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.