Saraswati Saree's Rs 160 crore IPO opens on August 12. Price band and other details announced
The minimum bid is for 90 shares, with additional bids in multiples of 90 shares thereafter.
The IPO includes a fresh issue of up to 65 lakh equity shares and an offer for sale (OFS) of up to 35 lakh equity shares by the promoter group. At the upper end of the price band, the fresh issue is valued at approximately Rs 104 crore, while the OFS is valued at Rs 56.01 crore.
At the upper end of the price band, the total issue is valued at Rs 160 crore.
Under the OFS, Tejas Dulhani, Amar Dulhani, Shevakram Dulhani, Sujandas Dulhani, Tushar Dulhani, and Nikhil Dulhani will be offloading their respective stakes.
Up to 50% of the IPO is reserved for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and at least 35% for retail investors.
The shares of Saraswati Saree Depot will be listed on the NSE and BSE platforms.
The company intends to use the net proceeds from the fresh issue for funding working capital requirements and general corporate purposes.
The Kolhapur-based company, which has been in the sarees business since 1966, is also involved in the wholesale of other women's apparel, including kurtis, dress materials, blouse pieces, lehengas, and bottoms.
The company sources sarees from different manufacturers across India and has developed relationships in hubs like Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata, and Bengaluru. Saraswati Saree Depot Limited which operates from two stores located in Maharashtra (Kolhapur and Ulhasnagar) lists more than 300,000
