Saraswati Saree Depot IPO: Mainboard issue booked over 107 times on last day, check key details

Saraswati Saree Depot Limited IPO subscription closed with a massive demand as the public issue was booked more than 107 times on the final day of bidding on Wednesday, August 14.

The mainboard initial public offer received bids for more than 107.39 core shares against 1 crore shares on offer, leading to an overall subscription of 107.39 times.

The issue saw the highest demand from the Non-Institutional Investors (NIIs). The category was booked 358.47 times with bids for more than 53.77 crore shares compared to 15 lakh shares set aside for the category.

Retail individual investors applied for over 21.55 crore shares against 35 lakh shares set aside for the category. The retail portion was booked 61.59 times.

The Qualified Institutional Buyers (QIBs) portion booked 64.12 times with application for 32.06 crore shares against 50 lakh shares set aside for the segments.

Saraswati Saree Depot IPO offer size, price band and other details

Saraswati Saree Depot IPO is a book-building issue worth ₹160.01 crore. The mainboard public offer is a combination of a fresh issue of 65 lakh shares aggregating to ₹104 crore and offers-for-sale (OFS) of 35 lakh shares aggregating to ₹56.02 crore.

The IPO price band was fixed at ₹152 to ₹160 per share.

Saraswati Saree Depot IPO dates

The IPO subscription was closed on Wednesday, August 14. The IPO allotment status is likely to be finalised on August 16.

Refunds will be initiated for unsuccessful bidders on August 19 and shares will be credited into the Demat accounts of successful bidders the same day.

Shares of the company are likely to be listed on the NSE and BSE platforms on August 20.

Saraswati Saree Depot IPO registrar

The registrar of the Saraswati Saree Depot IPO is Bigshare Services Private Limited, while the book-running lead manager is Unistone Capital Pvt Ltd.

Saraswati Saree Depot IPO objective

The apparel and saree wholesaler plans to use the net proceeds from the IPO to fund the company's working capital needs. A significant portion of the funds will also be used for corporate purposes.

About Saraswati Saree Depot Limited

Established in 1996, Saraswati Saree Depot Limited is primarily engaged in the manufacturing and wholesale of women's apparel and sarees. The company also supplies a variety of other women's clothing, including kurtis, lehengas and blouse pieces.

With procurement from over 900 suppliers across India, Saraswati Saree Depot provides an extensive catalogue of more than 3,00,000 products, mainly catering to customers in Maharashtra, Goa, Karnataka, and Tamil Nadu.