Upcoming IPO: Mumbai-based Shringar House of Mangalsutra files DRHP with SEBI to raise funds via IPO; Details here
- Upcoming IPO: Shringar House of Mangalsutra's proposed IPO comprises a fresh issue of 2.43 crore equity shares with no offer-for-sale component.
Upcoming IPO: Shringar House of Mangalsutra Ltd filed its preliminary draft papers with the capital markets regulator Securities and Exchange Board of India (SEBI), to raise funds via an initial public offering (IPO). According to the company's draft red herring prospectus, the proposed public issue comprises a fresh issue of 2.43 crore equity shares with no offer for sale (OFS) component.
The proposed IPO includes a subscription reservation by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion. As per draft papers, Choice Capital Advisors is the sole book-running lead manager, and MUFG Intime India is the issue registrar.
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Shringar House of Mangalsutra IPO, Company Details
Proceeds from the fresh issue, totalling ₹250 crore, will support the company's working capital requirements and general corporate purposes. After the IPO, the equity shares are proposed to be listed on the National Stock Exchange (NSE) of India Ltd and BSE Ltd.
The offer is being made through the book-building process, wherein not more than 50 per cent of the net offer is allocated to qualified institutional buyers. Not less than 15 per cent and 35 per cent of the net offer are assigned to non-institutional and retail individual bidders, respectively.
Incorporated in 2009, Shringar House of Mangalsutra designs, manufactures and markets 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.
According to a CareEdge report, the company serves its business-to-business (B2B) clients and holds about six per cent of the organised Mangalsutra market in India as of 2023. Shringar House of Mangalsutra caters to many clients, including corporate entities, wholesale jewellers, and retailers across 24 states and four union territories in India.
Beyond the domestic market, it has expanded its presence internationally, serving clients in the UK, New Zealand, the UAE, the USA, and the Republic of Fiji. Its marquee corporate clients include industry leaders such as Malabar Gold Limited, Titan Company Limited, GRT Jewellers India Private Limited, Reliance Retail Limited, Novel Jewels Limited (Aditya Birla Group), Joyalukkas India Limited, and international names like Goldbox Enterprises Limited (UK), Sona Sansaar Limited (New Zealand), and Damas Jewellery LLC (UAE).
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As of the six-month period ending September 30, 2024, the company served 31 corporate clients, 76 wholesalers, and 731 retailers, with these numbers growing to 33 corporate clients, 96 wholesalers, and 832 retailers by Fiscal 2024.
In addition to its core business, Shringar House of Mangalsutra also manufactures and supplies Mangalsutras on a job-work basis to its corporate clients. During the six-month period ending September 30, 2024, the company processed 638.48 kg of bullion into Mangalsutras, generating revenue of ₹11.55 crore. This figure rose to 1,221.19 kg and ₹19.32 crore in FY24.
The company has an extensive portfolio of Mangalsutras, featuring over 15 collections and more than 10,000 active SKUs. It offers designs for special occasions like weddings, festivals, and anniversaries, as well as everyday wear. Its collections include antique, bridal, traditional, contemporary, and Indo-Western styles, catering to women of all ages with varying price points and weights.
As of December 31, 2024, Shringar House of Mangalsutra employed a dedicated in-house design team of 12 professionals to create innovative designs that reflect the latest trends, customer preferences, and demographic needs. Additionally, the company works with 182 in-house Karigars (artisans) and collaborates with a network of third-party Karigars to meet the growing demand for its products.
The flagship store is on Mumbai's Kalbadevi Road, and the other manufacturing facility is in Lower Parel (West), Mumbai. On the financial front, Shringar House of Mangalsutra's revenue from operations increased by 16 per cent to ₹1,101.52 crore in FY24 from ₹950.22 crore in the preceding fiscal. For the six months ended September 30, 2025, revenue from operations stood at ₹687.13 crore and a net profit of ₹33.03 crore.
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