Shares of Saraswati Saree Depot closed with a premium of over 31 percent on August 20, compared to the issue price of Rs 160. The stock debuted on the BSE at Rs 200, reflecting a 25 percent increase from the issue price, and later surged 31.21 percent to reach the upper circuit limit of Rs 209.95.
On the NSE, the shares were listed at Rs 194, a 21.25 percent rise, and ended the day at Rs 203.70, marking a 27.31 percent gain. The company’s market valuation stood at Rs 831.40 crore.
The initial public offering (IPO) of Saraswati Saree Depot, a significant player in the saree wholesale market, was highly successful, being subscribed 107.39 times by the final day of subscription. The Rs 160-crore IPO had a price range of Rs 152-160 per share.
The company plans to use the net proceeds from the fresh issue to fund working capital needs and for general corporate purposes.
Founded in 1966, Saraswati Saree Depot, based in Kolhapur, specializes in the wholesale trade of sarees and other women’s apparel, including kurtis, dress materials, blouse pieces, lehengas, and bottoms. The company sources its products from manufacturers across India, with strong ties to key production hubs in Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata, and Bengaluru. Saraswati Saree Depot currently operates two stores located in Kolhapur and Ulhasnagar, Maharashtra.
