Borana Weaves IPO allotment status: Check application, latest GMP & listing date

Borana Weaves is likely to finalize the basis of allotment of its shares on Friday, May 23. Applicant bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate either on weekend or latest by Monday, May 26. The manufacturer of synthetic fabric saw a bumper response from the investors.

The IPO of Surat-based Borana Weaves was open for bidding between May 20 and May 22. It had offered its shares in the price band of Rs 205-216 per share with a lot size of 69 shares. The company raised a total of Rs 144.89 crore via IPO, which was entirely a fresh share sale of 67,08,000 equity shares.

The issue was overall subscribed a whopping 148.78 times. The allocation for the non-institutional investors (NIIs) was subscribed a solid 237.42 times The portion for retail investors booked subscribed 200.53 times. Allocation for qualified institutional bidders (QIBs) was booked 87.21 times during the three-day bidding process.

Ahead of its IPO, Borana Weaves raised Rs 65.20 crore from anchor investors and the remaining Rs 79.7 crore portion of the issue attracted bids nearly for Rs 11,800 crore. The company was able to attract a total of 17.41 lakh applications.

The grey market premium (GMP) of Borana Weaves has seen a sharp correction even after a bumper bidding amid the selling pressure in the broader markets. Last heard, the company was commanding a premium of Rs 40 in the unofficial market, suggesting a listing gains of around 19-20 per cent for the investors. The GMP stood at Rs 60 a day ago.

Borana Weaves’ IPO has seen resounding success, driven by strong fundamentals, favorable industry dynamics, and solid investor trust across the board, said Gaurav Garg at Lemonn Markets Desk. The high GMP validates bullish sentiment and indicates a strong debut on the bourses. The exceptional subscription figures position Borana Weaves as one of the standout IPOs in recent times," he said.

Incorporated in 2020, Surat-based Borana Weaves is a manufacturer of unbleached synthetic grey fabric, which is often widely used as a base for further processing (including dyeing and printing) in industries such as fashion, traditional textiles, technical textiles, home decor, interior design and more.

Beeline Capital Advisors is the sole book-running lead manager of the Borana Weaves IPO, while Kfin Technologies is the registrar for the issue. Allotment of the shares shall be finalized on Friday, May 23. Shares of the company shall be listed at both BSE and NSE with May 27, Tuesday as the tentative date of listing.

Investors, who had bid for the issue of Borana Weaves, 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 Borana Weaves 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 search button

Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), 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 KFin Technologies Limited

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

3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID

4) In application type, select between ASBA and non-ASBA

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

6) For security purposes, fill the captcha accurately

7) Hit submit.