Shringar House of Mangalsutra Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
Participate in the Shringar House of Mangalsutra Ltd IPO with full transparency. Review issue details, company fundamentals, and financial performance, and apply securely through Alice Blue.
IPO Snapshot
Key metrics and details at a glance.
Price Band
₹165
Per ShareLot Size
90 Shares
Minimum Investment
₹14,850
Issue Size
₹400.95 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Shringar House of Mangalsutra Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
99.99%
Promoter Holding (Post-Issue)
74.8%
Issue Type
Book Building
ISIN
INE1B3L01017
About the Company
We are amongst the leading and specialised designers and manufacturers of Mangalsutra in India. (Source: CareEdge Report). We are engaged in designing, manufacturing, and marketing, a varied range of Mangalsutra studded with diverse range of stones including but not limited to, American diamond, cubic zirconia, pearl, mother of pearl, and semi-precious stones, in 18k and 22k purity of gold, to our business-to-business ("B2B") clients. Mangalsutra is a traditional necklace, crafted from gold and black beads worn by married Indian women which symbolizes marital status and is esteemed as a sacred thread that is believed to bless and extend the life of the spouse. Our Company contributed to around 6% of organized Mangalsutra market in India in CY23.
Industry Overview
In CY23, the Indian mangalsutra market reached Rs. 178 billion showing a y-o-y growth of ~16%. In CY24 the Indian mangalsutra market is expected to grow by 8% y-o-y to Rs.192 billion. The market is expected to grow at a compounded annual growth rate (CAGR) of 5.8% in the next 10 years to Rs 303 billion in CY32. The Mangalsutra, a symbol of marriage, is traditionally made from gold to align with these customs. Gold is chosen for Mangalsutras due to its association with wealth, purity, and divine blessings, which helps preserve the tradition across generations. The surge in weddings is also driving growth in the jewellery industry, as bridal jewellery purchases increase with each wedding. Mangalsutra is a vital part of Indian weddings. Mangalsutras in India are designed in numerous styles and patterns to reflect local customs and preferences. For instance, the Maharashtrian Mangalsutra differs significantly from those in North or South India. This diversity creates a large market for varied styles, allowing jewellers to cater to regional preferences. The trend towards customization and personalization is growing in the jewellery industry, including for Mangalsutras. Customers increasingly seek unique designs tailored to their tastes and preferences. This trend for personalized Mangalsutras meets the desire for distinctiveness and individual expression. Hence in long term the market for mangal sutra is expected to remain healthy. (Source: CareEdge Report). We face competition from both the organized and unorganised sectors of the jewellery manufacturing and supply business and there are also several producers of varying size manufacturing certain of the products that we sell, in various geographical markets. Listed players competing with us in the industry include RBZ Jewellers Limited, Utssav CZ Gold Jewels Limited and Sky Gold & Diamonds Limited.
Company History
Our Company was originally incorporated as `Shringar House of Mangalsutra Private Limited', a private limited company under the erstwhile Companies Act, 1956 at Mumbai, Maharashtra, pursuant to a certificate of incorporation dated January 02, 2009, issued by the Registrar of Companies, Maharashtra at Mumbai ("RoC"). Thereafter, our Company was converted into a public limited company pursuant to a special resolution passed by our Shareholders as on November 30, 2024 and consequently, the name of our Company was changed to `Shringar House of Mangalsutra Limited'. A fresh certificate of change of name, consequent upon conversion to a public limited company was issued by registrar of companies, central processing centre, Manesar, Haryana on December 11, 2024.
Products & Services
- The Company is amongst the leading and specialised designers and manufacturers of Mangalsutra in India. It is engaged in designing, manufacturing, and marketing, a varied range of Mangalsutra studded with diverse range of stones.
Growth Strategy
- Establish a supply chain network to reach untapped geographical regions.
- Grow our relationships with the existing clients and participate in their future expansions.
- Continue to invest in our marketing and brand building initiatives.
- Augment our fund based capacities in order to scale up business operations.
- Continuing focus on reducing operating costs and improving operational efficiency.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of up to 24,300,000 equity shares of face value of Rs. 10/- each ("equity shares") of Shringar House of Mangalsutra Limited ("the company" or "issuer") for cash at a price of Rs. 165/- per equity share (including a premium of Rs. 155/- per equity share) ("issue price") aggregating up to Rs. 400.92 crores ("issue"). The issue comprises a fresh issue of up to 24,300,000 equity shares aggregating up to Rs. 400.92 crores ("fresh issue"). The issue constitutes 25.20% of the post-issue paid-up equity share capital of the company.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Established client base and long-standing relationship with our clients. We supply and/or our products to a diverse range of clients including Corporate Clients,
- Design innovation and diversified product portfolio.
- Integrated Manufacturing Facility setup under one roof equipped to produce variety of Mangalsutras.
- Quality control and quality assurance for manufacturing of Mangalsutras.
- Proven track record of growth in financial performance.
- We derive a significant portion of our revenue from operations from the sale of our Mangalsutras to our Corporate Clients (33.99%, 31.78% and 30.18% in Fiscal 2025, Fiscal 2024 and Fiscal 2023), retailers (54.47%, 54.13% and 52.46% in Fiscal 2025, Fiscal 2024, and Fiscal 2023) and wholesalers (11.50%, 14.04% and 17.31% in Fiscal 2025, Fiscal 2024, and Fiscal 2023) and we do not have long term contracts with any of these clients. Loss of any of these clients, or the cancellation of their purchase orders, could adversely affect our business, cash flows, financial condition, and overall results of operations.
- During Fiscal 2025, Fiscal 2024 and Fiscal 2023, the actual capacity utilisation was 69.00%, 70.00% and 66.80%, respectively of total installed capacity Under-utilisation of our manufacturing capacities and an inability to effectively utilise our expanded manufacturing capacities could have an adverse effect on our business, future prospects and future financial performance.
- Our Company requires significant amount of working capital for continued growth. We intend to utilise Rs.2,800.00 million from the total Net Proceeds towards funding our working capital requirements, and the proposed deployment of Net Proceeds in Fiscal 2026 is based on certain assumptions and management estimations. Our inability to meet our working capital requirements, on commercially acceptable terms, may have an adverse impact on our business, financial condition and results of operations.
- Our business operations are supported by a single Manufacturing Facility, located in Mumbai, Maharashtra. A slowdown or shutdown in our manufacturing operations or any adverse development affecting such region could have an adverse effect on our business, results of operations, financial condition and cash flows.
- Our business is primarily concentrated in state of Maharashtra, which accounted for 49.50%, 49.21% and 44.11% of our revenue from operations for Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. Any adverse development affecting such region may have an adverse effect on our business, prospects, financial condition and results of operations.