Shringar House IPO subscribed 60.29 times

New Delhi, Sep 12 (PTI) The initial public offer of Shringar House of Mangalsutra Ltd received 60.29 times subscription on the last day of share sale on Friday.

The IPO got bids for 1,02,59,15,670 shares against 1,70,16,000 shares on offer, according to NSE data.

The portion for Qualified Institutional Buyers (QIBs) got subscribed a huge 101.41 times. Non-Institutional Investors part received 82.58 times subscription, while the quota for Retail Individual Investors (RIIs) garnered 27.22 times subscription.

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

The IPO has a price band of Rs 155 to Rs 165 per share.

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 SUM SHW