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Borana Weaves IPO subscription status: The initial public offering (IPO) of synthetic fabrics company Borana Weaves was fully subscribed within an hour after opening on Tuesday, led by strong demand from retail investors.
The issue was subscribed by 4.09 times as of 1 PM, according to National Stock Exchange (NSE) data. The quota reserved for retail investors was subscribed over 14.5 times, followed by non-institutional investors (NIIs) at 7.86 times. However, the qualified institutional buyers (QIBs) quota was subscribed only 2 per cent so far.
Borana Weaves IPO review
Analysts have recommended subscribing to the issue on a long-term basis. According to analysts at Anand Rathi Research, the company’s shift to water jet looms could benefit it over the long term with high yields, further capitalising on its top and bottom lines.
"At current valuation, based on annualised FY25, it is seeking a PE of 14.7 times. The FY24 earnings PE stands at 24.4 times, and post-issue market cap comes at ₹575.5 crore, with this, the issue is fully priced," analysts said in a note. READ MORE
Borana Weaves IPO GMP
On Tuesday, the unlisted shares of Borana Weaves were trading at ₹276, commanding a grey market premium (GMP) of ₹60 or 28 per cent compared to the upper price band of ₹216, according to sources tracking unofficial market activities.Borana Weaves IPO details
The three-day bidding window will close on Thursday, May 22, 2025. The basis of allotment of shares is likely to be finalised on Friday, May 23, 2025. Shares of Borana Weaves will list on both exchanges, NSE and BSE, tentatively on Tuesday, May 27, 2025.
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The price band for the Borana Weaves IPO is set at ₹205-2016 per equity share. Retail investors would require a minimum investment amount of ₹14,145 to bid for one lot comprising 69 shares.
Kfin Technologies is the registrar of the issue. Beeline Capital Advisors is the sole book-running lead manager for the issue.
According to the red herring prospectus (RHP), the company plans to use net issue proceeds to finance the cost of establishing a new manufacturing unit to expand its production capabilities to produce grey fabric in Surat, Gujarat. In addition, the company will use the proceeds to meet working capital requirements and general corporate purposes.
About Borana Weaves
Incorporated in 2020, Borana Weaves manufactures unbleached synthetic grey fabric, a key material for dyeing, printing, and finishing across industries like fashion, traditional technical textiles, interior design, and home decor. It also makes polyester textured yarn (PTY), derived from polyester oriented yarn (POY), which is used in grey fabric production, ensuring vertical integration within its textile operations. The company operates through three manufacturing units in Surat, Gujarat.
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