Shringar House of Mangalsutra files DRHP with SEBI for IPO

Shringar House of Mangalsutra Ltd, a Mumbai-based jewellery company specializing in Mangalsutras, has filed draft papers with SEBI to launch an IPO. The IPO consists of a fresh issue of 2.43 crore equity shares, with no Offer for Sale (OFS) component. A portion of the IPO will be reserved for eligible employees, who will also receive a discount. After the IPO, the shares will be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

Use of IPO Proceeds

The company plans to utilize ₹250 crore from the fresh issue to meet working capital requirements and general corporate purposes.

IPO Management and Share Allocation

Choice Capital Advisors is the sole book-running lead manager, while MUFG Intime India is the registrar for the IPO. The IPO will follow a book-building process, with 50% allocated to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 35% to retail investors.

Company Background and Operations

Incorporated in 2009, Shringar House of Mangalsutra designs, manufactures and sells Mangalsutras made with American diamonds, pearls, and semi-precious stones in 18k and 22k gold. The company operates in the B2B segment, serving corporate clients, wholesale jewellers, and retailers across 24 states and 4 union territories. As of 2023, it held 6% of the organized Mangalsutra market in India. The company also has expanded internationally, serving clients in the UK, New Zealand, the UAE, the USA, and the Republic of Fiji. Shringar operates from its flagship store on Kalbadevi Road, Mumbai, and has a manufacturing facility in Lower Parel (West), Mumbai. It employs 12 in-house designers and 182 in-house Karigars (artisans) alongside third-party artisans. As of December 2024, the company had a design team of 12 employees and 182 in-house artisans. The company offers over 15 collections and more than 10,000 active SKUs, with designs for various occasions and styles.

Financial Performance

Shringar House of Mangalsutra has shown consistent financial growth:

• The company’s revenue from operations increased by 16% to ₹1,101.52 crore in FY24, up from ₹950.22 crore in the previous fiscal year.
• Profit after tax (PAT) rose by 33% to ₹31.10 crore in FY24, compared to ₹23.36 crore in FY23.
• For the six-month period ending September 30, 2025, revenue stood at ₹687.13 crores, with net profit at ₹33.03 crores.

Key Financial Ratios (FY2024)

• Earning Per Share (EPS): ₹4.39
• Return on Net Worth (RoNW): 25.65%
• Net Asset Value (NAV): ₹19.29