The initial public offering of Saraswati Saree Depot saw a robust response from all category investors as the issue closed with overall subscription of 107.52 times. All categories of investors, especially non-institutions, poured in money into the Kolhapur-headquartered IPO.The IPO came out with a price band of ₹152-160. The offer size was ₹160.01 crore — a fresh issue worth ₹104 crore and an offer-for-sale of ₹56.02 crore. As against the issue size of 1 crore shares, the IPO received bids for 107.52 crore shares. The NII portion was the most vibrant as the quota reserved for them was subscribed 358.65 times, followed by retail investors 61.88 times. QIB portion was also robust with subscription levels of 64.12 times. Shares of Saraswati Saree Depot IPO will be listed on the BSE and NSE. The company plans to use ₹81 crore from the IPO proceeds for working capital requirements. The entity also plans to use the IPO proceeds on strengthening its sales through e-commerce channels to benefit from evolving customer trends. The company is engaged in the wholesale business of sarees and other women’s apparel like kurtis, dress materials, lehengas, blouse pieces and bottoms. During the financial year 2024, Saraswati Saree Depot earned a revenue of ₹610 crore and a net profit of ₹29.5 crore. In the the previous year (2022-23), revenues stood at ₹601 crore and profit after tax at ₹22.9 crore. Unistone Capital is the book-running lead manager of the Saraswati Saree Depot IPO, while Bigshare Services is the registrar for the issue.SHARE
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https://www.thehindubusinessline.com/markets/saraswati-saree-depot-ipo-subscribed-1075-times-as-hnis-pour-in-money/article68525402.ece
