The Saraswati Saree Depot IPO opened today, August 12, and will be open until August 14. In just the first hour, the retail portion was fully booked, followed by interest from qualified institutional and non-institutional investors. The entire issue was fully subscribed before noon on the first day.
The IPO includes an Offer for Sale (OFS) of 35 lakh shares by the promoter group and a new issue of up to 65 lakh shares, aiming to raise ₹160 crore at the upper end of the price range. The company plans to use the funds for general corporate needs and working capital.
In the public issue, 50% of the shares are reserved for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for retail investors.
Founded in 1966 in Kolhapur, Saraswati Saree Depot originally specialized in sarees but has since expanded to offer a variety of women’s clothing in bulk, including kurtis, dress materials, lehengas, and more. The company sources sarees from key locations across India like Surat, Varanasi, Madurai, and Kolkata.
According to the red herring prospectus (RHP), the company’s listed competitors include Go Fashion (India) Ltd, with a P/E ratio of 71.80 times, and Sai Silks (Kalamandir) Ltd, with a P/E ratio of 21.34 times.
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