Shringar House of Mangalsutra Announces ₹401 Crore IPO, Sets Price Band at ₹155-165
Shringar House of Mangalsutra, a Mumbai-based mangalsutra manufacturer, has set its IPO price band at ₹155-₹165 per share, aiming to raise ₹401 crore. The IPO opens on September 10 and closes on September 12, with a lot size of 90 shares. The company plans to issue 2.43 crore fresh shares, with expected listing on BSE and NSE on September 17. Funds will primarily be used for working capital requirements. The company serves 34 corporate clients, including Titan Company and Reliance Retail, along with 1,089 wholesalers and 81 retailers.
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Shringar House of Mangalsutra, a Mumbai-based manufacturer of mangalsutras, has announced its initial public offering (IPO) with a price band of ₹155 to ₹165 per share. The company aims to raise ₹401 crore through this public issue, which is set to open on September 10.
IPO Details
| Parameter | Value |
|---|---|
| Price Band | ₹155 - ₹165 per share |
| Issue Size | ₹400.95 crore |
| Lot Size | 90 shares |
| Minimum Retail Investment | ₹14,850 |
| Issue Type | Fresh issue of 2.43 crore shares |
| Opening Date | September 10 |
| Closing Date | September 12 |
| Expected Allotment Date | September 15 |
| Listing Date | September 17 (BSE and NSE) |
Company Overview
Shringar House of Mangalsutra specializes in manufacturing mangalsutras in 18k and 22k gold purity. The company primarily caters to the B2B segment, serving a diverse clientele that includes prominent names in the jewelry industry.
Key Clients
The company's client base comprises:
- 34 corporate clients
- 1,089 wholesalers
- 81 retailers
Notable corporate clients include:
- Titan Company
- Malabar Gold
- Reliance Retail
- Joyalukkas India
Use of Proceeds
The funds raised through the IPO will be allocated as follows:
- ₹280 crore for working capital requirements
- Remaining funds for general corporate purposes
Market Listing
Upon successful completion of the IPO process, Shringar House of Mangalsutra's shares are scheduled to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on September 17.
Investors interested in participating in this IPO can submit their applications starting September 10.
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