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The initial public offering of Saraswati Saree Depot IPO opens for public subscription today. The IPO that ends on August 14 comes out with price band of ₹152-160 and the issue size is ₹160.01 crore.
The IPO is a combination of fresh issue of 0.65 crore shares aggregating to ₹104 crore and offer for sale of 0.35 crore shares worth ₹56.02 crore. The minimum lot size for an application is 90 Shares.
Shares of Saraswati Saree Depot IPO will be listed on BSE and NSE.
Saraswati Saree Depot has reserved 50 per cent of the net issue for qualified institutional buyers (QIBs) and 35 per cent for retail investors while the remaining 15 per cent for the non-institutional investors (NIIs).
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 apparel like kurtis, dress materials, lehengas, blouse pieces and bottoms. During the financial year 2024, Saraswati Saree depot Ltd earned a revenue of ₹610 crore and a net profit of ₹29.5 crore. In the The previous year (2022-23), the revenues stood at ₹601 crore and profit after tax was at ₹22.9 crore.
Unistone Capital Pvt Ltd is the book running lead manager of the Saraswati Saree Depot IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.
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