the issue.
