National News
Shringar House of Mangalsutra Ltd. IPO Subscribed 2X ON Day 1
IPO received bids for 3,41,36,370 shares against the 1,70,16,000 shares on offer
Shringar House of Mangalsutra Ltd, India’s largest and most trusted name in Mangalsutra manufacturing, has witnessed an overwhelming response to its Initial Public Offering (IPO), which was fully subscribed within hours of opening for bidding on Wednesday. By the end of Day 1, the IPO was subscribed 2.01 times, reflecting strong investor confidence in the company’s growth story and leadership in the jewellery sector.
The IPO received bids for 3,41,36,370 shares against the 1,70,16,000 shares on offer, according to data available with NSE.
The Retail Individual Investors (RIIs) portion was subscribed 2.83 times. Non-Institutional Investors (NIIs) subscribed their portion 2.70 times.
Earlier, Shringar House of Mangalsutra successfully raised ₹120.18 crore from anchor investors on Tuesday, setting a strong foundation for the public issue.
The IPO, with a price band of Rs.155 to Rs.165 per share, will remain open for subscription until September 12, 2025. It is a fresh issue of 2.43 crore equity shares, aggregating up to Rs.401 crore at the upper end of the price band. The entire issue is fresh equity, with no Offer for Sale (OFS) component. Proceeds will be utilised towards supporting working capital requirements and general corporate purposes.
Since decades, Shringar House of Mangalsutra has established itself as the pioneer and leader in Mangalsutra manufacturing, offering a diverse portfolio crafted in 18k and 22k gold and adorned with cz diamonds, cubic zirconia, pearls, mother of pearl, and semi-precious stones. The company primarily caters to business-to-business (B2B) clients and, as per CareEdge Research, holds about 6% of India’s organised Mangalsutra market as of 2023.
The IPO is being managed by Choice Capital Advisors as the sole Book Running Lead Manager, while MUFg Intime India Pvt Ltd is acting as the Registrar to the Issue.
National News
GJC Delegation Meets RBI Deputy Governor, Makes GMS Presentation
The Proposal Was Acknowledged As An Innovative Initiative With The Potential To Become A Game Changer For The Industry and The Nation.
A GJC delegation comprising Vice Chairman Avinash Gupta, Legal Consultant CA Bhavin Mehta, and National Secretary Mitesh Dhorda met with Shirish Chandra Murmu, Deputy Governor of the Reserve Bank of India, along with his senior team.
During the meeting, the delegation made a detailed presentation on the proposed Gold Monetization Scheme (GMS). The RBI team appreciated the concept of the scheme. The proposal was acknowledged as an innovative initiative with the potential to become a game changer for the industry and the nation.
GJC remains committed to working closely with all stakeholders —including the government, banks, jewellers, gold depositors, and temple trusts—in the larger national interest and for the sustainable growth of the GJ industry.
The Gold Monetization Scheme (GMS) in India was launched with the primary objective of reducing gold imports by mobilizing the vast amount of idle gold held by households, institutions, and temple trusts, thereby decreasing the country’s heavy reliance on gold imports. By encouraging depositors to bring their unused gold into the formal banking system, the scheme puts this dormant gold into productive economic purposes, such as meeting the needs of jewellers and industries without requiring fresh imports.
Additionally, the scheme allows depositors to earn interest on their gold deposits instead of keeping gold idle at home, transforming a non-yielding asset into an income-generating investment while simultaneously strengthening India’s gold supply chain and reducing the trade deficit.
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