Shringar House of Mangalsutra Ltd IPO
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Shringar House of Mangalsutra Ltd IPO Details
Details
Total Shares Offered | Offer to Public | Retail Max (Shares) | Pre Issue Promoters Holding | Exchange | Issue size |
---|---|---|---|---|---|
₹ 243 L | TBA | TBA | ₹ 721.31 L | BSE | ₹ 400.95 Cr |
IPO Open Date | Close Date | Lot Size | Min Investment | Issue Type | Listing Date |
10 Sep, 25 | 12 Sep, 25 | 90 | ₹ 13,950 | Book Building | 17 Sep, 25 |
Shringar House of Mangalsutra Ltd IPO Dates
Details
Sector | Type |
---|---|
Sector | Diamond Cutting |
Sub Sector | Jewellery |
Issue Type | Book Building |
Subscription Status
*Values are in Lakhs
Investor Type | Subscription Times | Shares Offered* | Shares Bid* |
---|---|---|---|
QIB | 0x | 0 | 0 |
NII | 0x | 0 | 0 |
Retail | 0x | 0 | 0 |
Employee | 0x | 0 | 0 |
Total | 0x | 24300000 | 0 |
Subscription Status
Investor Type
QIB
NII
Retail
Employee
Total
*Values are in Lakhs
Shringar House of Mangalsutra Ltd Financial Status
Income Statement
Balance Sheet
Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
---|---|---|---|
Revenue from operations | 44.72 | 33.26 | 27.95 |
EBITDA | 47.28 | 35.09 | 28.58 |
PAT | 31.11 | 23.36 | 20.27 |
Total Assets | 209.87 | 159.10 | 144.22 |
Share Capital | 8.96 | 17.53 | 17.53 |
Total Borrowings | 96.89 | 71.15 | 73.25 |
Operating Activities (Net Cash) | 33.67 | 25.19 | 20.90 |
Investing Activities (Net Cash) | 0.00 | 0.00 | 0.00 |
Financing Activities (Net Cash) | 96.89 | 71.15 | 73.25 |
Net Cashflow | 3.85 | 6.45 | 5.23 |
Particulars (in Rs. Crores)
Revenue from operations
EBITDA
PAT
Total Assets
Share Capital
Total Borrowings
Operating Activities (Net Cash)
Investing Activities (Net Cash)
Financing Activities (Net Cash)
Net Cashflow
About Shringar House of Mangalsutra Ltd
Our Company was originally incorporated as `Shringar House of Mangalsutra Private Limited', a private limited company under the erstwhile Companies Act, 1956 at Mumbai, Maharashtra, pursuant to a certificate of incorporation dated January 02, 2009, issued by the Registrar of Companies, Maharashtra at Mumbai (RoC). Thereafter, our Company was converted into a public limited company pursuant to a special resolution passed by our Shareholders as on November 30, 2024 and consequently, the name of our Company was changed to `Shringar House of Mangalsutra Limited'. A fresh certificate of change of name, consequent upon conversion to a public limited company was issued by registrar of companies, central processing centre, Manesar, Haryana on December 11, 2024.
In CY23, the Indian mangalsutra market reached Rs. 178 billion showing a y-o-y growth of ~16%. In CY24 the Indian mangalsutra market is expected to grow by 8% y-o-y to Rs.192 billion. The market is expected to grow at a compounded annual growth rate (CAGR) of 5.8% in the next 10 years to Rs 303 billion in CY32. The Mangalsutra, a symbol of marriage, is traditionally made from gold to align with these customs. Gold is chosen for Mangalsutras due to its association with wealth, purity, and divine blessings, which helps preserve the tradition across generations. The surge in weddings is also driving growth in the jewellery industry, as bridal jewellery purchases increase with each wedding. Mangalsutra is a vital part of Indian weddings. Mangalsutras in India are designed in numerous styles and patterns to reflect local customs and preferences. For instance, the Maharashtrian Mangalsutra differs significantly from those in North or South India. This diversity creates a large market for varied styles, allowing jewellers to cater to regional preferences. The trend towards customization and personalization is growing in the jewellery industry, including for Mangalsutras. Customers increasingly seek unique designs tailored to their tastes and preferences. This trend for personalized Mangalsutras meets the desire for distinctiveness and individual expression. Hence in long term the market for mangal sutra is expected to remain healthy. (Source: CareEdge Report). We face competition from both the organized and unorganised sectors of the jewellery manufacturing and supply business and there are also several producers of varying size manufacturing certain of the products that we sell, in various geographical markets. Listed players competing with us in the industry include RBZ Jewellers Limited, Utssav CZ Gold Jewels Limited and Sky Gold & Diamonds Limited.
