Saraswati Saree Depot IPO Subscribed 16.34 Times On Day 2

The initial public offering of Saraswati Saree Depot Ltd. was subscribed 16.34 times on the second day on Tuesday. It was subscribed 4.37 times on the first day, led by non-institutional and retail investors. The price band is Rs 152–160 per share.

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, according to the price band advertisement. The minimum lot size for bidding will be 90 shares, with further bids to be made in multiples.

Tejas Dulhani, Amar Dulhani, and Shevakram Dulhani will be the promoter group selling shareholders.

Unistone Capital Pvt. will be the sole book-running lead manager for the IPO. The equity shares are proposed to be listed on the BSE and the National Stock Exchange.

• Issue opens: Aug. 12.

• Issue closes: Aug 14.

• Issue price: Rs 152 to Rs 160 per share.

• Fresh issue: Rs 104 crore.

• Offer for sale: Rs 56 crore.

• Total issue size: Rs 160 crore.

• Bid lot: 90 shares.

• Listing: BSE and NSE. 

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.

Funds collected through the fresh issue will be used to support working capital requirements and for general corporate purposes.

The IPO has been subscribed 16.34 times as of 5:30 p.m. on Tuesday.

• Qualified institutional buyers: 1.32 times.

• Non-institutional investors: 57.18 times.

• Retail investors: 20.30 times.