Safecure IPO...
28 Oct, 2025
Shringar House of Mangalsutra IPO
The Shringar House of Mangalsutra IPO is a book-built fresh issue of approximately ₹400.95 crore(2.43 crore shares) without any offer-for-sale, meaning all the money raised will be used by the company and not by the shareholders. The price band for the issue has been fixed at ₹155–₹165 per share and the minimum bid lot is 90 equity shares. IPO subscription is available from 10th to 12th September 2025. The allotment of the IPO is likely on September 15, while the refund and demat credit are likely on September 16 and listing on NSE and BSE on September 17.
Company Background
Shringar House of Mangalsutra was established in 2009 and is based in Mumbai. It is a focused jewellery company that manufactures, designs and markets 18k and 22k gold mangalsutra offerings using stones like American diamonds, cubic zirconia, pearls, mother of pearl and semi-precious stones for its primarily B2B clientele throughout India and certain international locations. The brand highlights the heritage of mangalsutra making, works with in-house designers & skilled karigars and sells to corporates, wholesalers and retailers – all showcasing the brand's niche positioning as well as respect in a traditional yet evolving category.
Operations & Product Range
Facility & Production
All the frontend operations of Shringar House of Mangalsutra IPO are complemented by an in-house design team and a wide array of skilled karigars to support end-to-end design-to-finish production of mangalsutra lines. As of FY24, filings indicate a 12-member design team and 182 in-house karigars to support capacity and quality. The company has a near-Mumbai-based entity providing proximity to jewellery wholesale hubs and logistics networks. This production system operates in standardized SKUs and customized designs for 18k/22k gold with stones, such as American diamonds and cubic zirconia, on one hand and uses process discipline to deliver high volume orders to corporate and wholesale customers without compromising finishing quality.
Brands & Market Presence
Shringar House of Mangalsutra IPO has positioned itself as a specialist “House of Mangalsutra,” to focus on the B2B ecosystem & serving marquee clients such as Malabar Gold, Titan Company, GRT Jewellers, Reliance Retail, Joyalukkas India & Damas Jewellery (UAE). The company has strong penetration among wholesalers & independent retailers across India & exports to UK, New Zealand, UAE, USA & Fiji. The company has a sizeable market share in the organised mangalsutra category ( around 6% as of FY2023, supported by CARE Edge mentioned in draft papers) in a way that signifies category leadership backed by international sales to diaspora heavy regions, widening the diversity and reach for its designs.
Revenue Channels
- B2B sales to big jewellery chains, wholesalers and retail outlets form the core, which involves uniform SKUs and custom design.
- National presence (24 states and 4 UTs) with exports to the UK, USA, UAE, New Zealand, Fiji, mitigated revenue concentration risk across regions.
- With category specialization (mangalsutras) and a wide SKU range (10,000+ active SKUs; 15+ collections), mix, scale and repeat orders are supported.
- Financially, FY25 revenue stood at ₹1,429.8 crore, up 29.8% yoy (vs. 31.4% CAGR for FY19- FY25), with PAT at ₹61.1 crore, up 96.5% signaling operating leverage.
Management & Shareholding
Promoters & shareholding
Shringar was founded and managed by the Shringar House of Mangalsutra IPO promoter family, having deep roots in the goldsmith community and is a closely held business now going to public markets via a 100% fresh issue to fund growth. Although the company is maintaining its management continuity at the top and its domain knowledge at ground level, which hosts the design sensitivity and the closest held vendor network and most valued client network in the system of the jewelry business of Mumbai, nurtured over years of existence. There is no OFS means shareholders are not diluting through secondary sales, which generally shows a focus on capital infusion for working capital and capacity.
