Daijiworld Media Network – Mumbai
Mumbai, Sep 12: The Shringar House of Mangalsutra IPO, which opened on September 10, entered its second day of bidding on Wednesday with robust participation from retail investors, even as its Grey Market Premium (GMP) cooled off from earlier highs.
A day before the IPO opened, the GMP stood at Rs 30, indicating an 18% listing gain. However, the premium slipped to Rs 27 on Day 1 and further eased by 2% on Day 2, now pointing to potential gains of about 16%.
The Rs 401 crore issue, a pure fresh offering of 2.43 crore shares, was fully subscribed within hours of opening. On Day 1, overall subscription stood at 2.01 times, led by strong retail participation at 2.84 times and non-institutional investors at 2.70 times. The QIB portion, however, saw negligible response at 0.01 times.
Ahead of the IPO launch, the company raised Rs 120.18 crore from anchor investors. The price band is fixed between Rs 155 and Rs 165 per share. Of the proceeds, Rs 280 crore will be utilised for working capital, with the rest earmarked for general corporate purposes.
Founded in 2009, Shringar House of Mangalsutra specialises in B2B jewellery trade, particularly gold mangalsutras with stone, pearl, and diamond embellishments. The company reported revenue of Rs 1,430 crore in FY25, up from Rs 1,101 crore in FY24, while net profit doubled to Rs 61 crore from Rs 31 crore.
The IPO closes on September 12.