Rising Fortune: Shringar House of Mangalsutra's Robust IPO Debut
Shringar House of Mangalsutra Ltd's shares debuted more than 14% above the issue price of Rs 165 on the stock exchanges. The IPO was substantially oversubscribed, receiving 60.29 times subscription. As a Mumbai-based company, it specializes in diverse Mangalsutras and plans to use the proceeds for working capital and corporate purposes.
- Country:
- India
Shringar House of Mangalsutra Ltd made a strong debut on the stock market, with its shares listed at a premium of over 14% against the issue price of Rs 165. The stock opened at Rs 187.70 on the BSE and later increased to Rs 191, showcasing strong investor confidence.
On the NSE, the company's shares started trading at Rs 188.50, experiencing a rally of 14.24%. The initial public offering was significantly oversubscribed, with subscription figures hitting 60.29 times on the final day of sale.
Incorporated in 2009, Shringar House of Mangalsutra specializes in crafting and marketing Mangalsutras with a variety of stones. The company's rollout includes a fresh issue of 2.43 crore equity shares, expected to raise Rs 401 crore. Funds will bolster working capital and general corporate initiatives.
(With inputs from agencies.)
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