Shringar House of Mangalsutra Ltd.
Shringar House of Mangalsutra Ltd (SHOML) is a Mumbai-based jewellery manufacturer specializing in mangalsutras. Established in 2009, SHOML designs and produces mangalsutras in 18k and 22k gold, adorned with American diamonds, cubic zirconia, pearls, and other semi-precious stones.
The company primarily serves business-to-business (B2B) clients, supplying to prominent retailers such as Malabar Gold, Titan Company, Reliance Retail, and Joyalukkas India. With over a decade of experience, SHOML has built a reputation for quality craftsmanship and modern design innovation in the niche mangalsutra segment.
IPO Overview
- IPO Opening Date: September 10, 2025
- IPO Closing Date: September 12, 2025
- Issue Size: ₹401 crore (fresh issue of 2.43 crore equity shares)
- Price Band: ₹155 – ₹165 per share
- Listing Date: Expected September 17, 2025
- Exchanges: BSE & NSE
The IPO aims to raise funds for repayment of borrowings, capital expenditure for retail expansion, and general corporate purposes.
Company Financials (FY2025)
| Parameter | FY2025 (INR Cr) | FY2024 (INR Cr) | Growth YoY |
|---|---|---|---|
| Revenue | 1,240 | 1,050 | 18% |
| EBITDA | 170 | 140 | 21% |
| PAT | 95 | 78 | 22% |
| EPS | 3.91 | 3.21 | 22% |
Insights:
- Consistent revenue growth indicates strong demand in the mangalsutra segment.
- Healthy EBITDA and PAT margins show efficient cost management.
- Increasing EPS points towards improving shareholder value post-IPO.
IPO Subscription and Market Sentiment
On the first day of subscription, SHOML received bids for 3.41 crore shares, surpassing the offer size of 1.70 crore shares.
- Grey Market Premium (GMP): ₹26 (~16% premium)
- Investor Sentiment: Positive, indicating high retail and institutional demand.
Market Perspective:
- SHOML operates in a niche jewellery segment with stable B2B contracts, reducing business risk.
- Rising disposable income and traditional jewellery demand in India favor growth.
- IPO subscription trends and GMP indicate potential for a strong listing.
Key Highlights for Investors
- Prominent Clientele: Partnerships with Malabar Gold, Titan, and Reliance provide revenue visibility.
- Niche Market Leader: Specialized focus on mangalsutras differentiates SHOML in the jewellery industry.
- Growth Plans: IPO proceeds targeted for retail expansion and debt repayment improve financial health.
- Attractive Listing Potential: First-day GMP at 16% suggests a potential listing upside.
Risks to Consider
- Dependency on B2B Clients: Major reliance on top retailers may affect revenue if contracts are lost.
- Gold Price Volatility: Gold fluctuations can impact margins and profitability.
- Market Competition: Increasing competition in the jewellery segment may pressure margins.
Retail Investor Guide
- Entry Point: Investors can apply within ₹155-165 price band.
- Short-Term Listing Gains: Positive GMP signals potential 15-20% listing gains.
- Long-Term Perspective: With growing brand recognition and financial discipline, SHOML could provide steady returns.
Conclusion
Shringar House of Mangalsutra Ltd. offers a well-positioned investment opportunity in India’s niche jewellery market. Strong financials, established clientele, and positive market response make this IPO attractive for both short-term listing gains and long-term investors.
Investor Takeaway: Apply if you are looking for exposure to a niche jewellery manufacturer with growth potential and strong B2B networks.
Subscription
| Investor | 10 Sep 2025 | 11 Sep 2025 | 12 Sep 2025 |
|---|---|---|---|
| Anchor | 0 | ||
| QIB | 0.01 | ||
| Non-Institutional | 2.70 | ||
| BNII | 2.52 | ||
| SNII | 3.06 | ||
| Retail | 2.84 | ||
| Employee | 8.99 | ||
| Total | 2.01 |
GMP Trend:
| Date | GMP |
|---|---|
| 10 Sep 2025 | ₹29.00(17.58%) |
| 11 Sep 2025 | ₹? |
| 12 Sep 2025 | ₹?(?%) |
It should be noted that IPO GMP is subject to extreme volatility, so an investment decision based solely on Patel Retail IPO GMP will prove risky. Therefore, before to investing, consider all factors and make the right investment decision whether to invest in Patel Retail IPO or not.
How to Check IPO Allotment Status:
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BSE Webiste
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- Enter your PAN Number, Application Number or DP Client ID (Anyone).
- Click on Search.
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