Shringar House of Mangalsutra Ltd.
Shringar House of Mangalsutra IPO of ₹401 crore opens from September 10–12, 2025, with a price band of ₹155–₹165 per share. Backed by strong financial growth and steady demand in jewellery, the issue has drawn strong investor interest with a healthy GMP.
Shringar House specializes in design, manufacturing, and marketing of Mangalsutras (traditional jewellery worn by married women in India), using materials like 18k/22k gold, American diamonds, cubic zirconia, pearls, mother-of-pearl, and semi-precious stones. The business is mainly B2B (wholesalers, retailers, corporate clients) domestically, with some international exposure.
Shringar House of Mangalsutra IPO Details
| Parameter | Detail |
|---|---|
| IPO Open Date | September 10, 2025 |
| IPO Close Date | September 12, 2025 |
| Issue Size / Amount to be Raised | ~ ₹400.95 crore (fresh issue) |
| Price Band | ₹155 to ₹165 per share |
| Face Value | ₹10 per equity share |
| Lot Size (Minimum Shares / Investment for Retail) | 90 shares per lot; minimum investment ≈ ₹14,850 at the upper price band (90 × ₹165) |
| Allotment Date (Tentative) | September 15, 2025 |
| Refund Initiation / Demat Credit | Around September 16, 2025 |
| Listing Date (Expected) | September 17, 2025 on BSE & NSE |
Shringar House of Mangalsutra GMP, Subscription & Market Sentiment
- Grey Market Premium (GMP): Around ₹27–₹30 per share over the IPO price (upper band) as of 11 September. That implies an expected listing price of about ₹192 (≈16-18% premium).
- Subscription Status (as of Day 2 / mid-IPO):
- Retail category: ~ 7.4–8×
- NII (Non-Institutional Investors): ~ 9-10×
- Employee portion: very strong oversubscription (~18-20×)
- QIB participation seems modest in early subscription numbers.
Company Background & Business Profile
- Founded: 2009
- What they do:
Shringar House specializes in design, manufacturing, and marketing of Mangalsutras (traditional jewellery worn by married women in India), using materials like 18k/22k gold, American diamonds, cubic zirconia, pearls, mother-of-pearl, and semi-precious stones. The business is mainly B2B (wholesalers, retailers, corporate clients) domestically, with some international exposure. - Market position: As of 2023, it holds about 6% of the organized Mangalsutra market in India per CareEdge report.
- Design / Production capabilities: In-house design teams, artisans (karigars), integrated manufacturing etc. Geographic spread is strong, with major markets in Maharashtra and exporting to places like UAE, UK, USA etc.
Financials (Recent Years)
| Fiscal Year | Revenue from Operations | Profit After Tax (PAT) | YoY Growth (Revenue) |
|---|---|---|---|
| FY 2023 | ~ ₹951.3 crore | ~ ₹23.4 crore | — |
| FY 2024 | ~ ₹1,101.5 crore | ~ ₹31.1 crore | ~ ≈ 16-20%+ |
| FY 2025 | ~ ₹1,430.12 crore | ~ ₹61.11 crore | ~ ≈ 29-30% over FY24 |
Other relevant metrics:
- EPS (Earnings Per Share) pre-IPO: ~ ₹8.47/share (FY25)
- Post-IPO EPS (after share dilution etc.): ~ ₹6.34/share
- P/E Ratio: Pre-IPO ~ 19.47×; Post-IPO ~ 26.04× at upper price band.
- Net Worth: ~ ₹200.85 crore in FY25 (
- Total Assets: ~ ₹375.75 crore in FY25
Review: Strengths, Risks, Valuation & What to Watch
Strengths:
- Steady revenue growth and doubling of profit in recent year (FY24→FY25). (
- Experience in a niche jewellery product (Mangalsutras), combining tradition + design innovation, which may appeal to consumers and retailers.
- Good GMP and subscription levels indicate market confidence.
- B2B model with wide client base, exposure across states and international markets.
Risks / Cautions:
- Profit margins are modest; jewelry manufacturing is capital & inventory intensive; working capital requirements are likely high.
- The premium implied by GMP may be high; listing gains might occur but sustaining value depends on execution.
- Dependence on gold prices, cost of raw materials, competition from unorganized jewellery makers, design theft/copying, client concentration, etc.
- Post-IPO dilution and cost pressures could reduce margins.
Valuation:
- At the upper price band (₹165), with recent EPS and PAT, valuations are not extremely stretched compared to some peers, but P/E post-IPO ~ 26× indicates investors are paying for growth and market potential.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own. Investors are advised to consult certified financial advisors before making any investment decisions.)
