Shringar House of Mangalsutra's IPO Soars: A Jewelry Market Triumph
Shringar House of Mangalsutra's initial public offering was subscribed 60.29 times on its final day, with notable demand from qualified institutional buyers. The IPO is a fresh issue of equity shares valued at Rs 401 crore and aims to support working capital. The company specializes in Mangalsutra jewelry.
- Country:
- India
The initial public offering (IPO) of Shringar House of Mangalsutra Ltd has seen remarkable success, being subscribed 60.29 times on its final day, according to data from the National Stock Exchange (NSE).
The IPO attracted bids for over 1 billion shares compared to the 1.7 million shares available for sale. Institutional demand was particularly high, with Qualified Institutional Buyers (QIBs) subscribing 101.41 times, while Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) subscribed 82.58 and 27.22 times, respectively.
The raised funds, totaling Rs 401 crore at the price band's upper end, will be used primarily for working capital and corporate purposes. Shringar, established in 2009, designs and markets an exquisite range of Mangalsutras and secures about 6% of India's organized Mangalsutra market. Choice Capital Advisors and MUFG Intime India are key players in managing the IPO.
(With inputs from agencies.)
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