Glistening Success: Shringar House of Mangalsutra's IPO Shines Bright
The IPO of Shringar House of Mangalsutra Ltd was oversubscribed 8.24 times by its second day. Receiving bids for 14.02 crore shares against the 1.70 crore on offer, the IPO was buoyed by 14.81 times subscription from non-institutional investors. The company aims to raise Rs 401 crore for working capital and corporate needs.
- Country:
- India
The initial public offering (IPO) of Shringar House of Mangalsutra Ltd has been met with vigorous demand, being subscribed 8.24 times by the conclusion of the second day of trading, Thursday.
Data from the NSE indicates that the jewellery firm's IPO saw bids for a remarkable 14.02 crore shares, juxtaposed with the 1.70 crore shares placed on offer. The non-institutional investors segment recorded a subscription level of 14.81 times, while retail individual investors (RIIs) subscribed at 9.62 times. Meanwhile, the portion for qualified institutional buyers (QIBs) saw an 86 per cent subscription.
Notably, the Mumbai-based company's entire IPO is a fresh issuance of 2.43 crore equity shares, set to raise Rs 401 crore at the top end of the price band ranging from Rs 155 to Rs 165 per share. The funds raised will support the company's working capital requirements and general corporate purposes.
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- IPO
- jewellery
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- Mumbai
- Shringar
- subscriptions
- shares
- equity
- finance
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