Saraswati Saree Depot sets IPO price band at Rs 152-160 per share

The IPO includes a fresh issue of up to 6.50 million shares and an offer for sale of up to 3.51 million shares by existing shareholders and promoters.

Saraswati Saree Depot Ltd has set a price band of Rs 152-160 a share for its initial public offering that will open for subscription on August 12.

The issue will close on August 14, with the finalization of the basis of allotment on August 16. Refunds will be initiated on August 19, and the stock will be listed on exchanges on August 20.

The IPO includes a fresh issue of up to 6.50 million shares and an offer for sale of up to 3.51 million shares by existing shareholders and promoters.

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At the upper price band, the fresh issue is valued at Rs 104 crore, and the offer for sale is valued at Rs 56 crore, bringing the total market capitalization to Rs 633 crore.

Proceeds from the fresh issue, amounting to Rs 81 crore, will be used to fund working capital requirements. Unistone Capital is acting as the book-running lead manager for the public issue.

The company, a leading wholesaler in the sarees B2B segment since 1966, also deals in kurtis, dress materials, blouse pieces, lehengas, and bottoms.

Over 90 percent of its revenue comes from sarees. In Fiscal 2024, it served over 13,000 unique customers and offered a catalog with more than 300,000 SKUs.

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The firm in FY24 reported a revenue of Rs 610.90 crore against Rs 601.89 crore a year ago. Net profit for the fiscal stood at Rs 29.53 crore versus Rs 22.97 crore last year.

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