Shringar House of Mangalsutra Files IPO Papers with SEBI
Shringar House of Mangalsutra Ltd has filed draft papers with capital markets regulator SEBI to launch an Initial Public Offering (IPO). The IPO consists entirely of a fresh issue of 2.43 crore equity shares, with no Offer for Sale (OFS) component
Employee Reservation & Discount
According to the Draft Red Herring Prospectus (DRHP) filed on Wednesday, the issue includes a reserved portion for eligible employees, who will also receive a discount on the subscription price.
Utilization of Funds
The ₹250 crores will be utilised for Working Capital Requirements and the rest for General Corporate Purposes (GCP).
About Shringar House of Mangalsutra
Incorporated in 2009, Shringar House of Mangalsutra specializes in designing, manufacturing, and marketing Mangalsutras adorned with a variety of stones, including American diamonds, cubic zirconia, pearls, mother of pearl, and semi-precious stones, crafted in 18K and 22K gold.
Operating primarily in the B2B segment, the company held a 6% market share in India’s organized Mangalsutra market as of 2023, according to a CareEdge report.
Financial Performance
- Fiscal 2024 Revenue: ₹1,101.52 crore (up 16% from ₹950.22 crore in FY23)
- Profit After Tax (PAT) for FY24: ₹31.10 crore (up 33% from ₹23.36 crore in FY23)
H1 FY25 (as of September 30, 2024):
- Revenue: ₹687.13 crore
- PAT: ₹33.03 crore
IPO Details
- Lead Manager: Choice Capital Advisors
- Registrar: MUFG Intime India
- Proposed Listing: NSE & BSE
With its strong market presence and consistent financial growth, Shringar House of Mangalsutra aims to leverage the IPO to expand its business and enhance its financial position.
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