Shringar House of Mangalsutra Files for IPO

Shringar House of Mangalsutra Ltd, known in the jewellery market, has filed draft papers with SEBI to launch an Initial Public Offering (IPO). The Mumbai-based company’s IPO consists of a fresh issue of 2.43 crore equity shares with no Offer for Sale (OFS) component. A portion of the IPO will be reserved for eligible employees, who will also receive a discount, as per the Draft Red Herring Prospectus (DRHP) filed on Wednesday.

Use of Proceeds

The company plans to utilize ₹250 crore from the fresh issue to meet working capital requirements and for general corporate purposes. After the IPO, its shares will be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

IPO Management

Choice Capital Advisors is the sole book-running lead manager, while MUFG Intime India is the registrar. The IPO will follow a book-building process, with 50% allocated to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 35% to retail investors.

Background and Operations

Shringar House of Mangalsutra was incorporated in 2009 and is into designing, manufacturing, and selling Mangalsutras made with American diamonds, pearls,and semi-precious stones in 18k and 22k gold. The company operates in the B2B segment and, as of 2023, held 6% of the organized Mangalsutra market in India, according to reports.

Shringar operates from its flagship store on Kalbadevi Road, Mumbai, and has a manufacturing facility in Lower Parel (West), Mumbai. It employs 12 in-house designers and 182 in-house Karigars (artisans), alongside third-party artisans.

Financial Performance

The company’s revenue from operations increased by 16% to ₹1,101.52 crore in FY24, up from ₹950.22 crore in the previous fiscal. Its profit after tax (PAT) rose by 33% to ₹31.10 crore in FY24, compared to ₹23.36 crore in FY23. For the six-month period ending September 30, 2025, revenue stood at ₹687.13 crore, with net profit at ₹33.03 crore.

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