We are amongst the leading and specialised designers and manufacturers of Mangalsutra in India. (Source: CareEdge Report). We are engaged in designing, manufacturing, and marketing, a varied range of Mangalsutra studded with diverse range of stones including but not limited to, American diamond, cubic zirconia, pearl, mother of pearl, and semi-precious stones, in 18k and 22k purity of gold, to our business-to-business (B2B) clients. Mangalsutra is a traditional necklace, crafted from gold and black beads worn by married Indian women which symbolizes marital status and is esteemed as a sacred thread that is believed to bless and extend the life of the spouse. Our Company contributed to around 6% of organized Mangalsutra market in India in CY23.
Peer Comparison:
- Utssav CZ Gold Jewels Ltd
- RBZ Jewellers Ltd
- Sky Gold & Diamonds Ltd
Shringar House of Mangalsutra Ltd IPO Key Points
Strengths
- Established client base and long-standing relationship with our clients. We supply and/or our products to a diverse range of clients including Corporate Clients,
- Design innovation and diversified product portfolio.
- Integrated Manufacturing Facility setup under one roof equipped to produce variety of Mangalsutras.
- Quality control and quality assurance for manufacturing of Mangalsutras.
- Proven track record of growth in financial performance.
Risk
- We derive a significant portion of our revenue from operations from the sale of our Mangalsutras to our Corporate Clients (33.99%, 31.78% and 30.18% in Fiscal 2025, Fiscal 2024 and Fiscal 2023), retailers (54.47%, 54.13% and 52.46% in Fiscal 2025, Fiscal 2024, and Fiscal 2023) and wholesalers (11.50%, 14.04% and 17.31% in Fiscal 2025, Fiscal 2024, and Fiscal 2023) and we do not have long term contracts with any of these clients. Loss of any of these clients, or the cancellation of their purchase orders, could adversely affect our business, cash flows, financial condition, and overall results of operations.
- During Fiscal 2025, Fiscal 2024 and Fiscal 2023, the actual capacity utilisation was 69.00%, 70.00% and 66.80%, respectively of total installed capacity Under-utilisation of our manufacturing capacities and an inability to effectively utilise our expanded manufacturing capacities could have an adverse effect on our business, future prospects and future financial performance.
- Our Company requires significant amount of working capital for continued growth. We intend to utilise Rs.2,800.00 million from the total Net Proceeds towards funding our working capital requirements, and the proposed deployment of Net Proceeds in Fiscal 2026 is based on certain assumptions and management estimations. Our inability to meet our working capital requirements, on commercially acceptable terms, may have an adverse impact on our business, financial condition and results of operations.
Strategy
- Establish a supply chain network to reach untapped geographical regions.
- Grow our relationships with the existing clients and participate in their future expansions.
- Continue to invest in our marketing and brand building initiatives.
- Augment our fund based capacities in order to scale up business operations.
- Continuing focus on reducing operating costs and improving operational efficiency.
- Established client base and long-standing relationship with our clients. We supply and/or our products to a diverse range of clients including Corporate Clients,
- Design innovation and diversified product portfolio.
- Integrated Manufacturing Facility setup under one roof equipped to produce variety of Mangalsutras.
- Quality control and quality assurance for manufacturing of Mangalsutras.
- Proven track record of growth in financial performance.
How To Apply for Shringar House of Mangalsutra Ltd IPO Online?
Step 1:
Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.
Step 2:
From the list of open IPOs, select the IPO you want to invest.
Step 3:
Go through the IPO details like lot size, price band, about the company, etc.
Step 4:
Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.
Step 5:
Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.