Saraswati Saree Depot IPO opens today; Check live subscription here

12 Aug 2024 , 12:57 PM

The initial public offering (IPO) of Saraswati Saree Depot opened for bidding on Monday, August 12. The company is offering its shares within a price band of ₹152-160 per share. Investors can apply for a minimum lot of 90 equity shares and in multiples thereafter. The three-day IPO will remain open for bidding until Wednesday, August 14. Click here to subscribe the IPO.

On the first day of bidding, the IPO was oversubscribed by 1.87 times. The retail investor segment showed strong interest, with a subscription rate of 2.56 times, while the non-institutional investors (NII) portion was subscribed 3.23 times. The Qualified Institutional Buyers (QIB) portion was also fully subscribed by 12:45 PM on the first day.

Founded in 1996, Saraswati Saree Depot is engaged in the manufacturing and wholesale distribution of women’s apparel, primarily focusing on sarees in the B2B segment. The company also deals in other women’s apparel, including kurtis, dress materials, blouse pieces, lehengas, and bottoms.

The ₹160 crore IPO comprises a fresh issue of shares worth ₹104 crore and an offer for sale (OFS) by promoters, who are offloading 35,01,000 equity shares, amounting to ₹56.02 crore. The company plans to utilize the net proceeds from the IPO to fund its working capital requirements and for general corporate purposes.

Saraswati Saree Depot sources its sarees and other women’s apparel from over 900 weavers and suppliers across various states in India. Its current product catalog features more than 300,000 different SKUs. The company primarily sells its products in the southern and western regions of India, including Maharashtra, Goa, Karnataka, and Tamil Nadu.