The initial public offer (IPO) of Saraswati Saree Depot received 16,33,54,410 bids for shares as against 100,00,800 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (13 August 2024). The issue was subscribed 16.33 times.
The issue opened for bidding on 12 August 2024 and it will close on 14 August 2024. The price band of the IPO is fixed at Rs 152 to 160 per share.
The IPO comprised offer for sale (OFS) of 35,01,000 equity shares and fresh issue of up to 64,99,800 equity shares aggregating to Rs 104 crore.
Post issue, promoters holding will reduce to 74.7% of the total shareholding from the current 100% (pre-IPO).
Out of the proceeds from the fresh issue of Rs 104 crore, Rs 81 crore will be utilized to fund working capital requirements and the balance towards general corporate purposes.
Saraswati Saree Depot (SSD) is a wholesaler (B2B) of sarees as well as other women‘s apparel, such as kurtis, dress materials, blouse pieces, lehengas and bottoms.The company sources sarees and other women’s apparel from more than 900 weavers and suppliers across different states in India.
Currently, the product catalogue lists more than 300,000 different stock keeping units (SKUs). Products are majorly sold in the western and southern regions, comprising mainly Maharashtra, Goa, Karnataka and Tamil Nadu. More than 13,000 unique customers were served in FY24. SSD currently operates from two stores located at Kolhapur and Ulhasnagar, both in Maharashtra.
The firm reported a net profit of Rs 29.53 crore and sales of Rs 610.90 crore for the twelve months ended on 31 March 2024.