Niche Jewellery Brand Shringar House of Mangalsutra Makes Warm Market Debut; Lists at 14% Premium

The stock opened at ₹188.50 per share on the NSE and ₹187.70 on the BSE

Shringar House of Mangalsutra got off to a decent start on the benchmark indices, listing at a 14% premium over its IPO price of ₹165.

The stock opened at ₹188.50 per share on the NSE and ₹187.70 on the BSE.

IPO Details

The IPO received strong demand during its three-day subscription window, from September 10 to September 12, and was oversubscribed more than 60 times. Priced at ₹155 - ₹165 per share, the IPO comprised a fresh issue of 2.43 crore shares.

Ahead of the launch, the company raised ₹120.19 crore from marquee anchor investors, including Kotak Mahindra Life Insurance, Maybank Securities, Societe Generale, and Reliance-backed funds, among others.

The company plans to raise ₹401 crore via the issue, of which ₹280 crore will be used for capital expenditure, while allocations of ₹100.23 crore will be used for general corporate purposes, and ₹20.73 crore for miscellaneous expenses.

Company Details

Shringar House of Mangalsutra specializes in designing and marketing a wide range of Mangalsutras crafted in 18k and 22k gold, often embellished with semi-precious stones and American diamonds. It holds a 6% share in India’s organized Mangalsutra market.

It operates on a B2B model, catering to corporate clients, wholesale jewellers, and retailers in India and international markets, including the UK, New Zealand, UAE, USA, and Fiji.

Its client base features top names like Titan, Malabar Gold, Reliance Retail, Joyalukkas, PN Gadgil Jewellers, and Damas Jewellery.

Analyst View

Strengths include long-standing relationships with marquee clients, a strong B2B network, and consistent financial growth, said SEBI-registered analyst Aditya Hujband.

The company’s integrated manufacturing model, supported by skilled artisans, enhances product quality and scalability. With growing exports, Shringar is also tapping into high-demand NRI markets, Hujband said.

However, risks remain. Heavy reliance on promoters, unprotected designs, and exposure to gold price volatility could impact operations, the analyst added.

High client concentration and stiff competition from established jewellery brands add further pressure.

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