2024-08-16 06:26:17
Mumbai: There is a wholesaler of sarees, suits, kurtis etc. in Kolhapur, Maharashtra. The name is Saraswati Saree Depot. Its IPO closed yesterday i.e. on 14 August 2024. Its IPO has received tremendous response from investors. This issue has received almost 107 times subscription. Not only this, its shares are also soaring in the grey market.
How much contribution in which category
Saraswati Saree Depot’s IPO received the highest subscription of 358 times in the category reserved for non-institutional investors. This was followed by 61 times subscription in the retail investors category and 64 times subscription in the qualified institutional buyers (QIB) category. The IPO process includes a fresh issue of up to 65 lakh shares and an offer for sale (OFS) of up to 35 lakh equity shares by the promoter group.
What was the price band of the IPO
The price band for the Saraswati Saree Depot IPO was fixed at Rs 152-160 per share. The lot size of this IPO was 90 shares.
What is the company’s plan
Saraswati Saree Depot Limited is a leading player in the wholesale (B2B) segment of sarees and started its business in the year 1966. It is also engaged in the wholesale business of other women’s apparel such as kurtis, dress materials, blouse pieces, lehengas, bottoms etc. At the upper end of the price band, the company is looking to raise Rs 160.01 crore through the IPO. The IPO consists of a fresh issue of 6,499,800 shares aggregating up to Rs 104 crore and an offer for sale of up to 3,501,000 shares of the company. The company’s focus is on sarees as well as kurtis, dress materials, men’s suits etc., which have huge potential in the market. The company wants to expand in this. The company plans to use the proceeds from the IPO to meet its working capital requirements. The remaining amount will be used by Saraswati Saree Depot for general corporate purposes.
Who are the registrars of the issue
Bigshare Services Private Limited has been appointed as the registrar to the public offering. Unistone Capital is the book-running lead manager to the issue.
When will the listing happen
The basis of allotment for Saraswati Saree Depot IPO will be finalized tomorrow i.e. on August 16. The successful applicants of this issue are expected to get the shares credited to their demat accounts by August 19. Shares of Saraswati Saree Depot can be listed on BSE and NSE on August 20.
what is gmp
The grey market price of Saraswati Saree Depot IPO is trading around Rs 215 on Thursday morning. If its issue price is considered to be Rs 160, then there is a premium of Rs 55 or 34.38 per cent on it.
(Disclaimer: The suggestions given in this analysis are those of individual analysts or broking companies, not of NBT. We advise investors to consult certified experts before taking any investment decision. As stock market conditions can change rapidly.)