Here’s a comprehensive breakdown of the Shringar House of Mangalsutra Limited IPO:
Incorporated: 2009, based in Mumbai.
Business Model: Designs and manufactures mangalsutras in 18K/22K gold for B2B clients. Exports to UK, USA, UAE, New Zealand, Fiji. Notable corporate clients include Titan, Malabar Gold, Reliance Retail, Novel Jewels (Aditya Birla), Joyalukkas, P N Gadgil, Waman Hari Pethe, and Vaibhav Jewellers.
IPO Dates
- Opening Date: September 10, 2025
- Closing Date: September 12, 2025
- Allotment Finalization: September 15, 2025
- Refunds & Credit : September 16, 2025
- Listing Date: September 17, 2025
IPO Details
- Face Value: ₹10 per share
- Price Band: ₹155 to ₹165 per share
- Lot Size: 90 shares
- Total Issue Size: 2,43,00,000 shares
- Employee Discount: ₹15.00
- Issue Type: Bookbuilding IPO
- Listing At: BSE, NSE
- Share Holding Pre Issue: 7,21,32,080 shares
- Share Holding Post Issue: 9,64,32,080 shares
GMP of Shringar House of Mangalsutra Limited IPO
Here’s the current Grey Market Premium (GMP) for the Shringar House of Mangalsutra Limited IPO:
- The GMP is around ₹25 per share—this translates to roughly a 15% premium above the upper end of the issue price band.
- Based on the upper price band of ₹165, the implied listing price is estimated at approximately ₹190 per share.
What Does This Mean?
The GMP is an unofficial indicator of market sentiment and demand. Here’s how to interpret it:
- A GMP of +25 ₹ suggests strong bullish interest in the IPO among investors in the grey market—even before the official listing.
- Listing Price ≈ Issue Price (₹165) + GMP (₹25) = ~₹190
- This implies a potential listing gain of ~15%
Promoters of Shringar House of Mangalsutra Limited
Here’s what I could find about the promoters of Shringar House of Mangalsutra Limited, based on credible filings and company disclosures:
- Chetan N. Thadeshwar
- Mamta C. Thadeshwar
- Viraj C. Thadeshwar
- Balraj C. Thadeshwar
1. Chetan N. Thadeshwar
- Role: Chairman & Managing Director (Director since incorporation in 2009).
- Experience: Over 40 years in the jewelry industry.
- Other Roles: Zonal Committee member of the All India Gem & Jewellery Domestic Council; Joint Convener for Preferred Manufacturer of India (PMI 6).
- Background: Founder, along with Mamta C. Thadeshwar, with roots in a longstanding goldsmith tradition.
2. Viraj C. Thadeshwar
- Role: Executive Director & Chief Executive Officer (Director since February 18, 2009).
- Experience: Over 15 years in the jewelry business.
- Responsibilities: Leads production and business expansion; drives overall strategy for growth and profitability.
3. Balraj C. Thadeshwar
- Role: Whole-time Director & Chief Operating Officer (Director since June 1, 2019).
- Education: Bachelor’s degree in Management Studies from the University of Mumbai.
- Responsibilities: Manages daily operations and administrative functions of the business.
4. Mamta C. Thadeshwar
- Role: Non-Executive Director (Director since incorporation).
- Responsibilities: Oversees strategic direction, board dynamics, committee involvement, leadership, and mentorship.
Summary Table: Promoters at a Glance
| Promoter | Position & Tenure | Key Background & Role Highlights |
|---|---|---|
| Chetan N. Thadeshwar | Chairman & MD (since 2009) | 40+ years’ experience; industry leader with key roles at GJC and PMI 6 |
| Viraj C. Thadeshwar | ED & CEO (since 2009) | 15+ years in operational leadership and strategic business growth |
| Balraj C. Thadeshwar | Whole-time Director & COO (since 2019) | Holds a business management degree; oversees operations and administration |
| Mamta C. Thadeshwar | Non-Executive Director (since 2009) | Focus on governance, strategic oversight, and board effectiveness |
Shringar House of Mangalsutra Limited IPO Lot Size
Here’s the lot size information for the Shringar House of Mangalsutra Limited IPO, presented clearly for easy reference:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 90 | ₹14,850 |
| Retail (Max) | 13 | 1,170 | ₹1,93,050 |
| S-HNI (Min) | 14 | 1,260 | ₹2,07,900 |
| S-HNI (Max) | 67 | 6,030 | ₹9,94,950 |
| B-HNI (Min) | 68 | 6,120 | ₹10,09,800 |
Source Confirmations:
- Lot Size: Confirmed at 90 shares per lot, with a minimum investment of ₹14,850 at the upper price band for retail investors.
Shringar House of Mangalsutra Limited IPO Promoter Holding
Here’s the detailed information on the promoter shareholding in Shringar House of Mangalsutra Limited—both before and after the IPO:
| Shareholding Stage | Number of Shares Held | Percentage Ownership |
|---|---|---|
| Pre-IPO | 72,132,080 | ~100.0% |
| Post-IPO | 96,432,080 | ~74.8% |
- Pre-IPO Holding: The promoters held virtually the entire company—about 100% of the shares.
- Post-IPO Holding: After issuing fresh shares in the IPO, their stake is estimated at approximately 74.8%.
About Shringar House of Mangalsutra Limited
- Founded: 2009, based in Mumbai.
- Core Focus: Specializes in designing, manufacturing, and marketing a wide array of mangalsutras—traditional gold necklaces adorned with elements like American diamonds, cubic zirconia, pearls, mother-of-pearl, and semi-precious stones, in 18K and 22K gold.
