Shringar House shares surge over 14% in debut trade at Rs 187.70

New Delhi: Shares of Shringar House of Mangalsutra Ltd listed with a premium of over 14 per cent against the issue price of Rs 165 on Wednesday.

The stock made its market debut at Rs 187.70, surging 13.75 per cent from the issue price on the BSE. Later in the trade, the stock jumped 15.75 per cent to Rs 191.

At the NSE, shares of the firm started trading at Rs 188.50, rallying 14.24 per cent.

The company commanded a market valuation of Rs 1,794.60 crore.

The initial public offer of Shringar House of Mangalsutra Ltd received 60.29 times subscription on the last day of the share sale on Friday.

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

The Mumbai-based company's IPO was 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.