Shringar House of Mangalsutra IPO Opens Sept 10; Price Band Fixed at ₹155–165
Bilkul Bazaar | Ahmedabad
Shringar House of Mangalsutra Limited has announced the launch of its maiden Initial Public Offering (IPO), with the subscription opening on Wednesday, September 10, 2025, and closing on Friday, September 12, 2025. The company has set a price band of ₹155 to ₹165 per equity share of face value ₹10 each.
The issue comprises a fresh issue of 2.43 crore equity shares, with no offer-for-sale component. Investors can bid for a minimum of 90 shares and in multiples thereof.
Top Management in Ahmedabad
Ahead of the IPO, the company’s leadership team — Chetan N. Thadeshwar, Chairman & MD; Viraj C. Thadeshwar, Director & CEO; Ratiraj Tibrewal, Director & CEO; and Balraj Thadeshwar, Director & COO — interacted with the media in Ahmedabad on Thursday. They highlighted the company’s growth, design expertise, and future expansion plans.
“Our Mangalsutras are not just ornaments, but a blend of tradition and contemporary style that appeal to women across generations,” said Chetan N. Thadeshwar, Chairman & MD.
“From corporate giants to retail jewellers, our client base reflects the trust and value we bring to the jewellery ecosystem,” added Viraj C. Thadeshwar, Director & CEO.
“This IPO marks an important milestone in our journey. It will enable us to strengthen our manufacturing base and enhance design capabilities to meet the growing demand,” noted Ratiraj Tibrewal, Director & CEO.
“Ahmedabad and Gujarat have always been strong markets for us, and we are delighted to share our IPO journey with the media here,” said Balraj Thadeshwar, Director & COO.
Company Snapshot
Incorporated in 2009, Shringar House of Mangalsutra specializes in designing, manufacturing, and marketing Mangalsutras crafted in 18k and 22k gold with embellishments like American diamonds, cubic zirconia, pearls, and semi-precious stones. According to CareEdge, the company commands 6% of India’s organized Mangalsutra market as of CY23.
The company caters to corporates, wholesalers, and retailers across 24 states and 4 union territories, while also exporting to the UK, UAE, USA, New Zealand, and Fiji. Its marquee clients include Malabar Gold, Titan, Reliance Retail, GRT Jewellers, Joyalukkas, and Novel Jewels (Aditya Birla Group).
Product Portfolio & Operations
Shringar offers over 15 collections with 10,000+ active SKUs, catering to weddings, festivals, anniversaries, and everyday wear. In FY25, it processed 1,320.72 kg of bullion into Mangalsutras, reflecting steady growth from previous years.
The company employs 22 in-house designers, 166 artisans, and collaborates with third-party karigars. Its registered office is at Kalbadevi Road, Mumbai, with a manufacturing facility in Lower Parel (West), Mumbai.
In addition to its core business, Shringar House of Mangalsutra also manufacture and supply Mangalsutras on a job-work basis to their Corporate Clients. For the Fiscals 2025, 2024, and 2023, The company processed a total of 1,320.72 kgs, 1,221.19 kgs and 870.26 kgs of bullion into Mangalsutras.
Financials & Issue Structure
For FY25, the company reported revenues of ₹1,429.81 crore, up from ₹1,101.52 crore in FY24. Net profit more than doubled to ₹61.11 crore in FY25, compared with ₹31.10 crore in FY24.
The IPO is being managed by Choice Capital Advisors Pvt. Ltd., with MUFG Intime India Pvt. Ltd. acting as registrar. Allocation will follow the book-building process: up to 50% for QIBs, at least 15% for NIIs, and a minimum of 35% for retail investors.
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