Saraswati Saree Depot’s initial public offering (IPO) is receiving a strong reaction from investors, with approximately 47 subscriptions on the third day of the bidding process. The issue will close on Wednesday.
The category intended for non-institutional investors received the highest subscriptions (357.99x), followed by qualified institutional buyers (QIB) (64.12)and retail investors (59.83x).
The IPO consists of a new issue of up to 65 lakh shares and an offer for sale (OFS) of up to 35 lakh equity shares by the promoter group.
The company has set a price range of Rs 152-160, with investors able to bid for 90 shares in one lot and multiples following.
Saraswati Saree Depot Limited is a prominent player in the saree wholesale (B2B) industry, having entered the saree business in 1966. It also wholesales other women’s apparel items such as kurtis, dress materials, shirt pieces, lehengas, bottoms, and so on.
On average, saree sales account for more than 90% of total revenue.
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