Shringar House of Mangalsutra IPO subscribed over 8 times day 2, NIIs lead; check key details

Shringar House of Mangalsutra IPO: The Mumbai-based company's initial public offering seeks to raise ₹400.95 crore solely by offering 2.43 crore new shares. Shringar House of Mangalsutra IPO: The initial public offering of jewellery player Shringar House of Mangalsutra has been subscribed 8.24 times on Thursday, September 11, the second day of bidding. The initial share sale attracted bids for 140,295,060 shares against 1,70,16,000 shares on offer, according to details available with the NSE until 5 pm. The bidding was led by non-institutional investors (NIIs) who subscribed their portion 14.81 times, followed by retail individual investors (RIIs) with 9.62 times subscription. The part set aside for qualified institutional buyers (QIBs) was booked 86% times. | Category | Reserved | No of Shares Bid For | No of Times | |---------------------------------------|------------|------------------------|--------------| | Qualified Institutional Buyers | 48,56,000 | 41,72,400 | 0.86 | | Non-Institutional Investors | 36,42,000 | 5,39,21,700 | 14.81 | | Retail Investors | 84,98,000 | 8,17,19,820 | 9.62 | | Total | 1,70,16,000 | 140,295,060 | 8.24 | The IPO, with a price range of ₹155 to ₹165 per share, will conclude on Friday, September 12. The Mumbai-based company's IPO seeks to raise ₹400.95 crore solely by offering 2.43 crore new shares. Net proceeds from the fresh issue will be used for working capital needs and general corporate purposes. Before the IPO, the company mobilised ₹120.18 crore in the anchor round from investors such as Kotak Mahindra Life Insurance Company, AIDOS India Fund Limited, Societe Generale - ODI, Maybank Securities Pte Ltd - ODI, Founders Collective Fund, and Nav Capital VCC. Shringar House of Mangalsutra, incorporated in 2009, designs, manufactures, and markets mangalsutras with 18k and 22k gold, adorned with cubic zirconia, American diamonds, pearls, mother-of-pearl, and semi-precious stones. Its clients include wholesale jewellers, corporate clients, and retailers. Apart from domestic markets, it also serves international customers in the UAE, the United Kingdom, New Zealand, the USA and the Republic of Fiji. Dev Accelerator IPO Day 2: Issue subscribed over 13x so far, retail investors take lead; check category-wise status Choice Capital Advisors is the only book-running lead manager of the issue, while MUFG Intime India is the registrar. Shringar House of Mangalsutra IPO GMP According to investorgain.com and media reports, Shringar House of Mangalsutra's unlisted shares are trading at ₹195 per share, reflecting a grey market premium, or GMP, of 18.18% over the upper price band of ₹165. Disclaimer: Grey Market Premium, or GMP, is an unofficial indicator of market sentiment toward an IPO. It is not regulated by the stock exchanges or SEBI. Upstox neither supports nor encourages grey market trading. Investors are advised to conduct their own research or consult an expert before making any investment decisions. To learn more about IPOs, their listings, schedules, and upcoming IPOs, visit our page. To add Upstox News as your preferred source on Google, click here.