 "Saraswati Saree Depot shares hit upper circuit post solid debut on NSE, BSE")
Saraswati Saree Depot IPO listing today: Shares of leading Indian saree manufacturer and wholesaler, Saraswati Saree Depot, continued their upward movement post-listing, hitting the upper circuit on the bourses on Tuesday. As of 11:00 AM, the company's shares were locked in a 5 per cent upper circuit at Rs 209.95 on the BSE, and Rs 203.70 on the NSE.
Earlier, Saraswati Saree Depot shares made a strong debut on the bourses amidst positive market sentiments, listing at a premium of Rs 40, or 25 per cent, at Rs 200 on the BSE against the IPO issue price of Rs 160.
On the NSE, Saraswati Saree Depot shares also listed at a premium of 21.25 per cent, at Rs 194. With this stellar listing, investors who were allotted Saraswati Saree Depot IPO shares made a gain of Rs 34 per share.
On the NSE, Saraswati Saree Depot shares also listed at a premium of 21.25 per cent, at Rs 194. With this stellar listing, investors who were allotted Saraswati Saree Depot IPO shares made a gain of Rs 34 per share.
Ahead of its listing, the grey market premium (GMP) of Saraswati Saree Depot IPO surged over 25 per cent, indicating strong listing gains for the investors.
Saraswati Saree Depot IPO details
The allotment for the Saraswati Saree Depot IPO shares, available at a price band of Rs 152-160 per share with a lot size of 90 shares, was finalised on Friday, August 16, 2024. With the IPO, Saraswati Saree Depot offered a fresh issue of 6,499,800 shares worth approximately Rs 104 crore and an offer for sale (OFS) of 3,501,000 shares with a face value of Rs 10 apiece, totaling around Rs 56.02 crore. The public issue received strong demand from investors, with the IPO being subscribed 107.39 times by the final day of subscription.
Saraswati Saree Depot will use the net proceeds from the public issue to fund its working capital requirements and for general corporate purposes, as per the RHP papers.
About Saraswati Saree Depot
Saraswati Saree Depot Limited is a leading manufacturer and wholesaler of women's apparel, specializing in sarees and other traditional clothing. They source products from over 900 weavers and suppliers across India, offering a vast catalog of over 300,000 SKUs. The company primarily operates in the B2B segment, catering to a diverse customer base.