Shringar House of Mangalsutra Limited, a jewellery manufacturing company, is set to debut on the markets with an initial public offering (IPO) worth ₹400.95 crores, comprising a fresh issue of 2.43 crore equity shares. The subscription window will be open for investors from September 10 to September 12, 2025.
The IPO is priced in a band of ₹155–₹165 per share with a lot size of 90 shares, making the minimum investment for retail participants ₹14,850. Share allotment is scheduled for September 15, 2025, and the stock is expected to list on both the BSE and NSE on September 17, 2025. This IPO offers investors an accessible opportunity to participate in the company’s growth story and the expanding jewellery sector.
Shringar House of Mangalsutra Limited IPO is a fundraise worth ₹400.95 crores. An entirely fresh issue of 2.43 crore shares. The IPO will be available for subscription from September 10, 2025, to September 12, 2025, providing an opportunity for investors looking to gain a stake in a jewellery sector company.
| Shringar House of Mangalsutra IPO date | September 10, 2025 - September 12, 2025 |
| Price band | ₹155 to ₹165 per share |
| Face value | ₹10 per share |
| Lot size | 90 shares |
| Issue type | Book-building IPO |
| Fresh issue | 2,43,00,000 shares amounting to ₹400.95 crores |
| Total issue size | 2,43,00,000 shares amounting to ₹400.95 crores |
| Listing at | BSE, NSE |
| Share holding post issue | 9,64,32,080 shares |
| Share holding pre issue | 7,21,32,080 shares |
The Shringar House of Mangalsutra Limited IPO opens for subscription on September 10, 2025, and closes on September 12, 2025, with allotment slated for September 15, 2025.
| IPO open date | September 10, 2025 (Wednesday) |
| IPO close date | September 12, 2025 (Friday) |
| Basis of allotment | September 15, 2025 (Monday) |
| Initiation of refunds | September 16, 2025 (Tuesday) |
| Credit of shares to demat account | September 16, 2025 (Tuesday) |
| Listing date on exchanges | September 17, 2025 (Wednesday) |
| Cut-off time for UPI mandate confirmation | 5 PM on September 12, 2025 (Friday) |
Shringar House of Mangalsutra Limited, incorporated in 2009, is engaged in the design, manufacture, and marketing of a wide range of Mangalsutras in India. The company offers an extensive collection featuring American diamonds, cubic zirconia, pearls, and semi-precious stones crafted in 18k and 22k gold. Its products are supplied to a diverse B2B client base that includes corporate clients, wholesale jewellers, and retailers across 24 states and 4 union territories.
Over the past three fiscals, the company has significantly scaled its operations, processing over 1,300 kg of bullion into Mangalsutras in FY25 and expanding its presence to international markets such as the UK, New Zealand, UAE, USA, and Fiji. Key clients include Malabar Gold, Titan Company, GRT Jewellers, Reliance Retail, Joyalukkas, and Damas Jewellery (UAE). As of March 31, 2025, the company has served 34 corporate clients, 1,089 wholesalers, and 81 retailers, supported by a workforce of 237 employees.
Shringar House of Mangalsutra Limited plans to utilise the net proceeds from its IPO primarily to meet its working capital requirements, with the remaining amount allocated towards general corporate purposes.
The Shringar House of Mangalsutra Limited IPO showcases a healthy market capitalization of ₹1,591.13 crores. Key performance indicators, as on March 31, 2025, reflect the company's financial health, with a Return on Capital Employed (RoCE) of 32.43%, and Debt-to-Equity ratio of 0.61.
The Return on Net Worth (RoNW) stands at 36.20%, while the Price-to-Book Value (P/BV) is seen at 5.93. The PAT Margin is 4.27% and the EBITDA Margin is 6.48%. On an annual basis, the company's Profit After Tax (PAT) grew by 96% while the revenue increased by 30% in the financial year ending on March 31, 2025. A comparison of earnings per share (EPS) reveals a pre-IPO EPS of ₹8.47 while it is ₹6.34 post-IPO.
| Period Ended | March 31, 2025 | March 31, 2024 | March 31, 2023 |
| Assets | 375.75 | 265.00 | 211.55 |
| Total Income | 1,430.12 | 1,102.71 | 951.29 |
| Profit After Tax | 61.11 | 31.11 | 23.36 |
| Net Worth | 200.85 | 136.85 | 105.72 |
| EBITDA | 92.61 | 50.76 | 38.89 |
| Reserves & Surplus | 123.72 | 125.72 | 94.62 |
| Total Borrowing | 123.11 | 110.09 | 93.19 |
Amount in ₹ crores
Shringar House of Mangalsutra Limited has built a strong reputation over 15+ years with a well-established domestic and international client base, including leading corporate customers like Malabar Gold, Titan, and Joyalukkas. Its deep B2B relationships and repeat business from wholesalers and retailers provide stable revenue visibility. The company holds nearly 6% share of India’s organised mangalsutra market (CY23), positioning it as a category leader with high brand recall in the B2B space.
The company also benefits from a robust, integrated manufacturing setup in Mumbai, enabling in-house design-to-production with skilled karigars and strict quality controls. Its diverse portfolio spans 15+ collections and over 10,000 active SKUs, catering to various tastes and price points. This focus on design innovation, scale, and efficiency has contributed to steady financial growth and improving profitability, supported by experienced promoters and a professional management team.
Shringar’s revenue is heavily dependent on mangalsutra sales and a concentrated set of corporate and wholesale clients, with no long-term contracts in place. This concentration exposes the company to risks if key clients reduce orders or discontinue purchases. Its operations rely on a single manufacturing facility in Mumbai, meaning any disruption—such as shutdowns, under-utilisation, or local issues—could significantly impact production and financial performance.
Additionally, the business faces challenges such as high working capital requirements, exposure to fluctuations in gold prices, and competition from the unorganised jewellery sector. The risk of imitation due to unregistered designs and reliance on promoter-led decision-making may also affect scalability and continuity. Expanding into rural markets remains limited, potentially capping growth opportunities compared to pan-India players.
The Shringar House of Mangalsutra Limited IPO presents a unique chance for investors to participate in the jewellery sector at an early stage of its public journey. While the appeal of early entry is strong, it is essential to assess the company’s fundamentals, market position, and growth prospects carefully. Investors are advised to conduct detailed research and ensure the opportunity fits their financial goals and risk appetite, turning this promising IPO into a well-informed and strategic investment decision.
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