Societe Generale, other funds invest in Shringar House's Rs 120 crore anchor round ahead of IPO

Shringar House of Mangalsutra has raised Rs 120 crore from anchor investors ahead of its IPO that opens for public subscription on September 10. The company allocated about 72.84 lakh shares at Rs 165 per share, which is the upper price band of the issue. Some of the marquee institutions that participated in the anchor include Kotak Mahindra Life, Maybank Securities Pte, Societe Generale, AIDOS India Fund, Nav Capital VCC and Founders Collective Fund.

Out of the total allocation of 72.84 lakh shares, none were allocated to domestic mutual funds.

IPO Details

The IPO will open for subscription on Wednesday and close on Friday. The price band for the offer was set at Rs 155–165 per share. The IPO will fetch Rs 401 crore at the upper end of the price band.


The IPO is entirely a fresh issue of shares up to 2,43,00,000 equity shares with no offer for sale component. The offer also includes a subscription reservation by eligible employees in the employee reservation portion.

Investors can bid for a minimum of 90 Equity Shares and in multiples of 90 Equity Shares thereafter.

The offer is being made through the book-building process, wherein about 50% of the net offer is reserved for allocation on a proportionate basis to qualified institutional buyers, 15% for non-institutional bidders, and 35% for retail investors.

Company Information

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.

The company primarily serves its business-to-business (B2B) clients and holds about 6% of the organized Mangalsutra market in India as of CY23, according to a CareEdge Report.

Shringar House of Mangalsutra caters to a wide array of clients, including Corporate Clients, wholesale jewellers, and retailers across 24 states and 4 union territories in India.

Beyond its domestic market, the company has expanded its presence internationally, serving clients in the UK, New Zealand, the UAE, the USA, and the Republic of Fiji. Its marquee Corporate Clients include Malabar Gold, Titan Company, GRT Jewellers, Reliance Retail, Novel Jewels, Joyalukkas India among others.

In addition to its core business, Shringar House of Mangalsutra also makes and supplies Mangalsutras on a job-work basis to their corporate clients.

Choice Capital Advisors is the book-running lead managers, and MUFG Intime India is the registrar of the issue.