Borana Weaves sets price band of Rs 205-216 a share for IPO

Borana Weaves Ltd has announced a price band of Rs 205-216 per share for its upcoming initial public offering (IPO), scheduled to open on May 20 and close on May 22.

Anchor bidding will commence on May 19. The basis of allotment will be finalized on May 23, followed by the initiation of refunds and credit of equity shares on May 26. The company's shares are expected to be listed on stock exchanges on May 27.

The IPO is a pure fresh issue comprising 67.08 lakh equity shares. At the upper end of the price band, the total issue size will be at Rs 144.89 crore. Of the proceeds, Rs 71.35 crore will be allocated towards setting up a new manufacturing facility in Gujarat to enhance production capacity for grey fabric.

Borana Weaves currently operates three manufacturing units in Gujarat with a combined installed capacity of 233.28 million meters per annum for producing grey fabric and polyester textured yarn. An additional Rs 26.5 crore from the issue will be utilized to meet incremental working capital requirements.