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Shringar House of Mangalsutra IPO 2025: A Sparkling Bet on India’s Gold Jewellery Market
Shringar House of Mangalsutra Ltd, a Mumbai-based gold jewellery manufacturer known for its exquisite Mangalsutras and strong B2B clientele including Titan and Malabar Gold, is launching its IPO in 2025. Here’s a detailed look at its business, IPO details, GMP trends, and investment outlook.
Written by: SERNET Research Team
Table of Content
Shringar House Of Mangalsutra Ltd –
Shringar House of Mangalsutra Ltd is engaged in the design and manufacture of Mangalsutras in India. The Mangalsutra is considered to be auspicious in Hindu marriages and the company has a diverse portfolio of designs featuring various stones like American Diamonds, pearls, semi-precious stones, zirconia etc. It largely caters to the B2B market and designs these Mangalsutras in 18K and in 22K gold. In India, its major B2B clients include Malabar Gold, Titan, GRT Jewellers, Joyalukkas, Reliance Retail; and Damas (UAE).
The fresh funds will be used for funding the working capital needs of the company and partially for general corporate purposes. Shringar House of Mangalsutra Ltd was promoted by Chetan Thadeshwar, Mamta Thadeshwar, Viraj Thadeshwar, and Balraj Thadeshwar. The IPO will be lead-managed by Choice Capital Advisors Private Ltd; while MUFG Intime India Private Ltd will be the IPO registrar. The company is headquartered in Mumbai.
Highlights of the IPO Issue
Here are the key highlights of the public issue of Shringar House of Mangalsutra Ltd.
- The IPO of will be open from September 10th, 2025 to September 12th, 2025. It has a face value of ₹10 per share and IPO price band is set in range of ₹155 to ₹165 per share.
- The IPO of Shringar House of Mangalsutra Ltd will be entirely a fresh issue of shares with no offer for sale (OFS) component.
- The fresh portion of the IPO comprises the issue of 2,43,00,000 shares (243.00 lakh shares), which at the upper price band of ₹165 per share translates into ₹400.95 crore.
- As there is no OFS, overall IPO will also comprise the fresh issue of 2,43,00,000 shares (243.00 lakh shares) worth ₹400.95 crore at the upper band price of ₹165 per share.
The IPO of Shringar House of Mangalsutra Ltd will be listed on the NSE and the BSE on the IPO mainboard.
Key Dates, Investor Allocation, And Lot Sizes
Here are the key dates pertaining to the IPO of Shringar House of Mangalsutra Ltd
| Event | Tentative Date |
| IPO Open Date | 10th September 2025 |
| IPO Close Date | 12th September 2025 |
| Basis of Allotment | 15th September 2025 |
| Initiation of Refunds to non-allottees | 16th September 2025 |
| Credit of Shares to Demat | 16th September 2025 |
| Listing Date on NSE and BSE | 17th September 2025 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Category of Investors | Allocation of shares | % Share |
| Reservation for Employees | 20,000 shares | 0.08% of total IPO size |
| Anchor Allocation | 72,84,000 shares | 29.98% of total IPO size |
| QIB Shares Offered | 48,56,000 shares | 19.98% of total IPO size |
| NII (HNI) Shares Offered | 36,42,000 shares | 14.99% of total IPO size |
| Retail Shares Offered | 84,98,000 shares | 34.97% of total IPO size |
| Total Shares Offered | 2,43,00,000 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Shringar House of Mangalsutra Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 90 | ₹ 14,850 |
| Retail (Max) | 13 | 1,170 | ₹ 1,93,050 |
| S-HNI (Min) | 14 | 1,260 | ₹ 2,07,900 |
| S-HNI (Max) | 67 | 6,030 | ₹ 9,94,950 |
| B-HNI (Min) | 68 | 6,120 | ₹ 10,09,800 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 90 shares)
Financial Highlights
The table captures the key financials of Shringar House of Mangalsutra Ltd for last 3 financial years.
| Particulars | FY25 | FY24 | FY23 |
| Net Revenues (₹ in crore) | 1,429.82 | 1,101.52 | 950.22 |
| Sales Growth (%) | 29.80% | 15.92% | |
| Profit after Tax (₹ in crore) | 61.11 | 31.11 | 23.36 |
| PAT Margins (%) | 4.27% | 2.82% | 2.46% |
| Total Equity (₹ in crore) | 200.85 | 136.85 | 105.72 |
| Total Assets (₹ in crore) | 375.75 | 265.00 | 211.55 |
| Return on Equity (%) | 30.43% | 22.73% | 22.09% |
| Return on Assets (%) | 16.26% | 11.74% | 11.04% |
| Asset Turnover Ratio (X) | 3.81 | 4.16 | 4.49 |
| Earnings per share (₹) | 8.57 | 4.39 | 3.29 |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The company has shown robust growth in sales, which is in line with its expansion across geographies. The steady growth in profits has also resulted in improvement in the PAT margins as well as an improvement in the REO and the return on assets.
