Saraswati Saree Depot Ltd’s IPO opened for public subscription on Monday with a price band set between ₹152 and ₹160 per share.
At the time of writing on the last day of bidding, the IPO was subscribed 58.66 times, reflecting strong market interest.
Retail investor category saw an impressive 45.81 times subscription, while Non-Institutional Investors (NIIs) showed even stronger interest with 246.39 times subscription. Qualified Institutional Buyers (QIBs) subscribed to the IPO 11.34 times.
The IPO is scheduled to close today on August 14, giving investors limited time to participate. Share allotment is expected to be finalized by August 16, following the close of the subscription period.
Shares of Saraswati Saree Depot Ltd are anticipated to be listed on the NSE SME platform on August 20.
Saraswati Saree Depot Ltd, founded in 1996, is a key player in manufacturing and wholesale distribution of women’s apparel, focusing on the B2B segment in the saree market. The IPO aims to raise ₹160.01 Crore to fund the company’s growth and development plans.
The IPO includes a fresh issue of 0.65 Crore shares amounting to ₹104.00 Crore and an Offer for Sale (OFS) of 0.35 Crore shares valued at ₹56.02 Crore.
Investors must apply for a minimum of 90 equity shares, with investments in multiples of this lot size. The minimum investment for retail investors is ₹14,400, based on the upper price band of ₹160 per share.
Unistone Capital Pvt Ltd is the book-running lead manager for the IPO, while Bigshare Services Pvt Ltd is the registrar handling share allocation and administrative tasks. During the financial year 2023-24, Saraswati Saree Depot Ltd reported a 2% revenue increase, reflecting steady growth.
The company’s profit after tax (PAT) saw a substantial 29% increase, highlighting its strong financial performance.
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