Saraswati Saree Depot Listing: There is a buzz in the IPO market and today a new company made a grand entry in the stock market. Shares of Saraswati Saree Depot Limited have been listed in the market today with bumper listing gains. The share of Saraswati Saree Depot has been listed on BSE at Rs 200, whereas the price of its shares in the IPO was Rs 160 per share. In this way, investors have got a great profit of Rs 40 per share on each share.
Saraswati Saree Depot’s bumper listing on NSE too
Saraswati Saree Depot shares were listed on NSE at Rs 194 and this is a listing gain of 21.25 percent. There was an opportunity to invest in the IPO of Saraswati Saree Depot with a face value of Rs 10 till August 14. Investors had the opportunity to bid for 90 shares or its multiples. The issue closed on August 14 and today on August 20 at 10 am, its investors have become rich in just 5 days due to the spectacular listing of shares.
Saraswati Saree Depot’s IPO got good response
Saraswati Saree Depot’s IPO received a good response from investors. Retail investors subscribed 61.88 percent to Saraswati Saree Depot IPO while the non-institutional investors (NII) segment saw a 358.65 percent subscription. Compared to non-institutional investors, QIBs received 64.12 times more subscription than their quota.
Some promoters sold their stake through IPO
The price band for the issue was fixed at Rs 152-160 per share. In the IPO, 35 lakh shares were sold through Offer for Sale or OFS while 65 lakh new shares were issued. Shares of promoters Tejas, Amar, Shevkaram and Sujandas Dulhani have been sold, each of whom has offered 700,200 equity shares. Tushar and Nikhil Dulhani are both selling 350,100 equity shares. The company will meet its corporate and working capital needs with the money raised through the sale of shares in the IPO.
What does Saraswati Saree Depot do?
The company is primarily in the saree production business and now supplies a wide range of women’s clothing that includes lehengas, kurtis, dress materials and bottoms including blouse pieces. Headquartered in Kolhapur, since its inception in 1966, the company has expanded its business through strong partnerships in cities like Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata and Bangalore.
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