August 20, 2024
New Delhi, India
IPO Listing Today
Saraswati Saree Depot made a solid debut on Dalal Street, with its shares being listed at ₹200 on the BSE, reflecting a 25% premium over the issue price of ₹160. The stock also opened at ₹194 on the NSE, marking a 21.25% premium, aligning with market expectations.
Stock Market Debut: The strong listing of Saraswati Saree Depot shares came as no surprise to investors. Prior to the listing, the shares were trading at a grey market premium of ₹40-45 per share, signaling a likely listing gain of 25-28%. The actual listing matched these predictions, confirming the positive sentiment surrounding the company.
Saraswati Saree Depot IPO Details:
- IPO Subscription Period: The Saraswati Saree Depot IPO was open for subscription from August 12 to August 14.
- Price Band: The IPO was priced between ₹152 and ₹160 per share.
- Funds Raised: The company raised ₹160.01 crore through the IPO, which included a fresh issue of ₹104 crore and an offer-for-sale (OFS) of 35.01 lakh shares.
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IPO Subscription Status: The IPO received a robust response from investors, with an overall subscription of 107.52 times. Here’s a breakdown of the subscription figures:
- Non-Institutional Investors (NII): Subscribed 358.65 times.
- Qualified Institutional Buyers (QIB): Subscribed 64.12 times.
- Retail Investors: Subscribed 61.88 times.
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Company Background: Founded in 1996, Saraswati Saree Depot is a Kolhapur-based manufacturer and wholesaler specializing in women’s apparel, particularly within the B2B saree segment. In addition to sarees, the company also offers other women’s garments, including kurtis, dress materials, blouse pieces, lehengas, and bottoms.
Market Reception and Brokerages: The IPO garnered mixed reviews from brokerages, reflecting varying opinions on the company’s growth prospects. Unistone Capital served as the book-running lead manager for the IPO, while Bigshare Services acted as the registrar.
The listing of Saraswati Saree Depot shares at a premium of 25% on the BSE highlights strong investor confidence in the company. Despite mixed reviews from brokerages, the overwhelming response to the IPO indicates optimism about the company’s future in the competitive women’s apparel market.
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