Shares of Saraswati Saree Depot Ltd. closed on the BSE at Rs 209.95 per share, a premium of 31% over the issue price of Rs 190 apiece. The counter ended at Rs 203.7 per share on the National Stock Exchange, marking a premium of 27%.
The company's initial public offering was subscribed 107.52 times on its third and final day, led by non-institutional investors. The public issue consists of a fresh issue of 64.9 lakh shares and an offer-for-sale component consisting of 35.01 lakh shares.
Tejas Dulhani, Amar Dulhani, and Shevakram Dulhani were the promoter group selling shareholders.
Saraswati Saree Depot is a key player in the saree wholesale segment. The company is also engaged in the wholesale business of other women's apparel, dress materials, lehengas and bottoms.
The company regularly sources sarees and other women's apparel from more than 900 suppliers across different states in India.
The company majorly sells products in southern and western regions comprising mainly Maharashtra, Goa, Karnataka, and Tamil Nadu, and the company has served more than 13,000 unique customers in fiscal 2024.
Funds collected through the fresh issue will be used to support working capital requirements and for general corporate purposes.
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