Shringar House of Mangalsutra IPO Rockets with 2x Subscription on Day 1
Traditional jewelry IPO surges as investors flock—proving even gold needs a digital-age glow-up.
Market Frenzy
Investors piled in hard, pushing subscription numbers to double the initial offering. Two times oversubscribed screams demand—or maybe just fear of missing out on the next shiny object.
Behind the Sparkle
The rush highlights a curious trend: traditional assets still pulling weight in a crypto-dominated era. Old-school meets new-school—with a side of irony.
Finance’s New Darling?
Sure, it’s not a token, but the hype feels familiar. Another IPO, another queue of hopefuls chasing returns—because who needs decentralization when you’ve got a 2x oversubscription to brag about?
Anchor investors
Shringar House of Mangalsutra Ltd garnered ₹120.19 crore from anchor investors ahead of its initial public offering that opened for public subscription on September 10. The company informed the bourses that it allocated 72,84,000 equity shares at ₹165 per share to anchor investors.
The marquee institutions that participated in the anchor include Kotak Mahindra Life Insurance, Maybank Securities, Societe Generale, Plutus Investment Trust, North Star Opportunities Fund, Founders Collective, Mint Focused Growth Fund, Aidos India Fund, Rajasthan Global Securities, Sunrise Investment Trust, Astrone Capital, Jalan Chemical Industries, Shine Star Build and NAV Capital.
Objective of issue
The company plans to use ₹280 crore from the total funds raised to meet working capital needs and the remaining for general corporate purposes.
Shringar House of Mangalsutra is engaged in the design, manufacture, and marketing of a diverse range of Mangalsutras adorned with 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 per cent of the organised Mangalsutra market in India as of CY23, according to a CareEdge Report.
The company caters to an array of clients, including corporate clients, wholesale jewellers, and retailers across 24 states and four union territories in India. Beyond its domestic market, the company has expanded its presence internationally, serving clients in the UK, New Zealand, the UAE, the US, and the Republic of Fiji.
Its marquee corporate clients include Malabar Gold Ltd, Titan Company, GRT Jewellers India Pvt Ltd, Reliance Retail Ltd, Novel Jewels Ltd (Aditya Birla Group), Joyalukkas India Ltd, and international names including Goldbox Enterprises Ltd (UK), Sona Sansaar Ltd (New Zealand), and Damas Jewellery LLC (UAE). As on March 31, 2025, the company served 34 corporate clients, 1,089 wholesalers, and 81 retailers.
In addition to its Core business, Shringar House of Mangalsutra also manufactures and supplies Mangalsutras on a job-work basis to their corporate clients. For the fiscals 2025, 2024, and 2023, the company processed a total of 1,320.72 kg, 1,221.19 kg and 870.26 kg of bullion into Mangalsutras.
The company has an extensive portfolio of Mangalsutras, featuring over 15 collections and more than 10,000 active SKUs, offering designs for special occasions like weddings, festivals, and anniversaries, as well as everyday wear. Its collections include antique, bridal, traditional, contemporary, and Indo-Western styles, catering to women of all ages, with varying price points and weights.
Choice Capital Advisors Private Ltd is the sole book-running lead manager, and MUFG Intime India Private Ltd is the registrar of the issue.
Brokerages view: Anand Rathi, SBI Securities, BP Wealth, Canmoney, SMIFS, GEPL Capital, Marwadi Financial Service, Master Trust Broking & Investments and Adroit Financial Services have assigned a “subscribe” rating to the IPO of Shringar House of Mangalsutra.
Published on September 11, 2025
