Shringar House of Mangalsutra IPO subscribed 8.24 times on Day 2; check latest GMP

The initial public offering (IPO) of Shringar House of Mangalsutra Ltd was subscribed 8.24 times on the second day of bidding. According to BSE data available on Thursday, the issue received bids for 14,02,95,060 shares against 1,70,16,000 equity shares on offer, within a price band of Rs 155–165.

The qualified institutional buyer (QIB) portion was subscribed 0.86 times, the non-institutional investors (NIIs) portion 14.81 times, and the retail portion 9.62 times. The employee portion saw the highest demand at 24.06 times.

The IPO opened for subscription on Wednesday, September 10, 2025, and will close on Friday, September 12, 2025. Choice Capital Advisors Pvt Ltd is acting as the sole book-running lead manager, while MUFG Intime India Pvt Ltd is the registrar of the issue.

Brokerage firms, including Anand Rathi, SBI Securities, BP Wealth, Canmoney, SMIFS, GEPL Capital, Marwadi Financial Service, Master Trust Broking & Investments and Adroit Financial Services, have given the IPO a 'Subscribe' rating. Their reports cite the company's financial performance, business scalability, product portfolio of over 10,000 SKUs, and expansion into 42 Indian cities and overseas markets as key factors.

In the unlisted market, Shringar House of Mangalsutra IPO was last seen commanding a grey market premium (GMP) of Rs 30. Based on the upper price band of Rs 165, the estimated listing price implied a premium of 18.18 per cent.

Shringar House of Mangalsutra, incorporated in 2009, designs, manufactures and markets a range of Mangalsutras crafted in 18k and 22k gold, featuring stones such as American diamonds, cubic zirconia, pearls, mother of pearl and semi-precious stones. The company primarily caters to business-to-business (B2B) clients and, as per a CareEdge Report, held about 6 per cent share of India's organised Mangalsutra market in CY23.