Shimmering Success: Shringar House of Mangalsutra's IPO Fully Subscribed

In a remarkable show of investor interest, the initial public offering of Mumbai-based jewellery firm Shringar House of Mangalsutra Ltd was fully subscribed within hours of opening for bidding on Wednesday.

According to the National Stock Exchange data, the IPO received bids for 1,91,56,500 shares against the 1,70,16,000 shares on offer, marking a 1.13 times subscription rate by 13.33 hours. Retail individual investors showed considerable enthusiasm, with their portion subscribed 1.69 times, while non-institutional investors' interest resulted in a 1.28 times subscription.

The IPO exclusively comprises 2.43 crore fresh equity shares valued at Rs 401 crore at the top end of the price band, which is set between Rs 155 and Rs 165 per share. Proceeds are intended for the company's working capital and general corporate requirements. Shringar House of Mangalsutra, established in 2009, is known for designing and marketing a diverse range of Mangalsutras and reportedly holds about 6% of the organized market in India.

(With inputs from agencies.)