Shringar House of Mangalsutra IPO subscribed over 8 times day 2, NIIs lead; check key details

Shringar House of Mangalsutra IPO: The initial public offering of jewellery player Shringar House of Mangalsutra has been subscribed 8.24 times on Thursday, September 11, the second day of bidding.

The initial share sale attracted bids for 140,295,060 shares against 1,70,16,000 shares on offer, according to details available with the NSE until 5 pm.

The bidding was led by non-institutional investors (NIIs) who subscribed their portion 14.81 times, followed by retail individual investors (RIIs) with 9.62 times subscription. The part set aside for qualified institutional buyers (QIBs) was booked 86% times.

The IPO, with a price range of ₹155 to ₹165 per share, will conclude on Friday, September 12.

The Mumbai-based company's IPO seeks to raise ₹400.95 crore solely by offering 2.43 crore new shares.

Net proceeds from the fresh issue will be used for working capital needs and general corporate purposes.

Before the IPO, the company mobilised ₹120.18 crore in the anchor round from investors such as Kotak Mahindra Life Insurance Company, AIDOS India Fund Limited, Societe Generale - ODI, Maybank Securities Pte Ltd - ODI, Founders Collective Fund, and Nav Capital VCC.

Shringar House of Mangalsutra, incorporated in 2009, designs, manufactures, and markets mangalsutras with 18k and 22k gold, adorned with cubic zirconia, American diamonds, pearls, mother-of-pearl, and semi-precious stones.

Its clients include wholesale jewellers, corporate clients, and retailers. Apart from domestic markets, it also serves international customers in the UAE, the United Kingdom, New Zealand, the USA and the Republic of Fiji.

Choice Capital Advisors is the only book-running lead manager of the issue, while MUFG Intime India is the registrar.

Shringar House of Mangalsutra IPO GMP