Saraswati Saree Depot IPO Open for Subscription: Finalized Share Allotment on 16 August Saraswati Saree Depot, the women's apparel wholesaler has announced that its public offer is open for subscription as of today and will close on August 14
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Saraswati Saree Depot, the women's apparel wholesaler has announced that its public offer is open for subscription as of today and will close on August 14
The IPO will consist of a fresh issue of 64,99,800 equity shares amounting to INR 103.99 and an offer for sale (OFS) of 35.01 lakh shares worth up to INR 56.01 crore. The company looks to raise INR 160.01 crore from the issue.
The company's IPO details have revealed that it has fixed the price band at INR 152-160 per share. The minimum lot size will be at 90 shares and the minimum investment required by retail investors will be INR 14,400.
Saraswati Saree Depot IPO said that it will finalize share allotment on 16 August according to its RHP. The company will be listed on both BSE and NSE on August 20, 2024. Unistone Capital Pvt Ltd is allotted as the book-running lead manager and Bigshare Services Pvt Ltd will be the IPO registrar.
Operating in the B2B saree wholesale segment Saraswati Saree Depot Limited was incorporated in 1966 as a family business and crossed INR 200 crores in sales for the first time in FY14. The company also has a product catalog containing over 300,000 SKUs as of FY24 and served over 13000 customers with INR 600 crore recorded in sales.
Between FY22 and FY24, Saraswati Saree Depot Limited experienced a compound annual growth rate (CAGR) of 3.57% in its revenue from operations, while its net profit increased by over 33%. The Indian saree industry is projected to expand at a CAGR of 5% to 6% from FY24 to FY29, potentially reaching INR 625-650 billion, which could further benefit the company.
