| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 98 to ₹ 103 | 145 | 10th Sep, 2025 –12th Sep, 2025 | ₹1900.00 Cr |
Shringar House of Mangalsutra Ltd
Shrinagar House of Mangalsutra Ltd. is one of India’s leading specialized designers and manufacturers of Mangalsutras. It is engaged in designing, manufacturing, and marketing a diverse range of products crafted in 18k and 22k gold, studded with stones like American diamonds, cubic zirconia, pearls, mother of pearl, and semi-precious stones, mainly targeting B2B clients. In FY23, it held 6% of the organized Mangalsutra market in India. The Mangalsutra, a culturally important ornament symbolizing marital status in India, has seen changing consumer preferences. Senior women continue to favour traditional motifs, while younger brides increasingly prefer modern and contemporary styles, opening opportunities across different demographics. The company sells to a broad client base of corporates, wholesalers, and retailers across 24 states and 4 Union Territories, with an international presence in the UK, New Zealand, UAE, USA, and Fiji. As of March 31, 2025, its network comprised 34 corporate clients, 1,089 wholesalers, and 81 retailers, with notable customers including Malabar Gold, Titan, GRT Jewellers, Reliance Retail, Novel Jewels (Aditya Birla Group), Joyalukkas, P.N. Gadgil Jewellers, and Damas Jewellery (UAE). With over 15 collections and more than 10,000 active SKUs, the company serves multiple segments, offering antique, bridal, traditional, contemporary, and Indo-western Mangalsutras at various price points and weights. This extensive range supports its positioning across demographics and occasions, from weddings and festivals to daily wear. Supported by an integrated operating model that covers conceptualization, design, manufacturing, and sales, the company manages its operations from an 8,300 sq. ft. facility in Lower Parel, Mumbai, enabling scalable and efficient production for both domestic and international markets.
Objective of the Shrinagar House of Mangalsutra Ltd IPO
The company proposes to utilise the net proceeds from the issue towards the following objects:
- Expenditure for new technology development and cloud infrastructure;
- Expenditure for lease payments for the offices;
- Expenditure towards marketing activities;
- General corporate purposes.
Rationale To Shrinagar House of Mangalsutra Ltd IPO
The multi-category, hyperlocal, home services marketplace benefits from network effects
The company operates on a hyperlocal model designed to optimize efficiency and enhance consumer satisfaction by minimizing travel distances for service professionals and ensuring faster service fulfilment. Each city is divided into micro-markets, typically 3-5 km in radius, tailored by service category and demand density. High-frequency categories operate in smaller micro-markets, while low-frequency, high-value services such as painting span larger areas. For example, as of June 30, 2025, in Mumbai alone, the handyman super category (plumbing, electrical, carpentry) operates across 45 unique micro-markets. At scale, the platform covers more than 12,000 service micro-markets nationwide. This micro-market penetration drives network effects, with early focus on quality ensuring customer satisfaction, word-of-mouth growth, and rising consumer lifetime value. As adoption deepens, micro-markets shrink further to 1-3 km radii, improving service professionals’ productivity and enabling competitive pricing alongside higher earnings. According to the Redseer Report, service professionals on the platform earned 30–40% more than peers in FY25, with 83% of new professionals acquired organically via referrals, underscoring its strong value proposition. The model supports sustained category expansion, enhanced order frequency, and technological investment, strengthening both sides of the marketplace. This scalable, self-reinforcing ecosystem positions the company for long-term profitable growth.
Robust technology platform powering service fulfilment, consumer growth and service professional empowerment
The company leverages a unified technology stack across categories and geographies, enabling rapid scaling of hyperlocal services with consistent quality control. Its platform integrates data, machine learning (ML), and artificial intelligence (AI) into all aspects of operations, driving efficiencies across consumer, professional, and fulfilment journeys. At the service micro-market level, proprietary ML models balance demand and supply in real time by factoring in location, time, availability, and skill requirements, while also forecasting demand and optimizing professional utilization. This dynamic allocation enhances productivity, reduces travel time, and ensures timely delivery. On the consumer side, the Urban Company app offers a personalized interface with data-driven recommendations, convenient booking options, bundled memberships, and GenAI-powered assistants for real-time query resolution. For service professionals, the dedicated app facilitates onboarding, scheduling, training, payments, product procurement, and access to financial services, supplemented by the UC Cult community platform for peer engagement. GenAI voicebots further streamline professional lifecycle management through reminders, training, and onboarding assistance. To ensure service quality and customer satisfaction, in-app workflows, image and barcode scans, and vision-based ML models enforce proof-of-work and SOP compliance. These deep technology integrations create a competitive moat, strengthening scalability, service reliability, and user stickiness, thereby positioning the company as a tech-first leader in India’s hyperlocal services market.
