The IPO Everyone Was Watching — And Few Got Into
The Shringar House of Mangalsutra IPO wasn’t just another public issue—it became a frenzy.
With over 23.85 lakh applications and a 60.29x oversubscription, this was one of the most competitive IPOs of the year.
But why did this niche jewellery company generate so much excitement? And what can investors expect now that it’s set to list on September 17, 2025, on the NSE and BSE?
Let’s break it down.
Allotment Status: Odds Were Slim
If you’re wondering whether you got shares, odds were low—especially for retail investors.
Here’s what the allotment data shows:
- Retail Individual Investors (RIIs): 1 in 23 got shares (≈4.35%)
- Small Non-Institutional Investors (NIIs): 1 in 77 got shares (≈1.3%)
- Big NIIs: 1 in 17 got shares (≈5.88%)
The high demand, especially from institutional investors, pushed retail allotment chances to near-lottery levels.
How to Check Your Allotment:
- Via Registrar (MUFG Intime India):
Go to: MUFG IPO Allotment Page - Via BSE:
Check at: BSE IPO Status Page
GMP Surge Signals Positive Listing
The Grey Market Premium (GMP) has been a solid indicator of market confidence.
- Latest GMP: ₹31 per share
- Upper issue price: ₹165
- Expected listing price: ₹191–196 range
That’s an approx. 19% premium, reflecting strong investor sentiment even after the IPO closed.
What’s more, the GMP rose from ₹20 to ₹31 in just six days, largely thanks to:
- A surge in institutional interest on Day 3
- Strong brokerage “Subscribe” ratings
- Limited share availability adding scarcity value
What Makes Shringar Stand Out?
This isn’t your typical jewellery brand. Shringar House of Mangalsutra has carved out a niche with one powerful focus: the Mangalsutra—a culturally significant piece of jewellery in Indian weddings.
Key Business Highlights:
- Founded: 2009
- Product Range: 15+ Mangalsutra collections, 10,000+ SKUs
- Clientele: Includes Titan, Malabar Gold, Reliance Retail, and Joyalukkas
- Markets: Presence in 24 Indian states and 5 international markets
Its business model is primarily B2B, with a single, tightly managed manufacturing hub in Mumbai. The company’s estimated 6% market share in India’s organized Mangalsutra segment gives it strong growth potential.
Financial Snapshot (FY25)
- Revenue: ₹1,430 crore (up 30% YoY)
- Net Profit: ₹61 crore
- EBITDA Margin: 6.5%
- Return on Net Worth (RoNW): 36.2%
- Valuation at IPO Price: P/E ratio ≈ 26x
⚠️ Note: A typo in some reports claimed the profit was ₹611 crore, which would have meant a 42.7% margin—unrealistic. The correct profit is ₹61 crore, giving a more grounded picture of performance.
Risks to Keep in Mind
Despite the buzz, there are some real risks:
1. Product Concentration
The company’s success is tied to one category: Mangalsutras. If trends shift, it could hit hard.
2. Single Manufacturing Unit
All production happens in Mumbai. Any disruption—be it floods, strikes, or fire—could pause the entire supply chain.
3. Client Dependency
A handful of corporate clients make up a large portion of revenue. If one major buyer pulls out, it would impact earnings significantly.
Analyst Verdict: A Cautious “Subscribe”
Most brokerages recommended subscribing to the IPO, citing:
- Solid niche positioning
- Strong financials
- Reasonable valuation compared to listed jewellery peers
But as always, analysts also advised retail investors to consult their financial advisors before investing.
What’s Next? Listing Day & Long-Term Outlook
With the listing just around the corner on September 17, all eyes are on the opening bell.
Here’s what’s likely:
- A strong debut, thanks to GMP momentum and oversubscription
- Short-term gains for successful applicants
- Long-term growth tied to Shringar’s ability to diversify, scale, and adapt
Key Takeaways
- Shringar’s IPO was wildly oversubscribed (60x overall, 101x by institutions)
- GMP trends suggest a listing premium of ~₹30
- Financials are healthy, but risks around product and operational concentration exist
- Long-term success hinges on scaling beyond a niche and mitigating supply risks
FAQs
Q: What’s the listing date for the Shringar House of Mangalsutra IPO?
A: The stock will list on September 17, 2025, on both the NSE and BSE.
Q: Is the IPO allotment out?
A: Yes. Allotment status was finalized on September 15, 2025. You can check it via MUFG or BSE websites.
Q: Is the GMP a reliable predictor of listing price?
A: It’s not guaranteed, but GMP often reflects market sentiment. For Shringar, it indicates a strong debut.
Q: What’s the biggest risk in investing here?
A: The company relies heavily on one product—Mangalsutras—and one manufacturing site
