Saraswati Saree Depot is scheduled to finalize the basis of allotment of its shares most likely on Friday, August 16. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate over the extended weekend or by Monday. The women apparel player had received a strong response from the investors during the bidding process.
Saraswati Saree Depot IPO
Saraswati Saree Depot IPO GMP: After the allotment of Saraswati Saree Depot Limited's Initial Public Offering (IPO) was finalized, investors are now waiting for the listing date. Shares of Saraswati Saree Depot IPO can be listed in the market on 20 August 2024.
Inestors can check Saraswati Saree Depot IPO allotment online by logging on to the registrar's website Bigshare Services Private Limited. Meanwhile, Saraswati Saree Depot IPO has gained momentum in the grey market after the announcement of share allotment.
Saraswati Saree Depot IPO GMP
According to Investorgain.com, the GMP of Saraswati Saree IPO is running at Rs +42 today. This indicates that the share price of Saraswati Saree is trading at a premium of Rs 42 in the grey market.
Kolhapur-based Saraswati Saree Depot sold its IPO in the price band of Rs 152-160 per share with a lot size of 90 shares, which was open for bidding between August 12 and August 14. The company aimed to raise around Rs 160.01 crore from its primary offering, which included a fresh share sale of Rs 104 crore and offer-for-sale (OFS) of 35.01 lakh shares.
The issue was overall subscribed a solid 107.52 times, thanks to strong bidding from non-institutional bidders (NIIs), whose allocation was booked a whopping 358.65 times. The quota for qualified institutional investors (QIBs) was subscribed 64.12 times, and the portion of retail investors was subscribed 61.88 times during the bidding process.
Grey market premium (GMP) of Saraswati Saree Depot has corrected sharply even after a strong bidding for the issue, on the back of rising volatility in the markets. Last heard, it was commanding a premium of Rs 48-50 per share in the unofficial market, suggesting a listing pop of 30-32 per cent for the investors. However, the premium stood at Rs 80 apiece when the bidding closed.
Incorporated in 1996, Saraswati Saree Depot is engaged in manufacturing and wholesale women's apparel. Its primary business is the sarees wholesale (B2B) segment. It is also engaged in the wholesale business of other women's apparel such as kurtis, dress materials, blouse pieces, lehengas, bottoms, and more.
Brokerage firms have mixed views on the issue. Some suggest subscribing to the issue on the back of reasonable valuations, strong expansion plans and diversified product portfolio. On the other hand, others believe that one may skip the issue on the back of high capital needs, stiff competition and unorganized nature of the industry.
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