Borana Weaves IPO Day 2 update: Subscription rises 14x, GMP at 26%

The shares of Borana Weaves were quoted trading at around ₹272 per share, reflecting a grey market premium (GMP) of ₹56 or 25.93 per cent over the upper end of the issue price

Borana Weaves IPO Subscription Status: The initial public offering (IPO) of Borana Weaves, which opened for public subscription on Tuesday, May 20, has received an overwhelming response from investors. The NSE data suggests that the ₹144.89 crore offering of Borana Weaves received bids for 5,22,76,884 shares, against 36,89,457 shares on offer, resulting in an oversubscription of 14.17 times by 11:15 AM on Wednesday, May 21.  

Among the industrial categories, retail investors led the demand by oversubscribing the category reserved for them by 41.30 times. This was followed by Non-Institutional Investors (NIIs), who bid for 21.25 times, and Qualified Institutional Buyers (QIBs) for 1.59 times.

Borana Weaves IPO details

The public offering is a book-built issue, which comprises an entirely fresh issue of equity shares, without an offer-for-sale (OFS) component.  Borana Weaves IPO is available at a price band of ₹205–216 per share, with a lot size of 69 shares. Thus, investors can bid for a minimum of 69 shares of Borana Weaves IPO and in multiples thereof.

 

To bid for one lot or 69 shares of Borana Weaves IPO, a retail investor would require a minimum of ₹14,904, taking the upper end of the IPO price into consideration. A retail investor can bid for a maximum of 13 lots or 897 shares, amounting to ₹1,93,752.

Borana Weaves IPO grey market premium (GMP)

The unlisted shares of Borana Weaves were commanding a strong premium in the grey market on the second day of the subscription period. Sources tracking unofficial market activities revealed that Borana Weaves shares were seen trading at around ₹272 per share, reflecting a grey market premium (GMP) of ₹56 or 25.93 per cent over the upper end of the issue price.

 

Borana Weaves IPO review

Borana Weaves has also succeeded in garnering favorable reviews from brokers, including SMIFs and the Anand Rathi Research Team. Market analysts broadly remain optimistic about the long-term prospects of the company. READ MORE

Borana Weaves IPO timeline

The public offering will remain available for subscription until Thursday, May 22, 2025. Following that, the basis of allotment of Borana Weaves IPO shares is slated to be finalised tentatively on Friday, May 23, 2025. Subsequently, the company’s shares will be credited into the demat account on Monday, May 26, 2025.  ALSO READ | Belrise Industries IPO invites bids: GMP up 17%; should you subscribe?

 

Shares of Borana Weaves are expected to list on the BSE and NSE tentatively on Tuesday, May 27, 2025.

 

Borana Weaves IPO registrar, lead manager

For the public offering, KFIN Technologies is the registrar, while Beeline Capital Advisors acts as the sole book-running lead manager.

Borana Weaves IPO Objective

The company intends to utilise the net proceeds from the public offering to finance the cost of establishing a new manufacturing unit to expand its production capabilities to produce grey fabric in Surat, Gujarat, India. The company will further use the IPO proceeds for funding incremental working capital requirements and general corporate purposes.

About Borana Weaves

Borana Weaves is a manufacturer in the textile industry, specialising in the production of unbleached synthetic grey fabric. This essential material is widely used for downstream processing such as dyeing and printing and serves a diverse range of sectors, including fashion, traditional textiles, home décor, interior design, and technical textiles. The adaptability of grey fabric makes it a critical component in the textile value chain, offering compatibility with various unbleached fabric styles. Alongside grey fabric, Borana also produces polyester textured yarn (PTY yarn), which is manufactured by heating polyester oriented yarn (POY yarn), the primary raw material used in its fabric production.