Saraswati Saree IPO to open on August 12; check price band, lot size and more

The initial public offering (IPO) of Saraswati Saree Depot will open for bidding on Monday, August 12, with shares priced between Rs 152-160 each. Investors can apply for a minimum of 90 shares. The issue will remain open until Wednesday, August 14.

Founded in 1996, Saraswati Saree Depot manufactures and wholesales women's apparel, primarily sarees, but also kurtis, dress materials, blouse pieces, lehengas, and bottoms.

The IPO includes a fresh issue of 35,01,000 shares worth Rs 56.02 crore and an offer for sale of 64,99,800 shares worth Rs 104 crore, potentially raising Rs 160 crore. The company, based in Kolhapur, reported a net profit of Rs 29.52 crore and revenue of Rs 610.90 crore for the financial year ending March 31, 2024.

Proceeds from the fresh issue will be used for working capital and general corporate purposes, while the offer for sale proceeds will go to selling shareholders. The anchor book opens on Friday, August 9. The IPO allocates 50% for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.

Unistone Capital is the lead manager, and Bigshare Services is the registrar. Shares are expected to be listed on BSE and NSE on Tuesday, August 20.

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