Valuation of Shrinagar House of Mangalsutra Ltd IPO
India’s hyperlocal home services industry, valued at approximately USD 60 billion in FY25, is expected to expand to USD 100 billion by FY30. This growth is driven by rapid urbanization, rising disposable incomes, and increasing consumer preference for standardized, on-demand services across categories such as beauty, cleaning, and handyman solutions. Despite its size, the sector remains highly fragmented, with majority of providers operating in an unorganized, offline manner. Urban Company is well-positioned as the only scaled, full-stack, technology-enabled platform bridging this gap through standardized service delivery, rigorous professional training, technology integration, and quality assurance to ensure a consistent consumer experience. This customer satisfaction is reflected in a service rating of 4.79/5 and over 80% repeat customer retention. The platform also empowers its service professionals by enabling earnings that are 30–40% higher than those of their peers outside the network, further strengthening its service quality and reliability. Moving ahead, the company plans to expand its reach by increasing penetration in key Indian cities, growing internationally in high-income markets such as the UAE and KSA, launching new service and product categories under its “Native” brand, and driving efficiency through AI-enabled tools for demand-supply matching, diagnostics, and service quality monitoring. Financially, the company has grown its topline at a CAGR of 34%, with revenues rising from Rs. 6,366 million in FY23 to Rs. 11,445 million in FY25, and registering revenue of Rs. 3,673 million in Q1FY26 (31% YoY growth). The company recently transitioned towards profitability, supported by operational leverage and scale economics, from a loss before tax of Rs. 3,124 million in FY23 to PBT of Rs. 286 million in FY25. Given the company’s leadership position, strong business model, improving financials, and long growth runway, the IPO offers attractive medium to long-term potential. We, therefore, assign the issue a “SUBSCRIBE” recommendation.
What is the Shrinagar House of Mangalsutra Ltd IPO?
The initial public offer (IPO) of Shrinagar House of Mangalsutra Limited offers an early investment opportunity in Shrinagar House of Mangalsutra Ltd . A stock market investor can buy Shrinagar House of Mangalsutra Ltd IPO shares by applying in IPO before All Shrinagar House of Mangalsutra Ltd shares get listed at the stock exchanges. An investor could invest in Shrinagar House of Mangalsutra Ltd IPO for short term listing gain or a long term.
How to apply for the Shrinagar House of Mangalsutra Ltd IPO through StoxBox?
To apply for the Shrinagar House of Mangalsutra Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Shrinagar House of Mangalsutra Ltd IPO open?
Shrinagar House of Mangalsutra Ltd IPO is opening on 10th Sep 2025. Apply Now
What is the lot size of the Shrinagar House of Mangalsutra Ltd IPO?
The Lot Size of Shrinagar House of Mangalsutra Limited IPO is 90 equity shares. Login to your account now.
When is the Shrinagar House of Mangalsutra Ltd allotment date?
The allotment Date for Shrinagar House of Mangalsutra Ltd IPO is 15th Sep 2025. Login to your account now.
When is the Shrinagar House of Mangalsutra IPO listing date?
The listing Date for Shrinagar House of Mangalsutra Ltd IPO is 17th Sep 2025. Login to your account now
What is the minimum investment required for the Shrinagar House of Mangalsutra Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,850. Login to your account now
What is the maximum investment allowed for the Shrinagar House of Mangalsutra Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,93,050. Login to your account now
What are the risks associated with investing in the Shrinagar House of Mangalsutra Ltd IPO?
- In FY25, contributions were 33.9% from corporate clients, 54.4% from retailers, and 11.5% from wholesalers. In comparison, contributions in FY24 were 31.8%, 54.1%, and 14.0%, respectively, while in FY23, they were 30.1%, 52.4%, and 17.3%. Although this mix indicates a balanced client base, the lack of long-term contracts with these clients presents a potential risk. Any loss of key clients or cancellation of purchase orders could negatively affect the company’s business performance, cash flows, financial condition, and overall operational results.
- During FY25, FY24, and FY23, the company’s actual capacity utilization was 69%, 70%, and 66.8%, respectively, of its total installed capacity. Under-utilization of existing manufacturing capacity or an inability to effectively scale and utilize expanded capacities could adversely impact the company’s operations, growth prospects, and future financial performance.
- The company needs significant working capital to support its ongoing growth. It plans to utilize Rs. 280 crores from the net proceeds to fund working capital requirements, with the proposed use in FY26 based on certain assumptions and management estimates. Any failure to secure adequate working capital on commercially acceptable terms could harm the company’s operations, financial health, and overall results.
When will the Shrinagar House of Mangalsutra Ltd IPO shares be credited to my Demat account?
The Shrinagar House of Mangalsutra Ltd IPO be credited to the account on allotment date which is 16th Sep 2025. Login to your account now
Where can I find the Shrinagar House of Mangalsutra Limited IPO prospectus?
The prospectus of Shrinagar House of Mangalsutra Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
