Shringar House of Mangalsutra IPO: Jewellery Designer’s Shares Make Robust Debut, List With Over 14% Gains

Shringar House of Mangalsutra Ltd shares listed on the NSE and BSE on September 17. Shares of the jewellery designer listed with decent gains. On the NSE, Shringar House of Mangalsutra shares listed at Rs 188.5 per share with a premium of 14.24 per cent against the issue price of Rs 165 apiece. On the other hand, shares of the company listed at Rs 187.7 apiece with gains of 13.7 per cent on the BSE.

Retail Individual Investors (RIIs) who received a minimum of one lot of the jewellery designer’s shares would have made a gain of Rs 2,115 per lot (Rs 188.5- Rs 165 x 90). After shares of Shringar House of Mangalsutra listed on the exchanges, 41.47 lakh shares of the company were traded and the company’s total market capitalization stood at Rs 1,817.74 crore.

Shringar House of Mangalsutra IPO: Details

Shringar House of Mangalsutra IPO was worth Rs 400.95 crore. Shringar House of Mangalsutra’s issue consisted of a fresh issuance of 24.3 million shares. Shringar House of Mangalsutra IPO price band was set between Rs 155 to Rs 165 per share.

The minimum lot size for application for retail investors was fixed at 1 lot comprising 90 shares, which aggregated to an investment of Rs 14,850. Shringar House of Mangalsutra IPO was oversubscribed 60.29 times during the three-day bidding window which opened on September 10 and closed on September 12. The issue received bids for 1.02 billion shares cumulatively compared to the 17 million shares offered for subscription, booking the issue 60.29 times.

Qualified institutional buyers led the demand for Shringar House of Mangalsutra IPO as they booked the issue 101.41 times. Non-Institutional Investors booked their quota 82.58 times in the three-day bidding window. RIIs booked their quota in Shringar House of Mangalsutra IPO, 27.22 times. Shringar House of Mangalsutra IPO was oversubscribed 69.9 times in the employees category.

Shringar House of Mangalsutra plans to use the money raised via the public issue for funding its working capital requirements and for fulfilling general corporate purposes.

Shringar House of Mangalsutra designs and manufactures jewellery. The company mainly operates on a business-to-business (B2B) model and supplies jewellery to corporate clients, wholesalers, and other retailers. Shringar House of Mangalsutra Ltd has joined several other listed companies with similar businesses such as RBZ Jewellers, Sky Gold and Diamonds and Utssav CZ Gold Jewels.

Shringar House of Mangalsutra has raised Rs 120.19 crore from anchor investors. The company allotted 7.28 million shares. Some of the major anchor investors included Kotak Mahindra Life Insurance Company, Maybank Securities Pvt Ltd , Plutus Investment Trust, Founders Collective Fund, North Star Opportunities Fund, and Societe Generale – ODI.

At the time of writing shares of Shringar House of Mangalsutra shares traded at Rs 190.16 apiece up by 0.93 per cent on the NSE. Shringar House of Mangalsutra shares traded at Rs 189.2 apiece up by 0.8 per cent on the BSE.