Shringar House of Mangalsutra Raises Rs 120.18 Crore Ahead of IPO Launch

Jewellery firm Shringar House of Mangalsutra Ltd announced on Tuesday that it secured Rs 120.18 crore from anchor investors before its IPO. The IPO is set to open for public subscription from September 10-12, offering fresh equity shares worth Rs 401 crore at the upper end of the price band.

According to a circular on the BSE website, the company allocated 72.84 lakh equity shares at Rs 165 per share to anchor investors. Participants included institutions such as Kotak Mahindra Life Insurance Company and Maybank Securities Pte Ltd.

Founder in 2009, the company designs and markets various Mangalsutras, enhancing them with stones like American diamonds and pearls, crafted in gold. Reporting increased revenue and profit, the firm aims to use proceeds from the IPO to support working capital and corporate purposes.

(With inputs from agencies.)