The IPO will be open for bidding for three days, beginning tomorrow and ending on September 12.
Shringar House of Mangalsutra IPO GMP Today
As of today, the IPO is commanding a grey market premium (GMP) of Rs 21, which translates to a 12.73% gain over the upper price band of Rs 165, implying a possible listing price of around Rs 186.
Note: Grey Market Premium (GMP) reflects investor sentiment in the unofficial market. It is not an official indicator and does not guarantee listing gains. Investors should evaluate fundamentals and risk factors before making investment decisions.
IPO key detailsThe Rs 400.95 crore Shringar House of Mangalsutra IPO is entirely a fresh issue of 2.43 crore shares, with a price band of Rs 155–165 per share.The subscription window will be open for three days, starting September 10 and closing on September 12. Following the close of bidding, the allotment of shares is expected on September 15, 2025, while the company’s shares are tentatively scheduled to be listed on stock exchanges on September 17, 2025.
Retail investors can apply for the IPO in a minimum lot size of 90 shares, which requires an investment of Rs 14,850 at the upper price band of Rs 165 per share.
Company overview
Shringar House of Mangalsutra is a Mumbai-based jewellery brand specializing in the design, manufacturing, and retail of mangalsutras—a traditional gold necklace with cultural and symbolic significance in Indian marriages. The company offers a diverse range of mangalsutra designs, often adorned with American diamonds, cubic zirconia, pearls, mother of pearl, and other semi-precious stones. These pieces are crafted in both 18k and 22k gold, catering to a wide spectrum of customer preferences.
As of calendar year 2023 (CY23), Shringar House held approximately 6% market share in India’s organized mangalsutra segment. In FY24, the company crossed a major milestone by surpassing Rs 1,000 crore in annual revenue. It has built a pan-India customer base and also exports its products to international markets, particularly the UAE. The company operates across both B2B and B2C channels, providing flexibility and scale in distribution.
India’s mangalsutra market, valued at Rs 17,800 crore in CY23, is projected to expand at a CAGR of 5.8%, reaching approximately Rs 30,300 crore by CY32. Key growth drivers include the rise in the number of weddings, increasing consumer demand for personalized jewellery, and a steady shift from the unorganized sector to organized and branded retail formats.
Shringar House is promoted by Chetan N. Thadeshwar, Mamta C. Thadeshwar, Viraj C. Thadeshwar, and Balraj C. Thadeshwar, and aims to deepen its market reach by partnering with third-party intermediaries. The company has identified 42 cities for expansion and has already onboarded 11 third-party facilitators.
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Use of IPO proceeds
The company intends to utilize the net proceeds from the IPO primarily to meet working capital requirements and for general corporate purposes. As Shringar House operates in a working-capital-intensive industry, it typically purchases gold upfront from banks and bullion dealers, while offering clients a credit period of approximately 15–20 days.
This cash flow gap necessitates significant working capital support. The infusion of fresh capital from the IPO is expected to help the company scale operations, manage its supply chain more efficiently, and support ongoing business expansion initiatives.
Should you bid
Shringar House of Mangalsutra has demonstrated consistent revenue growth since inception. To expand its footprint across untapped jewellery markets in India, the company is building a pan-India supply chain network through partnerships with third-party intermediaries and facilitators. It has identified 42 target cities and entered arrangements with 11 third-party partners to support this strategy.
Given its working-capital-intensive business model, where gold purchases require upfront payments while clients receive credit terms of 15–20 days, the company’s capital needs are expected to grow with operational scale. A significant portion of the IPO proceeds will be directed toward working capital, enabling the company to sustain and support expansion.
Shringar is well-positioned to benefit from the growing shift from the unorganized to the organized jewellery sector, especially within the large and evolving mangalsutra market. At the upper price band of Rs 165, the company is valued at a post-issue FY25 P/E of 26.0x, which appears reasonable considering its growth prospects and market opportunity.
According to SBI Securities, investors are advised to subscribe to the IPO at the cut-off price, particularly with a long-term investment horizon.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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