The initial public offering (IPO) of Saraswati Saree Depot, a leading company in the saree wholesale segment, has received tremendous support from investors. This IPO got 107.39 times subscription on the last day on Wednesday. According to data from the National Stock Exchange (NSE), bids were received for 1,07,39,63,880 shares against the offer of 1,00,00,800 shares in the initial share sale of Rs 160 crore. Non-institutional investors received 358.47 times subscription, while qualified institutional buyers (QIBs) received 64.12 times subscription. The category of retail individual investors (RIIs) received 61.59 times subscription.
The price band is Rs 152-160 per share
According to the news, the initial public offering (IPO) proposes a fresh issue of 64,99,800 equity shares and a sale of 35,01,000 equity shares. The price band for this offer is Rs 152-160 per share. The company proposes to use the net proceeds from the fresh issue for working capital requirements and general corporate purposes. The Kolhapur-based company, which has its origins in the saree business since 1966, is also engaged in the wholesale business of women’s apparel such as kurtis, dress materials, blouse pieces, lehengas and bottoms.
company business
The company sources sarees from various manufacturers across the country and has developed relationships in centres such as Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata and Bengaluru. Saraswati Saree Depot operates from two stores in Kolhapur and Ulhasnagar in Maharashtra. Unistone Capital is the manager of the offer. The equity shares of the firm will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Saraswati Saree Depot IPO GMP
The unlisted shares of Saraswati Saree Depot are trading at a strong premium on the last day of subscription. According to a portal that tracks grey market activities, Saraswati Saree Depot shares are trading at a premium of Rs 50 or 31.25 per cent over the upper end of the issue price of Rs 160. If this trend continues, it could give investors bumper listing gains.
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