The ₹401 crore initial public offering (IPO) of Shringar House of Mangalsutra, which opened for subscription on September 10, closed today, September 12, with the issue subscribed 60 times during the three-day bidding period.

It received bids for 102.62 crore shares against the total offer of 1.70 crore shares, resulting in an overall subscription of 60.35 times by the end of Day 3, according to exchange data. The issue price was set between ₹155 and ₹165 per share.

The QIB (Qualified Institutional Buyers) category saw strong interest, with its portion subscribed 104.41 times, while the non-institutional investors’ quota was booked 82.58 times. The retail investors’ portion was subscribed 27.26 times.

The company proposes to use the proceeds from the issue towards funding working capital requirements of the company and general corporate purposes. The allotment of shares is expected to be finalized on September 15, 2025, with a tentative listing on both the BSE and NSE scheduled for Wednesday, September 17, 2025.

GMP signals over 19% premium

As of today, the grey market premium (GMP) for Shringar House of Mangalsutra’s IPO stands at ₹32 per share. This suggests that the shares are anticipated to list above their issue price. With this GMP and the IPO’s upper price band, the estimated listing price of the shares would be ₹197, reflecting an 19.4% premium over the issue price of ₹165 per share.

The grey market premium represents the expected difference between an IPO’s issue price and its anticipated listing price in the unofficial market. However, it’s important to remember that GMP is a preliminary indicator and should not be the sole factor in making investment decisions.

About the company

Shringar House of Mangalsutra is engaged in designing, manufacturing, and marketing a diverse range of Mangalsutras adorned with various stones such as American diamonds, cubic zirconia, pearls, mother-of-pearl, and semi-precious stones, crafted in 18k and 22k gold.

The company primarily serves its business-to-business (B2B) clients and holds approximately 6% of the organized Mangalsutra market in India as of CY23, according to a CareEdge Report.

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