Shringar House of Mangalsutra Limited is set to launch its ₹400.95 crore Initial Public Offering (IPO) in September 2025. The company is well-known for designing and manufacturing premium Mangalsutras and aims to leverage its established market position to scale its operations further. Let’s dive into this IPO in detail, covering dates, price, GMP, analysis, and whether you should subscribe or avoid it.
About Shringar House of Mangalsutra Ltd.
Incorporated in 2009, Shringar House of Mangalsutra Limited designs, manufactures, and markets Mangalsutras in India and abroad. The company uses 18k and 22k gold with American diamonds, cubic zirconia, pearls, and semi-precious stones to cater to a growing base of B2B clients. Shringar serves top jewellery brands, including Malabar Gold, Titan, GRT Jewellers, Reliance Retail, and Joyalukkas, with a presence in 24 Indian states, four union territories, and key international markets like the UAE, UK, and the USA.
Competitive Strengths
- Established Client Base: Trusted by leading jewellery brands and retail chains.
- Diverse Product Portfolio: Focus on design innovation and a wide range of Mangalsutras.
- Integrated Manufacturing Facility: Ensures quality and efficiency.
- Strong Domestic and International Presence: Presence across India and global markets.
- Experienced Leadership: Led by the Thadeshwar family, with expertise in jewellery manufacturing.
- Financial Growth: Strong growth in revenue and profitability over the last three years.
Shringar House of Mangalsutra IPO Issue Details
- IPO Date: September 10, 2025 to September 12, 2025
- Listing Date: September 17, 2025 (Tentative)
- Price Band: ₹155 to ₹165 per share
- Lot Size: 90 shares
- IPO Size: ₹400.95 crore (Fresh Issue)
- Face Value: ₹10 per share
- Book Running Lead Manager: Choice Capital Advisors Pvt. Ltd.
- Registrar: MUFG Intime India Pvt. Ltd.
Company Financials (₹ Crore)
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | 951.29 | 1,102.71 | 1,430.12 |
| EBITDA | 38.89 | 50.76 | 92.61 |
| Profit After Tax (PAT) | 23.36 | 31.11 | 61.11 |
| Net Worth | 105.72 | 136.85 | 200.85 |
| Total Borrowings | 93.19 | 110.09 | 123.11 |
Key Ratios (FY25):
- ROCE: 32.43%
- RONW: 36.20%
- Debt/Equity: 0.61
- PAT Margin: 4.27%
Objects of the IPO
- Funding working capital requirements: ₹280 crore
- General corporate purposes
P/E Ratio Comparison
| Company | P/E Ratio |
|---|---|
| Shringar House of Mangalsutra (Post-IPO) | 26.04x |
| Titan Company Ltd. (Highest) | ~78x |
| Rajesh Exports (Lowest) | ~12x |
| Industry Average | ~21x |
Shringar’s valuation is moderate compared to peers while it is high compared to industry average, offering potential upside if growth continues.
Reasons to Invest
- Niche focus on Mangalsutra, a growing jewellery segment.
- Strong customer base with top-tier jewellery brands.
- Consistent revenue growth and improving margins.
- Expanding international presence.
- Professional management and design expertise.
Risk Factors
- High dependence on bullion prices and global gold market fluctuations.
- Low PAT margins compared to peers.
- Geographic and client concentration risk.
- Competition from established jewellery players.
- Working capital-intensive business model.
How to Apply for the IPO
Investors can apply through:
- ASBA (Application Supported by Blocked Amount): Via net banking.
- UPI: Retail investors can apply using UPI apps.
- Brokers/Demat Accounts: Submit forms online through trading platforms.
Grey Market Premium (GMP)
As of now, GMP trends are not available. Investors should track live GMP closer to the IPO opening date for market sentiment.
Conclusion – Subscribe or Avoid?
Shringar House of Mangalsutra IPO offers a unique play in the Mangalsutra jewellery segment. The company’s strong client relationships, expanding product portfolio, and consistent growth make it attractive. However, thin margins, competition, and dependency on gold prices remain risks. Investors with a high risk appetite and long-term view can consider subscribing.
FAQs
1. What is the Shringar House of Mangalsutra IPO date?
Opens on September 10, 2025, and closes on September 12, 2025.
2. What is the IPO price band?
₹155 to ₹165 per share.
3. What is the minimum investment for retail investors?
₹14,850 for 90 shares.
4. When will the IPO list on stock exchanges?
Tentative listing is on September 17, 2025.
5. Who are the lead managers and registrars?
Choice Capital Advisors is the BRLM, and MUFG Intime India is the registrar.
6. What is the total IPO size?
₹400.95 crore.
7. Should I invest in this IPO?
Investors with a long-term outlook may consider subscribing, but evaluate risks carefully.
Disclaimer: This article is for informational purposes only and is not a recommendation to buy, sell, or subscribe to this IPO. Investors are advised to read the Red Herring Prospectus (RHP) and consult their financial advisors before making any investment decisions. Investing in equity markets, including IPOs, involves risks, and past performance of the company or its peers is not indicative of future returns.
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