Shringar House of Mangalsutra to be second IPO hitting Dalal Street on September 10

Shringar House of Mangalsutra IPO

Mumbai-based Shringar House of Mangalsutra, which makes mangalsutras for several leading corporate companies in jewellery industry, is set to be the second IPO hitting Dalal Street next week on September 10. Urban Company will also launch its Rs 1,900 crore IPO on the same day.

The initial public offering (IPO) consists of entirely fresh issue of 2.43 crore shares, and includes a reservation of up to 20,000 equity shares for company's employees.

The company will launch its IPO anchor book for institutional investors on September 9, and close the IPO subscription for all investors on September 12. The IPO share allotment will be finalised by September 15 and trading in its equity shares will commence on the bourses effective September 17.

Incorporated in 2009, Shringar House of Mangalsutra designs, and manufactures mangalsutras, in 18k and 22k purity of gold, for several business-to-business (B2B) clients including Titan Company, Malabar Gold, Reliance Retail, Novel Jewels (Aditya Birla Group), Joyalukkas India, P N Gadgil Jewellers, Waman Hari Pethe Jewellers, and Vaibhav Jewellers. As of March 2025, it served 34 corporate clients, 1,089 wholesalers and 81 retailers.

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The company will spend Rs 280 crore of IPO proceeds for its working capital requirements, and the remainder funds for general corporate purposes.

The Mangalsutra maker that competes with listed entities like Utssav CZ Gold Jewels, RBZ Jewellers, and Sky Gold & Diamonds has recorded profit at Rs 61.1 crore for the year ended March 2025, increasing sharply by 96.5 percent, compared to Rs 31.1 crore in the previous fiscal. Revenue in the same period grew by 29.8 percent to Rs 1,429.8 crore, up from Rs 1,101.5 crore.

Choice Capital Advisors is the sole merchant banker managing the Shringar House of Mangalsutra IPO.