Valuation Metrics
At the current issue price of ₹165 per share, the valuation of the company is at a P/E ratio of 19.3X in terms of latest year EPS. This looks like reasonable valuation considering its strong B2B client base as well as ROE in excess of 30%. The company also brings some additional merits to the table. Corporate and institutional clients are stickier, once they are convinced of quality and delivery schedules. That is working in their favour. As a designer and manufacturer of designs, the company has full control over the value chain, which gives it greater flexibility in pricing and cost management. The stock may be offering a good alternative to participate in an FMCG stock through the B2B route.
A Brief on the Anchor Allocation
The anchor issue of Shringar House of Mangalsutra Ltd saw a relatively healthy response on 29th August 2025 with 29.98% of the IPO size absorbed by anchors. Out of 2,43,00,000 shares (243 lakh shares) on offer, anchors picked up 72,84,000 shares (72.84 lakh shares) accounting for 29.98% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹165 per share. This includes the face value of ₹10 per share plus a share premium of ₹155 per share. The anchor bidding opened and closed on 09th September 2025.
Key Points to Note in the Anchor Allocation Process
Here are the key details pertaining to the anchor bidding of Shringar House of Mangalsutra Ltd
| Bid Date | September 09, 2025 |
| Shares Offered | 72,84,000 shares |
| Anchor Portion Size (₹ in crore) | ₹120.19 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | October 15, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 14, 2025 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
Anchor Allocation Investors
On 09th September 2025, Shringar House of Mangalsutra Ltd allotted 72,84,000 shares to 14 anchor investors. The allocation was done at the upper IPO price band of ₹165 per share which resulted in overall anchor allocation of ₹120.19 crore. The anchors have already absorbed 29.98% of the total issue size of ₹400.95 crore. Listed below are the 10 IPO anchor investors who accounted for anchor collection of ₹100.18 crores, or, 83.35% of anchor allocation.
| Anchor Investors |
No. of Shares |
% of Anchor Portion |
Value Allocated |
|
| 01 | Kotak Mahindra Life Insurance | 12,12,300 | 16.64% | ₹ 20.00 |
| 02 | Maybank Securities – ODI | 9,09,180 | 12.48% | ₹ 15.00 |
| 03 | Plutus Equity Investment Series | 6,06,150 | 8.32% | ₹ 10.00 |
| 04 | Founders Collective Fund | 6,06,150 | 8.32% | ₹ 10.00 |
| 05 | North Star Opportunities Fund | 6,06,150 | 8.32% | ₹ 10.00 |
| 06 | Societe Generale – ODI | 6,06,150 | 8.32% | ₹ 10.00 |
| 07 | Mint Focused Growth Fund PCC | 4,86,000 | 6.67% | ₹ 8.02 |
| 08 | Aidos India Fund | 4,33,200 | 5.95% | ₹ 7.15 |
| 09 | NAV Capital Emerging Star Fund | 3,03,120 | 4.16% | ₹ 5.00 |
| 10 | Rajasthan Global Securities | 3,03,120 | 4.16% | ₹ 5.00 |
| Grand Total | 60,71,520 | 83.35% | ₹ 100.18 |
Data Source: BSE Filings (Value Allocated in ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 72,84,000 shares allocated to the anchors in the IPO, there were no shares allocated to domestic mutual funds registered with SEBI. Shares were largely allocated to insurance companies, ODI issuers, and AIFs.
Next Steps in the IPO
Post the closure of the IPO subscription on 12th September 2025, the basis of allotment will be finalized on 15th September 2025 and the refunds will be initiated on 16th September 2025. In addition, the demat credits are expected to also happen on 16th September 2025 and the stock will list on 17th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2025 under ISIN (INE1B3L01017).
