Saraswati Saree Depot IPO subscribed whopping 107.39 times on last day

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The initial public offer of Saraswati Saree Depot, a key player in the saree wholesale segment, got subscribed a whopping 107.39 times on the last day of subscription on Wednesday.

The Rs 160-crore initial share sale received bids for 1,07,39,63,880 shares against 1,00,00,800 shares on offer, as per NSE data.

The portion for non-institutional investors attracted 358.47 times subscriptions, while the quota for Qualified Institutional Buyers (QIBs) subscribed 64.12 times. The category for Retail Individual Investors (RIIs) garnered 61.59 times subscriptions.

The initial public offering (IPO) has a fresh issue of up to 64,99,800 equity shares and an offer for sale of up to 35,01,000 equity shares.

The price range for the offer is Rs 152-160 per share.

The company proposes to utilise the net proceeds from the fresh issue towards funding working capital requirements and general corporate purposes.

The Kolhapur-based company, whose origin in the sarees business dates back to the year 1966, is also engaged in the wholesale business of women's apparel, such as 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 operates from two stores at Kolhapur and Ulhasnagar in Maharashtra.

Unistone Capital is the manager of the offer.

The equity shares of the firm will be listed on the BSE and the NSE.