IPO
Mangalsutra seller Shringar House’s Rs.401-Cr IPO subscribed 60 times
The INR 401 crore initial public offering (IPO) of Mumbai-based Shringar House of Mangalsutra was subscribed 60.35 times. The offering received bids for 102.62 crore shares against the total offer of 1.70 crore shares. The issue price was set between INR155 and INR165 per share.The QIB (Qualified Institutional Buyers) category was subscribed 104.41 times, while the non-institutional investors’ quota was booked 82.58 times. The retail investors’ portion was subscribed 27.26 times.The company would use the proceeds towards funding working capital requirements of the company.Shringar sells a range of Mangalsutras adorned with precious and semi-precious stones, crafted in 18k and 22k gold. The company primarily serves business-to-business (B2B) clients.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
