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Saraswati Saree Depot Surges In Stock Market Debut With 25% Premium On NSE
Saraswati Saree Listing: The IPO, which was launched with a price band of Rs 152 to Rs 160 per share, opened for bidding on August 12 and closed on August 14
![Saraswati Saree Depot Surges In Stock Market Debut With 25% Premium On NSE Saraswati Saree Listing Shares Surges In Stock Market Debut With 21% Premium On NSE Saraswati Saree Depot Surges In Stock Market Debut With 25% Premium On NSE](https://feeds.abplive.com/onecms/images/uploaded-images/2024/08/20/aba0228f7028ef4ac3fa3f6be65307321724132391704314_original.jpg?impolicy=abp_cdn&imwidth=1200&height=675)
Saraswati Saree Listing: Saraswati Saree Depot Ltd began trading on the National Stock Exchange (NSE) at Rs 194 per share, a 25 per cent premium over its issue price of Rs 160. The company’s Rs 160.01 crore Initial Public Offering (IPO) included a fresh issue of 0.65 crore shares totalling Rs 104 crore and an offer for sale of 0.35 crore shares amounting to Rs 56.02 crore.
The IPO, which was launched with a price band of Rs 152 to Rs 160 per share, opened for bidding on August 12 and closed on August 14. The allotment of shares was finalised on August 16. Unistone Capital Pvt Ltd acted as the lead manager for the issue, while Bigshare Services Pvt Ltd served as the registrar.
Saraswati Saree Depot’s IPO received an overwhelming response, being subscribed 107.39 times by its close. The retail category saw 61.6 times oversubscription, the Qualified Institutional Buyers (QIB) category was subscribed 64.1 times, and the Non-Institutional Investors (NII) category a massive 358.5 times.
Retail investors lagged behind non-institutional investors on the third day of bidding, as the latter continued to dominate subscription numbers.
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Proceeds from the IPO will be utilised to support the company’s working capital requirements and for general corporate purposes.
Founded in 1996, Saraswati Saree Depot Ltd has established itself as a key player in the manufacturing and wholesale of women's apparel, with sarees contributing to over 90 per cent of its revenue. The company also deals in kurtis, dress materials, blouse pieces, lehengas, and bottoms, sourcing products from more than 900 weavers and suppliers across India. In FY24, it served over 13,000 unique customers across Maharashtra, Goa, Karnataka, and Tamil Nadu.
In the financial year ended March 31, 2024, the company reported a 2 per cent increase in revenue to Rs 612.6 crore and a 29 per cent rise in profit after tax (PAT) to Rs 29.5 crore compared to the previous year.
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