• Saraswati Saree Depot share price opened strong on NSE at ₹194 and BSE at ₹200, exceeding the issue price of ₹160. Saraswati Saree IPO includes a sale of 35 lakh shares and a new issue of 65 lakh shares, aiming to raise ₹160 crore for working capital and corporate objectives.

Saraswati Saree Depot share price made a strong debut on the bourses today. On NSE, Saraswati Saree Depot share price opened at ₹194 per share, 21.25% higher than the issue price of ₹160. On BSE, Saraswati Saree Depot share price today opened at ₹200 apiece, up 25% than the issue price.

Market experts anticipated Saraswati Saree Depot share price to open in the range of ₹200 to ₹210 apiece.

Retail investors showed a slower response compared to non-institutional investors on the third day of bidding, with the latter maintaining the lead in subscription numbers. BSE data indicated that the Saraswati Saree Depot IPO subscription status stood at 107.52 times. The non-institutional investor segment saw 358.65 subscriptions, while the retail investor category recorded 61.88 subscriptions. Qualified Institutional Buyers (QIBs) received a subscription that was 64.12 times their quota.

Saraswati Saree Depot, a significant wholesale saree market player, received 16.34 times the subscriptions for its initial public offering on the second day of subscriptions. The Saraswati Saree IPO subscription status stood at 4.37 times on the first day of bidding.

For the IPO, Saraswati Saree Depot reserved a maximum of 50% of the shares for QIB, at least 15% for NII, and a minimum of 35% of the offer for retail investors.

The price band for the issue was set at a range of ₹152 to ₹160 per equity share with a face value of ₹10 each. Investors were able to place bids for up to 90 shares or in multiples of that number during the offering, which concluded on Wednesday, August 14.

Since its establishment in 1966, the company based in Kolhapur has primarily focused on the production of sarees. In addition to sarees, the company now also specialises in supplying a wide variety of women’s clothing in large quantities, including bottoms, lehengas, kurtis, dress materials, and blouse pieces.

By sourcing sarees from various manufacturers across India, the company has built strong partnerships in key cities such as Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata, and Bengaluru.

Saraswati Saree Depot IPO details

The promoter group’s offer for sale (OFS) of 35 lakh equity shares and a new issue of up to 65 lakh equity shares make up the IPO.

The upper end of the price range sets the IPO size at ₹160 crore. The net proceeds from the new issuance will be used by the firm to cover working capital needs and other corporate objectives. The issue registrar for the offering is Bigshare Services, and Unistone Capital is the book running lead manager.

The promoters are selling shares belonging to Tejas, Amar, Shevakram, and Sujandas Dulhani, with each offering 700,200 equity shares. Tushar and Nikhil Dulhani are each selling 350,100 equity shares.

Saraswati Saree Depot IPO GMP today

Saraswati Saree IPO GMP today is +40. This indicates Saraswati Saree share price were trading at a premium of ₹40 in the grey market, according to investorgain.com.

The anticipated listing price of Saraswati Saree shares, at the upper end of the IPO price range and factoring in the current premium in the grey market, is expected to be ₹200 per share, representing a 25% increase from the IPO price of ₹160.

Based on data from the last 13 grey market sessions, the current Grey Market Premium (GMP) of ₹40 suggests a downward trend. The GMP has ranged from a low of ₹20 to a high of ₹80, according to investorgain.com analysts.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.’