Board members
The Shringar House of Mangalsutra IPO has a professional board with Founder leadership, along with management team members leading production, design, sales & exports and capital market processing is driven by established public issue intermediaries, namely Choice Capital Advisors acting as the book-running lead manager and MUFG Intime India as registrar.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Shringar House of Mangalsutra IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Shringar House of Mangalsutra IPO Details
| Detail | Description |
|---|---|
| IPO Date | September 10, 2025 to September 12, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹155 to ₹165 per share |
| Lot Size | 90 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 2,43,00,000 shares (aggregating up to ₹400.95 Cr) |
| Employee Discount | ₹15.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | Listing At |
| Share Holding Pre Issue | 7,21,32,080 shares |
| Share Holding Post Issue | 9,64,32,080 shares |
Shringar House of Mangalsutra IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Sep 10, 2025 |
| IPO Open Date | Fri, Sep 12, 2025 |
| Tentative Allotment | Mon, Sep 15, 2025 |
| Initiation of Refunds | Tue, Sep 16, 2025 |
| Credit of Shares to Demat | Tue, Sep 16, 2025 |
| Credit of Shares to Demat | Wed, Sep 17, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 12, 2025 |
Shringar House of Mangalsutra IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 90 | ₹14,850 |
| Retail (Max) | 13 | 1,170 | ₹1,93,050 |
| S-HNI (Min) | 14 | 1,260 | ₹2,07,900 |
| S-HNI (Max) | 67 | 6,030 | ₹9,94,950 |
| B-HNI (Min) | 68 | 6,120 | ₹10,09,800 |
Shringar House of Mangalsutra IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 99.99% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- ● Category Leadership with ~6% share of India’s organised mangalsutra market (CY23) offering Focus, design depth & brand recall in B2B.
- ● Integrated design-to-manufacture out of Mumbai with in-house karigars and designers driving quality, speed and consistency at scale.
- ● Strong B2B relationships with marquee corporate customers, along with a solid wholesale base to fuel repeat orders and volume visibility.
- ● Healthy growth and profitability pre-listing, had posted FY25 revenue and PAT of ₹1,429.8 crore and ₹61.1 crore, respectively.
Shringar House of Mangalsutra IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 375.75 | 1,430.12 | 61.11 | 200.85 | 123.11 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 265 | 1,103 | 31 | 137 | 110 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 211.55 | 951.29 | 23.36 | 105.72 | 93.19 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROCE | 32.43% |
| Debt/Equity | 0.61 |
| RoNW | 36.20% |
| PAT Margin | 4.27% |
| EBITDA Margin | 6.48% |
| Price to Book Value | 5.93 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.47 | 6 |
| P/E (x) | 19.47 | 26 |
Shringar House of Mangalsutra IPO’s Objectives
- Fund working capital requirements (~₹280 crore) to support inventory-intensive operations, faster throughput and larger corporate orders.
- Allocate remaining proceeds to general corporate purposes, including strengthening operations, systems and growth initiatives.
- Enhance execution capacity ahead of festive seasons and export demand, enabling deeper market penetration.
Conclusion
Shringar House of Mangalsutra IPO offers exposure to a focused jewellery manufacturer having a leadership position in the mangalsutra segment, a strong B2B network, an integrated production set-up and increasing exports, including improving the top and bottom lines going into the listing. With a 100% fresh issue for working capital and corporate purposes, marquee B2B clients and an organised share of the market in a traditional but rapidly-modernising segment, the issue might get attraction from investors who are interested in a niche, scale-driven jewellery play on the Mainboard.
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Frequently asked Questions (FAQs )
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What are the Shringar House of Mangalsutra IPO dates, price band and lot size?
The subscription is scheduled from September 10 to September 12, 2025. The price band is ₹155-₹165 per share, while the minimum lot size is 90 shares.
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What is the overall issue size and composition?
The size of the IPO is around ₹400.95 crore and is a completely fresh issue of 2.43 crore equity shares with no offer for sale.
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What will the money be used for?
The company plans to apply the proceeds primarily for working capital, with the remainder for general corporate purposes to sustain growth and operations.
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How will the proceeds of the Shringar House of Mangalsutra IPO be used?
The company intends to use the proceeds mainly for working capital, with the balance for general corporate purposes to support growth and operations.
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