Saraswati Saree Depot IPO allotment status: Check application, latest GMP and listing date

Saraswati Saree Depot is scheduled to finalize the basis of allotment of its shares most likely on Friday, August 16. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate over the extended weekend or by Monday. The women apparel player had received a strong response from the investors during the bidding process.
 

Kolhapur-based Saraswati Saree Depot sold its IPO in the price band of Rs 152-160 per share with a lot size of 90 shares, which was open for bidding between August 12 and August 14. The company aimed to raise around Rs 160.01 crore from its primary offering, which included a fresh share sale of Rs 104 crore and offer-for-sale (OFS) of 35.01 lakh shares.
 

The issue was overall subscribed a solid 107.52 times, thanks to strong bidding from non-institutional bidders (NIIs), whose allocation was booked a whopping 358.65 times. The quota for qualified institutional investors (QIBs) was subscribed 64.12 times, and the portion of retail investors was subscribed 61.88 times during the bidding process.
 

Grey market premium (GMP) of Saraswati Saree Depot has corrected sharply even after a strong bidding for the issue, on the back of rising volatility in the markets. Last heard, it was commanding a premium of Rs 48-50 per share in the unofficial market, suggesting a listing pop of 30-32 per cent for the investors. However, the premium stood at Rs 80 apiece when the bidding closed.
 

Incorporated in 1996, Saraswati Saree Depot is engaged in manufacturing and wholesale women's apparel. Its primary business is the sarees wholesale (B2B) segment. It is also engaged in the wholesale business of other women's apparel such as kurtis, dress materials, blouse pieces, lehengas, bottoms, and more.
 

Brokerage firms have mixed views on the issue. Some suggest subscribing to the issue on the back of reasonable valuations, strong expansion plans and diversified product portfolio. On the other hand, others believe that one may skip the issue on the back of high capital needs, stiff competition and unorganized nature of the industry.
 

Unistone Capital is the book running lead manager of the Saraswati Saree Depot IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed at both BSE and NSE with Tuesday, August 20 as the tentative date of the listing at the bourses.
 

Investors, who had bid for the issue of Saraswati Saree Depot, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity

3) Under the issue name, select Saraswati Saree Depot Limited in the dropbox

4) Write the application number

5) Add the PAN card ID

6) Click on 'I am not a Robot' and hit submit
 

Investors can also check the allotment status on the online portal of Bigshare Services Limited (https://ipo.bigshareonline.com/IPO_Status.html), the registrar to the issue.
 

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
 

1) Go to the web portal of Bigshare Services Private Limited

2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized

3) You shall be required to select either one of the three modes: Application number/CAF No, Beneficiary ID, or PAN ID.

4) Enter the details of the mode you selected in Step 2

5) For security purposes, fill the captcha accurately

6) Hit Search to know your allotment status.


 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.