Saraswati Saree Depot IPO fully subscribed within hours of bidding on Day 1, NIIs lead; check details

Saraswati Saree Depot Limited, a key player in the sarees wholesale (B2B) segment, launched its initial public offering (IPO) on Monday, August 12, and was fully subscribed within hours of the issue opening for subscription.

The initial share sale received bids for 1.20 crore shares against one crore equity shares on offer. The part for non-institutional investors (NIIs) was subscribed 2.72 times, while the retail portion received 2.28 times the subscription.

The public offer, open for subscription from August 12 to August 14, has set a price band of ₹152-₹160 per equity share.

The ₹160.01 crore IPO comprises fresh issuance of up to 65 lakh shares and an offer for sale (OFS) component of 35 lakh shares by the promoter group.

Interested investors can bid for at least one lot comprising 90 shares worth ₹13,680. Half of the issue size is reserved for qualified institutional investors (QIBs), 35% for retail investors, and 15% for NIIs.

Saraswati Saree Depot IPO: Key dates

• Bidding period: August 12 to August 14
• Allotment finalisation: August 16
• Refund initiation: August 19
• Demat transfer: August 19
• Listing: August 20

About Saraswati Saree Depot

The Kolhapur-based company, which has been involved in the saree business since 1966, is also a wholesaler of other women's apparel, such as dress materials, kurtis, lehengas, blouse pieces, and bottoms.

The company sources sarees from different manufacturers across India and has developed relationships in hubs like Varanasi, Surat,Mau, Madurai, Kolkata, Dharmavaram, and Bengaluru.

Saraswati Saree Depot operates from two stores located in Kolhapur and Ulhasnagar.

In the financial year 2023-24, the company posted a revenue of ₹610 crore with a net profit of ₹29.5 crore.