Saraswati Saree Depot, situated in Kolhapur, offered its IPO in the price band of Rs 152-160 per share with a lot size of 90 shares. Bidding was open between August 12 and August 14.
Saraswati Saree Depot is to finalize the basis for the allotment of its shares on Friday, August 16. Bidders will receive notifications, alerts, or emails regarding the debiting of their funds or the revocation of their IPO mandate throughout the extended weekend or on Monday. During the bidding phase, the female apparel player had a strong response from investors.
Saraswati Saree Depot, situated in Kolhapur, offered its IPO in the price band of Rs 152-160 per share with a lot size of 90 shares. Bidding was open between August 12 and August 14. The business expected to generate around Rs 160.01 crore from its primary offering, which included a fresh share sale of Rs 104 crore and an offer-for-sale (OFS) of 35.01 lakh shares.
The issue was generally subscribed 107.52 times, owing to high bidding from non-institutional bidders (NIIs), who booked a whopping 358.65 times. During the bidding procedure, the qualified institutional investors (QIBs) quota was subscribed 64.12 times, while the retail investor quota was subscribed 61.88 times.
The grey market price (GMP) of Saraswati Saree Depot has fallen dramatically, despite strong demand for the issue, as market volatility has increased. Last heard, it was trading at a premium of Rs 48-50 per share in the unofficial market, implying a 30-32 percent listing increase for investors. However, when the bidding ended, the premium was Rs 80 per unit.
Established in 1996, Saraswati Saree Depot specializes in manufacturing and wholesaling women’s clothing, with a primary focus on wholesale sarees (B2B). In addition to sarees, the business also offers a variety of other women’s apparel, including kurtis, dress materials, shirt pieces, lehengas, bottoms, and more.
Brokerage firms have different perspectives on the matter. Some investors recommend buying the stock because of its reasonable values, aggressive expansion prospects, and diverse product line. Others, on the other hand, say that the issue should be avoided due to high capital requirements, fierce competition, and the industry’s unstructured nature.
Unistone Capital is the book running lead manager for the Saraswati Saree Depot IPO, while Bigshare Services is the registrar. The company’s shares will be listed on both the BSE and the NSE, with the tentative date being Tuesday, August 20.
Investors who bid for the issue of Saraswati Saree can check the allotment status on the Bombay Stock Exchange (BSE) website.
1) Go to https://www.bseindia.com/investors/appli_check.aspx.
2) Under the issue type, select Equity.
3) Under the problem name, pick Saraswati Saree Depot Limited in the dropdown.
4) Write the application number.
5) Enter the PAN card ID.
6) Click ‘I am not a robot’ and hit submit.
Investors can also check the allocation status on Bigshare Services Limited’s online portal (https://ipo.bigshareonline.com/IPO_Status.html), the issue’s registrar.
The registrar is a Sebi-registered business that is qualified to function as such, electronically processing all applications and carrying out the allocation process as specified in the prospectus. The registrar is in charge of meeting the deadlines for updating the electronic credit of shares to successful applicants, sending and uploading refunds, and responding to all investor-related inquiries.
1) Go to the website of Bigshare Services Private Limited.
2) Select the IPO in Dropbox, whose name will be populated only when the allotment is finalized.
3) You must select one of three options: application number/CAF No, beneficiary ID, or PAN ID.
4) Enter the details of the mode you chose in Step 2.
5) For security purposes, fill out the captcha accurately.
6) Click Search to see your allotment status.
Saraswati Saree Depot IPO Objective:
Saraswati Saree Depot intends to use the proceeds from the public offering to meet the company’s working capital needs and for other general corporate objectives.
Saraswati Saree Depot IPO: Key Details
Saraswati Saree Depot’s IPO was valued at ₹160.01 crore. The public offer included a fresh issue of 65 lakh shares worth ₹104.00 crore and an offer to sell 35 lakh shares worth ₹56.02 crore.
Saraswati Saree Depot’s IPO price band was set at ₹152 to ₹160 per share. Saraswati Saree Depot’s IPO required a minimum lot size of 90 shares, resulting in a ₹14,400 investment.
About Saraswati Saree Depot
Saraswati Saree Depot, established in 1996, manufactures and sells women’s clothing. The company is a wholesale (B2B) retailer that distributes sarees and other women’s clothes primarily in the western and southern states.
