Saraswati Saree Depot IPO Listing: The IPO market is in full swing and today a new company has made a grand entry in the stock market. Shares of Saraswati Saree Depot Limited have been listed in the market today with bumper listing gains. The share of Saraswati Saree Depot has been listed at Rs 200 on BSE while the price of its shares in the IPO was Rs 160 per share. In this way, investors have got a great profit of Rs 40 on each share and this is a listing gain or premium of 25 percent.
Bumper listing of Saraswati Saree Depot on NSE as well
Shares of Saraswati Saree Depot were listed at Rs 194 on NSE and this is a listing gain of 21.25 percent. There was an opportunity to invest in the IPO of Saraswati Saree Depot with a face value of Rs 10 from August 12 to August 14. Investors had the opportunity to bid for 90 shares or its multiples. The issue closed on August 14 and today on August 20 at 10 am, investors have become rich in just 5 days due to the great listing of shares. The company has received a very good response from the investors. On the last day, the company’s IPO was subscribed 107.39 times.
Saraswati Saree Depot’s IPO got a good response
Saraswati Saree Depot’s IPO got a good response from the investors. Retail investors subscribed 61.88 percent in Saraswati Saree Depot IPO while the non-institutional investors-Non Institutional Investors (NII) segment had a subscription of 358.65 percent. QIBs got 64.12 times more subscription than their quota as compared to non-institutional investors.
Some promoters sold shares through IPO
The price band for the issue was fixed at Rs 152-160 per share. In the IPO, 35 lakh shares were sold through Offer for Sale or OFS while 65 lakh new shares were issued. Shares of promoters Tejas, Amar, Shevkaram and Sujandas Dulhani have been sold, each of whom has offered 700,200 equity shares. Tushar and Nikhil Dulhani are both selling 350,100 equity shares. The company will meet its corporate and working capital requirements with the money raised through the sale of shares in the IPO.
What does Saraswati Saree Depot do?
This company, which is primarily in the saree production business, now supplies a wide range of women’s clothing. These include lehengas, kurtis, dress material and bottoms including blouse pieces. It is headquartered in Kolhapur and was founded in 1966. Now the company has expanded its strong business through partnerships in cities like Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata and Bengaluru.
Objective of Saraswati Saree Depot IPO
The company had stated that it will use the funds raised from the IPO to meet working capital requirements. The company will also use the IPO amount for general corporate purposes.
