Shringar House of Mangalsutra IPO Sees Robust 60.29 Times Oversubscription
Shringar House of Mangalsutra Ltd's ₹400.95-crore IPO concluded with overwhelming success, oversubscribed 60.29 times. QIBs led with 101.41 times oversubscription, followed by NIIs at 82.58 times and retail investors at 27.22 times. The IPO offered 1.7 crore shares priced between ₹155 to ₹165. Allotment finalized on September 15, with listing expected on NSE and BSE on September 17. Funds will be used for working capital (₹280 crore) and general corporate purposes. The company specializes in 18k and 22k gold mangalsutras, serving major clients like Malabar Gold, Titan, and Reliance Retail.
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Shringar House of Mangalsutra Ltd's initial public offering (IPO) has concluded with resounding success, drawing significant investor interest across all categories. The ₹400.95-crore public issue was oversubscribed by an impressive 60.29 times, showcasing strong market confidence in the mangalsutra manufacturer.
Subscription Details
The IPO, which offered 1.7 crore shares, saw enthusiastic participation from various investor segments:
- Qualified Institutional Buyers (QIBs): 101.41 times oversubscribed
- Non-Institutional Investors (NIIs): 82.58 times oversubscribed
- Retail Individual Investors: 27.22 times oversubscribed
IPO Structure and Pricing
The public issue comprised entirely of a fresh issue of 2.43 crore shares. The price band was set between ₹155 to ₹165 per share, indicating a robust valuation for the company.
Allotment and Listing Details
- Share allotment status: Finalized on September 15
- Refunds process: Scheduled for September 16
- Share transfer to demat accounts: Set for September 16
- Listing date: Shares expected to debut on NSE and BSE on September 17
Utilization of IPO Proceeds
The company plans to utilize the funds raised from the IPO as follows:
- ₹280 crore allocated for working capital requirements
- Remaining funds earmarked for general corporate purposes
About Shringar House of Mangalsutra
Shringar House of Mangalsutra Ltd specializes in designing and manufacturing mangalsutras in 18k and 22k gold. The company has established itself as a significant player in the jewelry industry, catering to prominent corporate clients including:
- Malabar Gold
- Titan
- Reliance Retail
The strong oversubscription of the IPO reflects investor confidence in the company's business model and growth prospects in the traditional Indian jewelry market.
| Investor Category | Oversubscription (times) |
|---|---|
| QIBs | 101.41 |
| NIIs | 82.58 |
| Retail | 27.22 |
| Overall | 60.29 |
The successful completion of the IPO marks a significant milestone for Shringar House of Mangalsutra Ltd as it prepares to enter the public market. Investors will be keenly watching the company's performance as it lists on the stock exchanges, given the strong demand witnessed during the subscription period.
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