IPO Subscription Status On Day-1
As of 5.20 pm on 10th September 2025, out of the 170.16 lakh shares on offer in the IPO (excluding anchor portion), Shringar House of Mangalsutra Ltd saw bids for 341.73 lakh shares. This implies an overall subscription of 2.01X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Shringar House of Mangalsutra Ltd was as under:
| Employees (8.99X) | QIBs (0.01X) | HNI / NII (2.70X) | Retail (2.83X) |
The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 72,84,000 | 72,84,000 | 120.19 |
| Employee Quota | 8.99 | 20,000 | 1,79,820 | 2.97 |
| QIB Investors | 0.01 | 48,56,000 | 64,350 | 1.06 |
| HNIs / NIIs | 2.70 | 36,42,000 | 98,46,450 | 162.47 |
| Retail Investors | 2.83 | 84,98,000 | 2,40,82,110 | 397.35 |
| Total | 2.01 | 1,70,16,000 | 3,41,72,730 | 563.85 |
Data Source: NSE / BSE (as of close of Day-1 of the IPO)
The IPO is open up to September 12, 2024, at which point we will know the final subscription status of the IPO.
Next Steps in the IPO
Post the closure of the IPO subscription on 12th September 2025, the basis of allotment will be finalized on 15th September 2025 and the refunds will be initiated on 16th September 2025. In addition, the demat credits are expected to also happen on 16th September 2025 and the stock will list on 17th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2025 under ISIN (INE1B3L01017).
IPO Subscription Status On Day-2
As of 5.30 pm on 11th September 2025, out of the 170.16 lakh shares on offer in the IPO (excluding anchor portion), Shringar House of Mangalsutra Ltd saw bids for 1,402.95 lakh shares. This implies an overall subscription of 8.24X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Shringar House of Mangalsutra Ltd was as under:
| Employees (24.06X) | QIBs (0.86X) | HNI / NII (14.81X) | Retail (9.62X) |
The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 72,84,000 | 72,84,000 | 120.19 |
| Employee Quota | 24.06 | 20,000 | 4,81,140 | 7.94 |
| QIB Investors | 0.86 | 48,56,000 | 41,72,400 | 68.84 |
| HNIs / NIIs | 14.81 | 36,42,000 | 5,39,21,700 | 889.71 |
| Retail Investors | 9.62 | 84,98,000 | 8,17,19,820 | 1,348.38 |
| Total | 8.24 | 1,70,16,000 | 14,02,95,060 | 2,314.87 |
Data Source: NSE / BSE (as of close of Day-2 of the IPO)
The IPO is open up to September 12, 2024, at which point we will know the final subscription status of the IPO.
Next Steps in the IPO
Post the closure of the IPO subscription on 12th September 2025, the basis of allotment will be finalized on 15th September 2025 and the refunds will be initiated on 16th September 2025. In addition, the demat credits are expected to also happen on 16th September 2025 and the stock will list on 17th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2025 under ISIN (INE1B3L01017).
IPO Subscription Status On Day-3
As of 7.30 pm on 12th September 2025, out of the 170.16 lakh shares on offer in the IPO (excluding anchor portion), Shringar House of Mangalsutra Ltd saw bids for 10,259.16 lakh shares. This implies an overall subscription of 60.29X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Shringar House of Mangalsutra Ltd was as under:
| Employees (69.90X) | QIBs (101.41X) | HNI / NII (82.58X) | Retail (27.22X) |
The subscriptions were led by the QIB Investors followed by the HNI / NII Investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 72,84,000 | 72,84,000 | 120.19 |
| Employee Quota | 69.90 | 20,000 | 13,98,060 | 23.07 |
| QIB Investors | 101.41 | 48,56,000 | 49,24,45,710 | 8,125.35 |
| HNIs / NIIs | 82.58 | 36,42,000 | 30,07,73,430 | 4,962.76 |
| Retail Investors | 27.22 | 84,98,000 | 23,12,98,470 | 3,816.42 |
| Total | 60.29 | 1,70,16,000 | 1,02,59,15,670 | 16,927.61 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO was open up to September 12, 2024, which was the last subscription day for the IPO. As of the close of trading hours on Friday, the IPO has closed for subscription. The subscription update that you see above is the final subscription status of the IPO of Shringar House of Mangalsutra Ltd. The final allotment status of the IPO stands closed as of 7.30 PM on the last day of the IPO.
Next Steps in the IPO
Post the closure of the IPO subscription on 12th September 2025, the basis of allotment will be finalized on 15th September 2025 and the refunds will be initiated on 16th September 2025. In addition, the demat credits are expected to also happen on 16th September 2025 and the stock will list on 17th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2025 under ISIN (INE1B3L01017).
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