Shringar House of Mangalsutra mobilises Rs 120 crore via anchor book ahead of IPO

Shringar House of Mangalsutra IPO Update

Shringar House of Mangalsutra, which makes and designs mangalsutras for several top jewellery brands, has raised Rs 120.2 crore through its anchor book on September 9, a day before the IPO opening.

The initial public offering (IPO) will open for subscription on September 10 and close on September 12 with price band of Rs 155-165 per share.

The company proposed to raise Rs 400.95 crore via IPO which consists of entirely fresh issue of 2.43 crore shares.

"...has finalised allocation of 72.84 lakh shares to 14 anchor investors at Rs 165 per share," Shringar House of Mangalsutra in its filing to exchanges.

Kotak Mahindra Life Insurance Company was the largest investor in the anchor book, acquiring 12.12 lakh shares worth Rs 20 crore, followed by Maybank Securities (Rs 15 crore worth shares). Further, Plutus Investment Trust, Founders Collective Fund, North Star Opportunities Fund, and Societe Generale bought shares worth Rs 10 crore each.

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Other institutional investors participated in the anchor book included Mint Focussed Growth Fund, Nav Capital, Astrone Capital, and Sunrise Investment Trust.

The Mumbai-based Shringar House of Mangalsutra intends to utilise Rs 280 crore of the net IPO proceeds for its working capital requirements, and the remainder funds for general corporate purposes.

The company sells its products to marquee clients across India and internationally including Malabar Gold, Titan Company, Reliance Retail, Novel Jewels (Aditya Birla Group), Joyalukkas India, P N Gadgil Jewellers, Kalamandir Jewellers, Waman Hari Pethe Jewellers, Goldbox Enterprises (UK), Sona Sansaar (New Zealand), Damas Jewellery (UAE), Vaibhav Jewellers, and D P Abhushan.

Choice Capital Advisors is acting as the sole merchant banker for the Shringar House of Mangalsutra IPO.