Shringar House IPO booked 8.24 times on Day 2

New Delhi, Sep 11 (PTI) The initial public offering of jewellery firm Shringar House of Mangalsutra Ltd got subscribed 8.24 times on the second day of share sale on Thursday.

The IPO received bids for 14,02,95,060 shares against 1,70,16,000 shares on offer, as per data available with the NSE.

The category for non-institutional investors fetched 14.81 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 9.62 times. Qualified Institutional Buyers (QIBs) part received 86 per cent subscription.

Shringar House of Mangalsutra on Tuesday said it has garnered Rs 120.18 crore from anchor investors.

The IPO, with a price band of Rs 155 to Rs 165 per share, will conclude on Friday.

The Mumbai-based company's IPO is entirely a fresh issue of 2.43 crore equity shares, worth Rs 401 crore at the upper end of the price band, with no Offer For Sale (OFS) component.

Proceeds from the fresh issue will be utilised for supporting working capital requirements of the company and general corporate purposes.

Incorporated in 2009, Shringar House of Mangalsutra is engaged in designing, manufacturing, and marketing a diverse range of Mangalsutras adorned with various 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 about 6 per cent of the organised Mangalsutra market in India as of 2023, according to the draft papers citing a CareEdge report.

Choice Capital Advisors is the sole book running lead manager, and MUFG Intime India is the registrar of the issue. PTI SUM MR