Saraswati Saree Depot IPO Oversubscribed 16.33 Times

New Delhi, Aug 13 (PTI) The initial public offering of Saraswati Saree Depot, a key player in the sarees wholesale segment, got subscribed 16.33 times on day two of subscription on Tuesday.

The Rs 160-crore initial share sale received bids for 16,33,54,410 shares against 1,00,00,800 shares on offer, as per NSE data.

The portion for non-institutional investors fetched 57.16 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 20.28 times. The quota for Qualified Institutional Buyers (QIBs) received 1.32 times subscription.

The Initial Public Offering (IPO) has a fresh issue of up to 64,99,800 equity shares and an offer for sale of up to 35,01,000 equity shares.

The price range for the offer is Rs 152-160 per share.

The initial share sale will conclude on August 14.

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 women's apparel 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 at Kolhapur and Ulhasnagar in Maharashtra.

Unistone Capital is the manager to the offer.

The equity shares of the firm are expected to be listed on the BSE and the NSE.