- Market Position: Holds approximately 6% of India’s organized mangalsutra market as of 2023.
Business Model & Operations
- Operates on a B2B model, supplying to corporate entities, wholesalers, and retailers across India—spanning 24 states and 4 union territories—and abroad to markets including the UK, USA, UAE, New Zealand, and Fiji.
- Key domestic clients include Titan, Malabar Gold, Reliance Retail, Novel Jewels (Aditya Birla Group), Joyalukkas, P N Gadgil, GRT Jewellers, among others; international clients include Damas Jewellery (UAE) and Sona Sansaar (New Zealand).
- Maintains a portfolio of over 15 collections and 10,000+ active SKUs, covering categories like bridal, classic, contemporary as well as niche offerings like ring and bracelet mangalsutras, and a premium brand labeled “Ziya”.
- Facilities include an 8,300 sq. ft integrated manufacturing unit in Lower Parel, Mumbai with modern capabilities (e.g., CNC machining, laser soldering, 3D printing) and a team of 22 in-house designers and 166 in-house karigars (artisans), supplemented by third-party craftsmen.
Brand Presence & Expansion
- Flagship store located on Kalbadevi Road, Mumbai, with the manufacturing facility in nearby Lower Parel (West).
- Recently expanded with a new branch office in Delhi (Chandni Chowk), signaling growth in North India to better serve its retail and wholesale partners.
Shringar House of Mangalsutra Limited Financial Information
Here’s a detailed snapshot of Shringar House of Mangalsutra Limited financial performance, compiled from credible sources:
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹375.75 Crore | ₹265.00 Crore | ₹211.55 Crore |
| Total Income | ₹1,430.12 Crore | ₹1,102.71 Crore | ₹951.29 Crore |
| Profit After Tax | ₹61.11 Crore | ₹31.11 Crore | ₹23.36 Crore |
| EBITDA | ₹92.61 Crore | ₹50.76 Crore | ₹38.89 Crore |
| Net Worth | ₹200.85 Crore | ₹136.85 Crore | ₹105.72 Crore |
| Reserves and Surplus | ₹123.72 Crore | ₹125.72 Crore | ₹94.62 Crore |
| Total Borrowing | ₹123.11 Crore | ₹110.09 Crore | ₹93.19 Crore |
Key Performance Indicator (KPI)
Here are the Key Performance Indicators (KPIs) of Shringar House of Mangalsutra Limited IPO, based on its RHP/DRHP and market analysis:
| KPI | Values |
|---|---|
| ROCE | 32.43% |
| Debt/Equity | 0.61 |
| RoNW | 36.20% |
| PAT Margin | 4.27% |
| EBITDA Margin | 6.48% |
| Price to Book Value | 5.93 |
Strengths of Shringar House of Mangalsutra Limited IPO
1) Strong Brand Positioning in Mangalsutra Segment
- Shringar is a recognized name in the jewellery market, particularly in mangalsutras, which gives it a niche advantage compared to other players.
2) Consistent Financial Growth
- Revenue and profit have shown strong year-on-year growth, with PAT nearly doubling in 2025.
- The company has a broad dealer and distributor network across India, ensuring a strong retail reach beyond local markets.
3) Pan-India Presence & Wide Distribution
4) Efficient Capital Management
- Strong return ratios (RoE and RoCE above 30% in 2025).
5) Experienced Promoters & Management
- The promoters have decades of experience in jewellery retail and wholesale, ensuring brand trust and operational expertise.
6) Growing Organized Jewellery Market
- Rising demand for branded jewellery in India supports future scalability.
Risks of Shringar House of Mangalsutra Limited IPO
1) High Dependence on Gold Prices
- Jewellery margins and customer demand are highly sensitive to fluctuations in gold and silver prices.
2) Working Capital Intensive Business
- Increase in working capital days (from 54 in 2023 to 70 in 2025) means more money tied up in receivables and inventory.
3) Geographic & Product Concentration
- Despite expansion, a large share of revenue still comes from mangalsutras, making the business vulnerable to changes in demand trends for this segment.
4) Competition from Large Organized Players
- Faces strong competition from established jewellery brands like Tanishq, Kalyan Jewellers, Senco Gold, which have bigger marketing budgets and broader product portfolios.
5) Regulatory Risks
- The jewellery sector is regulated in terms of hallmarking, import duties, and gold-related policies. Any unfavorable change can impact operations.
6) IPO Dilution Risk
- Although promoters retain majority control, their shareholding has dropped from ~100% pre-IPO to ~75% post-IPO.
Shringar House of Mangalsutra Limited Contact Details
Here are the available and confirmed contact details for Shringar House of Mangalsutra Limited, as per their official website and reputable business sources:
Corporate Contact Information
- Address:
B-1, Jewel World, Cotton Exchange Building,
175 Kalbadevi Road, Mumbai – 400002, India - Email:
info@shringar.ms - Phone:
+91-22-43111222
Additional Corporate Details (from Business Standard)
- Alternate Address (possibly their corporate or IPO-related office):
C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400083 - Alternate Contact Email (for corporate/IPO communication):
cs@shringar.ms - Alternate Phone Number (corporate):
+91-22-49186000
Summary
- General Office (Kalbadevi, Mumbai)
• Address: B-1, Jewel World, Cotton Exchange Bldg, 175 Kalbadevi Road, Mumbai – 400002
• Email: info@shringar.ms - Corporate / IPO-Related Address
• Address: C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400083
• Email: cs@shringar.ms
• Phone: +91-22-49186000
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