In 2025, India’s IPO market continues to attract investor interest, with several niche companies tapping the capital markets. Among these, Shringar House of Mangalsutra Limited stands out as a specialised player in the jewellery sector, particularly Mangalsutras. Shringar House of Mangalsutra IPO is set to open on September 10, 2025, giving investors an opportunity to participate in the growth of a firm catering to both domestic and international B2B clients.
About Shringar House of Mangalsutra Ltd.
Incorporated in January 2009, Shringar House of Mangalsutra Limited designs, manufactures, and markets a wide range of Mangalsutras using 18k and 22k gold, incorporating stones like American diamonds, cubic zirconia, pearls, and semi-precious stones. The company primarily serves corporate clients, wholesale jewellers, and retailers across India, with a presence in 24 states and 4 union territories.
Shringar House of Mangalsutra has also expanded internationally, serving markets in the UK, New Zealand, UAE, USA, and Fiji. Its domestic corporate clientele includes well-known brands such as Malabar Gold, Titan Company, GRT Jewellers, Reliance Retail, Joyalukkas India, and Damas Jewellery (UAE).
The company also provides job-work manufacturing services, converting bullion into Mangalsutras for its corporate clients. Between FY2023 and FY2025, it processed 1,320.72 kgs of bullion in FY2025, generating revenue of ₹264.83 crore, up from ₹156.47 crore in FY2023. As of June 30, 2025, the company employs 237 people.
Competitive Strengths:
- Established and long-standing client base
- Innovative designs and diversified product portfolio
- Integrated manufacturing facility ensuring quality control
- Strong financial performance and growth trajectory
- Experienced promoters and professional management team
Shringar House of Mangalsutra IPO Details
The Shringar House of Mangalsutra IPO is a book building issue of ₹400.95 crore, entirely a fresh issue comprising 2.43 crore shares. The IPO will be listed on BSE and NSE.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 10, 2025 |
| IPO Close Date | Sep 12, 2025 |
| Tentative Allotment | Sep 15, 2025 |
| Initiation of Refunds | Sep 16, 2025 |
| Credit of Shares to Demat | Sep 16, 2025 |
| Tentative Listing Date | Sep 17, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 12, 2025 |
Key IPO Details:
| IPO Date | September 10, 2025, to September 12, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹155 to ₹165 per share |
| Lot Size | 90 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 2,43,00,000 shares (aggregating up to ₹400.95 Cr) |
| 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 |
Investor Category Reservation:
- QIB: Not more than 50%
- Retail: Not less than 35%
- NII: Not less than 15%
Lot Size & Investment:
| 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 |
Promoter Holding:
The company’s promoters include Chetan N Thadeshwar, Mamta C Thadeshwar, Viraj C Thadeshwar, and Balraj C Thadeshwar.
- Pre-IPO: 99.99%
- Post-IPO: NA
Book Running Lead Manager: Choice Capital Advisors Pvt. Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
Shringar House of Mangalsutra Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 375.75 | 265.00 | 211.55 |
| Total Income | 1,430.12 | 1,102.71 | 951.29 |
| Profit After Tax | 61.11 | 31.11 | 23.36 |
| EBITDA | 92.61 | 50.76 | 38.89 |
| Net Worth | 200.85 | 136.85 | 105.72 |
| Reserves & Surplus | 123.72 | 125.72 | 94.62 |
| Total Borrowing | 123.11 | 110.09 | 93.19 |
Key Performance Indicators (FY2025):
The market capitalisation of Shringar House of Mangalsutra IPO is ₹1591.13 Cr.
- ROCE: 32.43%
- Debt/Equity: 0.61
- RoNW: 36.20%
- PAT Margin: 4.27%
- EBITDA Margin: 6.48%
- Price to Book Value: 5.93
- EPS Pre-IPO: ₹8.47 | Post-IPO: ₹6.34
- P/E Pre-IPO: 19.47x | Post-IPO: 26.04x
Shringar House of Mangalsutra IPO Objectives
The IPO proceeds are proposed to be utilised as follows:
| Object | Amount (₹ Crore) |
| Funding Working Capital Requirements |
280.00 |
| General Corporate Purposes |
– |
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Industry Outlook
The Indian gold jewellery market continues to grow steadily, supported by:
- Rising domestic demand for gold ornaments, especially for marriage and festive seasons
- Expansion of organized retail and B2B distribution channels
- Increasing overseas demand from the Indian diaspora in markets like UAE, USA, UK, and New Zealand
- Innovation in design and quality assurance boosting brand preference
Shringar House of Mangalsutra’s integrated manufacturing, strong B2B relationships, and focus on quality position it favorably to tap this growing market.
Shringar House of Mangalsutra IPO: Peer Comparison
To evaluate Shringar House of Mangalsutra Ltd., it’s helpful to compare it with other prominent players in the jewellery and Mangalsutra manufacturing space. Companies such as Utssav CZ Gold Jewels Ltd, RBZ Jewellers Ltd, and Sky Gold & Diamonds Ltd operate in similar segments, catering to B2B clients, wholesalers, and retailers. Investors can consider these companies to better understand valuation benchmarks, growth potential, and market positioning before making investment decisions.
Conclusion
Shringar House of Mangalsutra Ltd. offers a niche investment opportunity in the B2B Mangalsutra segment, with consistent growth in revenue and profitability. Its strong domestic and international client base, design capabilities, and integrated manufacturing facility make it a compelling choice. However, investors should consider risks, such as market fluctuations in gold prices, dependence on a few key clients, and competitive pressures in the jewellery sector.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
