Shringar House of Mangalsutra IPO to open on September 10. Check price band and other details

Shringar House of Mangalsutra will open its IPO on September 10, according to a red herring prospectus filed. The issue will close on September 12. The price band for the IPO is set at Rs 155-165 per share. Anchor participation is scheduled a day before the IPO opening.

The company, a Mumbai-based jeweller specializing in mangalsutras, plans to raise funds through a 100% fresh issue of up to 2.43 crore equity shares of face value Rs 10 each.

Shringar House is a notable player in the organized mangalsutra market, accounting for nearly 6% market share in CY23.


The company is engaged in designing, manufacturing, and marketing, a varied range of Mangalsutra studded with diverse range of stones including but not limited to, American diamond, cubic zirconia, pearl, mother of pearl, and semi-precious stones, in 18k and 22k purity of gold.

Also Read: Swiggy IPO breaks legal fee records: How law firms charged companies in Rs 1.5 lakh cr boom

Mangalsutra is a traditional necklace, crafted from gold and black beads worn by married Indian women which symbolizes marital status and is esteemed as a sacred thread that is believed to bless and extend the life of the spouse.

India’s mangalsutra market, valued at Rs 17800 crorein CY23, is expected to expand at a 5.8% CAGR over the next decade, reaching about Rs 30300 crore by CY32.

Rising weddings, gold’s traditional appeal, and a growing demand for personalized designs are fueling growth in this segment.

The company intends to use the IPO proceeds primarily for working capital needs and general corporate purposes. With a client base spanning across India and exports to markets like the UAE, Shringar is aiming to leverage its established presence in both B2B and retail segments.

Promoted by Chetan N Thadeshwar, Mamta C Thadeshwar, Viraj C Thadeshwar, and Balraj C Thadeshwar, the company has grown steadily, crossing an annual turnover of Rs 1000 crore by FY24.

The issue comes at a time when jewellery listings have drawn investor interest over the last few years.

The IPO will be managed by Choice Capital Advisors as the book running lead manager and MUFG Intime India as the registrar.