Business News : The IPO of Saraswati Saree Depot, a wholesaler of women's sarees, kurtis, lehengas and other ethnic wear clothes, is opening from today. The issue will open on 12 August and close on 14 August. The company has fixed the price band per share in this IPO at Rs 152-160. The company plans to raise Rs 160.02 crore from the IPO. New shares worth Rs 104 crore will be issued, and Rs 56.02 crore will be through Offer-for-Sale (OFS). 

About Saraswati Saree Depot

Saraswati Saree Depot is a leading player in the wholesale (B2B) sales segment of women's clothing. The company was started in 1966. Apart from sarees, the company is also engaged in the wholesale trade of kurtis, dress materials, blouse pieces, lehengas, bottoms, etc. 90% of the company's total revenue comes from selling sarees. In FY 2023, the company served over 15,000 customers and crossed Rs 600 crore in sales. Its product catalogue includes over 3,00,000 different stock-keeping units. 

What is the current rate in the grey market? 

The current GMP of Saraswati Saree Depot is ₹52. With a price band of Rs 160, the estimated listing price of Saraswati Saree Depot IPO is ₹212 (cap price + today's GMP). If listing happens at this price, then a return of 32.50% per share can be obtained. Allotment of shares to successful investors who invest in Saraswati Saree Depot IPO will be done on Friday, August 16, 2024. Saraswati Saree Depot IPO will be listed on BSE, NSE and the tentative date of listing is fixed as Tuesday, August 20, 2024. 

The price band of Saraswati Saree Depot IPO has been fixed at ₹152 to ₹160 per share. The minimum lot size for the application is 90 shares. The minimum amount of investment for retail investors is ₹14,400.