The initial public offering (IPO) of Saraswati Saree Depot, a leading company in the saree wholesale segment, got 16.33 times subscription on the second day on Tuesday. According to data from the National Stock Exchange (NSE), the initial share sale of Rs 160 crore received bids for 16,33,54,410 shares against the offer of 1,00,00,800 shares. According to PTI news, the non-institutional investors got 57.16 times subscription, while the retail individual investors (RIIs) category got 20.28 times subscription.
Initial share sale till August 14
According to the news, the quota for qualified institutional buyers (QIBs) received a subscription of 1.32 times. The initial public offering (IPO) consists of a fresh issue of 64,99,800 equity shares and a proposal for sale of 35,01,000 equity shares. The price range for the offer is Rs 152-160 per share. The initial share sale will end on August 14. The company proposes to use the net proceeds from the fresh issue for working capital needs and general corporate purposes.
The company is in the business of women’s apparel
The Kolhapur-based company, which has been 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. The company sources sarees from various manufacturers across India 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 company are expected to be listed on BSE and NSE.
How much is GMP running
The company’s shares are available in the grey market ahead of the Saraswati Saree Depot IPO opening. According to stock market experts, Saraswati Saree Depot IPO GMP (grey market premium) is ₹34 on Tuesday. The bidder can apply in multiple ways, and one lot of the book build issue consists of 90 company shares. The share allotment may be finalized on Friday, August 16, 2024.
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