Saraswati Saree Depot listed on the Bombay Stock Exchange (BSE) at Rs 200 per share, a 25% premium over its issue price of Rs 160. On the National Stock Exchange (NSE), the stock opened at Rs 194, marking a 21% premium. The company’s initial public offering (IPO) had garnered an overwhelming response, subscribing 107.52 times on its final day, driven primarily by non-institutional investors.
The IPO comprised a fresh issue of 64.9 lakh shares and an offer-for-sale component of 35.01 lakh shares. The stock price surged to Rs 203.70, hitting the upper circuit limit of 27% on its debut day, outperforming the NSE Nifty 50 index which rose 0.62%.
Saraswati Saree Depot, a leading player in the saree wholesale segment, also engages in the wholesale business of women’s apparel, dress materials, lehengas, and bottoms. With a vast network of over 900 suppliers across India, the company caters to over 13,000 unique customers, primarily in Maharashtra, Goa, Karnataka, and Tamil Nadu.
The funds raised through the fresh issue will be utilized to support working capital requirements and general corporate purposes. Unistone Capital Pvt. served as the sole book-running lead manager for the IPO. Promoter group selling shareholders included Tejas Dulhani, Amar Dulhani, and Shevakram Dulhani.
