Saraswati Saree Depot's IPO Oversubscribed by 16.33 Times on Second Day

Saraswati Saree Depot's IPO was oversubscribed by 16.33 times on its second day of subscription, totaling bids for 16,33,54,410 shares against 1,00,00,800 on offer. Non-institutional investor portion saw 57.16 times subscription, while RIIs subscribed 20.28 times. The company intends to use proceeds for working capital and corporate purposes.

Saraswati Saree Depot's initial public offering (IPO) saw a robust response, being oversubscribed by 16.33 times on the second day of its subscription on Tuesday.

The Rs 160-crore IPO received bids for 16,33,54,410 shares against an offer of 1,00,00,800 shares, according to NSE data.

The non-institutional investors' portion obtained 57.16 times the subscription, while retail individual investors (RIIs) subscribed 20.28 times. Qualified institutional buyers (QIBs) saw their portion subscribed 1.32 times.

The IPO features a fresh issue of up to 64,99,800 equity shares and an offer for sale of up to 35,01,000 equity shares, with a price range set between Rs 152 and Rs 160 per share. The IPO will conclude on August 14.

The Kolhapur-based company, which has been in the saree business since 1966, plans to use the proceeds for working capital and general corporate purposes. The company sources sarees from various hubs in India and operates from stores in Kolhapur and Ulhasnagar, Maharashtra.

Unistone Capital is managing the offer, and the equity shares are expected to be listed on the BSE and NSE.