Saraswati Saree Depot IPO Opens Aug 12: Price Band at Rs 152-160

New Delhi, Aug 7 (PTI) Saraswati Saree Depot Ltd, a key player in the sarees wholesale (B2B) segment, on Wednesday, said it has fixed a price band of Rs 152-160 per share for its Rs 160 crore Initial Public Offering (IPO).

The initial share sale will open for public subscription on August 12 and conclude on August 14 and the bidding for anchor investors will open for a day on August 9, the company announced.

The IPO comprises a fresh issue of up to 65 lakh equity shares and an Offer for Sale (OFS) of 35 lakh equity shares by the promoter group.

At the upper end of the price band, the IPO size is pegged at Rs 160 crore.

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 other women's apparel wear 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 located in Maharashtra (Kolhapur and Ulhasnagar).

In Fiscal 2024, the company reported a revenue of Rs 610 crore with a net profit of Rs 29.52 crore.

Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Unistone Capital is the book running lead manager to the offer, while Bigshare Services is the registrar to the issue.

The equity shares are expected to be listed on the BSE and the NSE on August 20.