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

The initial public offering of Saraswati Saree Depot will open for bidding on Monday, Tuesday 12. The company will be offering its shares in the range of Rs 152-160 apiece. Investors can apply for a minimum of 90 equity shares and its multiples thereafter. The issue is open for bidding until Wednesday, August 14.
 

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.
 

The IPO of Saraswati Saree includes a fresh shares sale of 35,01,000 equity shares amounting to Rs 56.02 crore, while its promoters are offloading 64,99,800 equity shares amounting to Rs 104 crore. At the upper end of the price band, the company may raise Rs 160 crore via its primary stake sale.
 

The Kolhapur-based Saraswati Saree Depot reported a net profit of Rs 29.52 crore with a revenue of Rs 610.90 crore for the financial year ended on March 31, 2024. Its revenue stood at Rs 603.52 crore with a net profit of Rs 22.97 crore in the year 2022-23. It has only two stores in Kolhapur and Ulhasnagar.
 

The net proceeds from the fresh issue shall be utilized towards funding working capital requirements of the company and general corporate purposes. However, proceeds from the OFS shall go to the selling shareholders of the company. Anchor book for the issue opens on Friday, August 9.
 

Saraswati Saree Depot has reserved 50 per cent of the net offer for the qualified institutional bidders (QIBs), while retail investors will have 35 per cent of the net offering and remaining 15 per cent of the net offer will be allocated to non-institutional investors (NIIs) of the issue.
 

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.