Saraswati Saree IPO Open For Public Suscription on Aug 12: Check Price Brand, Lot Size, GMP
Saraswati Saree Depot IPO: The saree wholesaler company reported that its net profit in the fiscal year ended on March 2024 increased to Rs 29.52 crore from Rs 22.97 crore in FY23.
Saraswati Saree IPO: The Saraswati Saree Depot Ltd which is a saree wholesale (B2B) business is all set to launch its initial public offering (IPO) on August 12 and will close on August 14.
The company will be offering shares for a set price band of Rs 152 to Rs 160 per share and investors can bid for a minimum of 90 equity shares and can go even higher.
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Saraswati Saree IPO features OFS shares of 35,01,000 equity shares that cost Rs 56.02 crore and the company’s promoters have issued 64,99,800 equity shares, the total price of these equity shares is Rs 104 crore.
The Saraswati Saree Depot Ltd promoters are Shankar Dulhani, Rajesh Dulhani, Vinod Dulhani, and Mahesh Dulhani. Each one of them holds 100% of the stocks before the public offerings.
Furthermore, the company could earn Rs 160 crore from the sale of its main share.
The Saraswati Saree Depot was formed in 1996 and is based in Kolhapur, Maharashtra.
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The company sells traditional women’s attire such as dress materials, lehengas, kurtis, sarees, bottoms, blouses, and many others.
The saree wholesaler company reported that its net profit in the fiscal year ended on March 2024 increased to Rs 29.52 crore from Rs 22.97 crore in FY23 and the company’s revenue also rose to Rs 610.90 crore from Rs 603.52 crore in FY23.
Currently, Saraswati Saree has two stores in Maharastra, one is in Kolhapur and the other one is in Ulhasnagar.
The company will use the earnings from the public offerings to fund its working capital needs and for day-to-day business operations.
The income generated from the offer-for-sale issue will be taken by the shareholders of Saraswati Saree.
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On Friday, August 9, bidding for the Anchor book will be open.
Furthermore, the company has set aside 50% of its net offer for qualified institutional bids (QIBs).
Meanwhile, retail investors will receive 35% of the net public offer and the rest 15% will go to the non-institutional investors (NIIs).
Unistone Capital is in charge of the book runnings of the Saraswati Saree Depot IPO while Bigshare Services is in charge of the registration of the issue.
However, Small Non-Institutional Investors (sNII) can bid on at least 14 lots which is 1,260 shares and costs Rs 2,01,600 while Big Non-Institutional Investors (b-NIIs) can bid for at least 70 lots which costs Rs 10,08,000.