Saraswati Saree Depot Ltd made a robust entry on the bourses on August 20. The shares of the company were listed at Rs 194 on the stock exchanges, reflecting a premium of 21 per cent on its issue price of Rs 160.
Saraswati Saree Depot started the IPO process on August 12 and concluded on August 16 with a valuation of Rs 160.01 crore
Saraswati Saree Depot Ltd made a robust entry on the bourses on August 20. The shares of the company were listed at Rs 194 on the stock exchanges, reflecting a premium of 21 per cent on its issue price of Rs 160.
The objective of the public offering was largely to fund its working capital requirements and other regular corporate purposes.
The Unistone Capital Pvt Ltd is the lead manager for the issue and Bigshare Services Pvt Ltd is the registrar.
The company started the IPO bidding on August 12 and closed on August 14. The allotment process concluded on August 16 and the IPO was valued at Rs 160.01 crore. The Kolhapur-based women’s apparel company included 0.65 crore fresh shares totalling to Rs 104 crore and an offered 0.35 crore shares for sale leading to Rs 56.02 crore.
Following the IPO bidding, the company saw an impressive 107.39 times subscription rate by August 14. Retail investors subscribed 61.6 times, qualified institutional buyers 64.1 times and non-institutional investors subscribed 358.5 times.
The Kolhapur headquartered company was started in 1966. It is a wholesale business of sarees, kurtis, lehengas and other women’s ethnic wear garments. Additionally, it aims to promote seasoned weavers of India as it expands and make its mark in the industry. The major customer base of the company is the southern and western regions particularly Maharashtra, Goa, Karnataka and Tamil Nadu. Currently, it operates from two stores at Kolhapur and Ulhasnagar in Maharashtra.
“To be a market leader by creating an environment that nurtures customers delight by being a pioneer in ethnic women wear at competitive prices under one roof,” the company’s website stated.