Mumbai based Shringar House of Mangalsutra files DRHP for IPO

Mumbai-based Shringar House of Mangalsutra, a leading and specialised designers and manufacturers of Mangalsutra in India, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offering (IPO).

The IPO, with a face value of Rs 10, is entirely a fresh issue of shares up to 24.30 million equity shares with no offer-for-sale component. It includes a reservation for a subscription by eligible employees and a discount is being offered to eligible employees bidding in the employee reservation portion.

The proceeds from the fresh issue to the extent of Rs 250 crore will be utilized for funding working capital requirements of the company; and general corporate purposes.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional and retail individual bidders respectively.

Incorporated in the year 2009, Shringar House of Mangalsutra is engaged in designing, manufacturing, and marketing a diverse range of Mangalsutras adorned with various stones such as American diamonds, cubic zirconia, pearls, mother of pearl, and semi-precious stones, crafted in 18k and 22k gold. The company primarily serves its business-to-business (B2B) clients and holds approximately 6% of the organized Mangalsutra market in India as of CY23, according to a CareEdge Report mentioned in the DRHP.

Shringar House of Mangalsutra caters to a wide array of clients, including corporate entities, wholesale jewellers, and retailers across 24 states and 4 union territories in India. Beyond its domestic market, the company has expanded its presence internationally, serving clients in the UK, New Zealand, the UAE, the USA, and the Republic of Fiji. Its marquee corporate clients include industry leaders such as Malabar Gold Limited, Titan Company Limited, GRT Jewellers India Private Limited, Reliance Retail Limited, Novel Jewels Limited (Aditya Birla Group), Joyalukkas India Limited, and international names like Goldbox Enterprises Limited (UK), Sona Sansaar Limited (New Zealand), and Damas Jewellery LLC (UAE). As of the six-month period ending September 30, 2024, the company served 31 corporate clients, 76 wholesalers, and 731 retailers, with these numbers growing to 33 corporate clients, 96 wholesalers, and 832 retailers by Fiscal 2024.

In addition to its core business, Shringar House of Mangalsutra also manufacture and supply Mangalsutras on a job-work basis to their Corporate Clients. During the six-month period ending September 30, 2024, the company processed 638.48 kg of bullion into Mangalsutras, generating revenue of ₹11.55 crore. This figure rose to 1,221.19 kg and ₹19.32 crore in Fiscal 2024.

The company has an extensive portfolio of Mangalsutras , featuring over 15 collections and more than 10,000 active SKUs, offering designs for special occasions like weddings, festivals, and anniversaries, as well as everyday wear. Its collections include antique, bridal, traditional, contemporary, and Indo-western styles, catering to women of all ages with varying price points and weights.

As of December 31, 2024, Shringar House of Mangalsutra employed a dedicated in-house design team of 12 professionals focused on creating innovative designs that reflect the latest trends, customer preferences, and demographic needs. Additionally, the company works with 182 in-house Karigars (artisans) and collaborates with a network of third-party Karigars to meet the growing demand for its products.

The company’s flagship store is located on Mumbai’s Kalbadevi Road and other manufacturing facility located in Lower Parel (West), Mumbai.

Shringar House of Mangalsutra’s revenue from operations has increased by 15.92% from ₹950.22 crore in Fiscal 2023 to ₹1,101.52 crore in Fiscal 2024 majorly due to increase in sale of products. Profit after tax grew by 33.17%, from ₹23.36 crore in Fiscal, 2023 to ₹31.10 crore in Fiscal, 2024.

For the six months ended September 30, 2025, revenue from operations stood at ₹687.13 crore and Profit after tax stood at ₹33.03 crore.

Choice Capital Advisors Private Limited is the sole book-running lead manager and MUFG Intime India Private Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.

DRHP Link: https://cmsapi.choiceindia.com/assets/90ecb1ff-2e86-4691-b461-abe0315ad91c