Borana Weaves IPO Opens on May 20: Price Band, Subscription Details

New Delhi, May 16 (PTI) Textile manufacturer Borana Weaves on Friday said it has fixed the price band at Rs 205-216 per share for its Rs 145-crore initial public offering.

The issue will hit the capital markets for public subscription on May 20, while bidding for anchor investors will open for a day on May 19. The issue will close on May 22, it said in a statement.

At the upper end of the price band, the company is expected to garner around Rs 144.89 crore from the initial public offering (IPO). Investors can bid for a minimum of 69 shares and in multiples thereof, it added.

The IPO is entirely a fresh issue of up to 67.08 lakh equity shares, as per the red herring prospectus.

Proceeds from the IPO will be utilised to finance the cost of setting up a new manufacturing unit to expand capabilities to produce grey fabric at Surat, Gujarat, funding incremental working capital requirements, and for general corporate purposes.


"Over the past few years, we have grown our manufacturing capabilities in the synthetic textile segment. The proceeds from the IPO will support the expansion of our production infrastructure and help us address our working capital needs.

"This step aligns with our long-term strategy of scaling operations while maintaining focus on product quality and operational efficiency," Borana Weaves' Chairman and MD Mangilal Ambalal Borana said.

Incorporated in 2020, Borana Weaves engaged in the production of unbleached synthetic grey fabric. This fabric serves as a fundamental material for further processing, such as dyeing and printing, in various industries, including fashion, traditional textiles, home decor, and interior design.

The shares of the company will be listed on the BSE and National Stock Exchange.

Beeline Capital Advisors is the book running lead manager and KFin Technologies is the registrar to the issue.