Shringar House of Mangalsutra files draft papers with SEBI for IPO

The company’s flagship store is located on Kalbadevi Road, Mumbai, with a manufacturing facility in Lower Parel (West).

Mumbai-based Shringar House of Mangalsutra has filed its draft papers with the Securities and Exchange Board of India (SEBI) to raise funds via an Initial Public Offering (IPO).

The IPO will consist of a fresh issue of up to 24.30 million shares. The company plans to utilize Rs 250 crore from the proceeds for working capital requirements and general corporate purposes.

Founded in 2009, Shringar House of Mangalsutra specializes in designing, manufacturing, and marketing a wide range of Mangalsutras adorned with American diamonds, cubic zirconia, pearls, and semi-precious stones in 18k and 22k gold. Serving primarily business-to-business (B2B) clients, the company holds around 6 percent of the organized Mangalsutra market in India.

Shringar caters to corporate entities, wholesale jewelers, and retailers across 24 states and 4 union territories in India, and has expanded internationally with clients in the UK, New Zealand, the UAE, the USA, and Fiji. The company’s corporate clients include renowned names such as Malabar Gold, Titan, Reliance Retail, and international clients like Damas Jewellery (UAE) and Sona Sansaar (New Zealand).

For the six months ending September 30, 2024, Shringar processed 638.48 kg of bullion into Mangalsutras, generating Rs 11.55 crore in revenue, which increased to 1,221.19 kg and Rs 19.32 crore for Fiscal 2024. The company’s extensive portfolio includes over 15 collections with more than 10,000 active SKUs, catering to various occasions and styles, from bridal to contemporary designs.

As of December 2024, Shringar employed a design team of 12 professionals and worked with 182 in-house artisans along with third-party Karigars to meet growing demand. The company’s flagship store is located on Kalbadevi Road, Mumbai, with a manufacturing facility in Lower Parel (West).

In Fiscal 2024, Shringar’s revenue from operations grew by 15.92 percent to Rs 1,101.52 crore, with a net profit increasing by 33.17 percent to Rs 31.10 crore. For the six months ended September 30, 2025, revenue stood at Rs 687.13 crore, with profit after tax at Rs 33.03 crore.

Choice Capital Advisors Private Limited is the sole book-running lead manager for the issue, and MUFG Intime India Private Limited will serve as the registrar.