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Saraswati Saree Depot IPO is a book-built issue of Rs 160.01 crores. The issue is a combination of a fresh issue of 0.65 crore shares aggregating to Rs 104.00 crores and an offer for sale of 0.35 crore shares aggregating to Rs 56.02 crore.
The IPO opens for subscription on August 12, 2024, and closes on August 14, 2024. The price band is set at ₹152 to ₹160 per share. The minimum lot size for an application is 90 Shares.
Company Summary
Incorporated in 1996, Saraswati Saree Depot Limited is engaged in manufacturing and wholesale women’s apparel.
The company’s primary business is the wholesale (B2B) segment of sarees. It is also engaged in the wholesale business of other women’s apparel, such as kurtis, dress materials, blouse pieces, lehengas, bottoms, etc.
The company majorly sells products in southern and western regions comprising mainly Maharashtra, Goa, Karnataka, and Tamil Nadu and the company has served more than 13,000 unique customers in fiscal 2024.
The company stores offer saree products categorized by occasion, fabric, weave, and ornamentation. Over 90 percent of the company’s revenue comes from saree sales.
Currently, their product catalog lists more than 300,000 different SKUs. In Fiscals 2024, 2023 and 2022.
As of June 30, 2024, the company had an employee base of 314 employees in various departments.
Company Financials
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 205.94 | 188.85 | 169.93 |
| Revenue | 612.58 | 603.52 | 550.31 |
| Profit After Tax | 29.53 | 22.97 | 12.31 |
| Net Worth | 64.91 | 35.38 | 12.41 |
| Total Borrowing | 43.49 | 41.43 | 66.62 |
Amount in ₹ Crore | |||
Objectives of the IPO
The company intends to utilize the net proceeds from the issue towards the funding of the following objects
- Funding the working capital requirements of the company.
- General corporate purposes.
Promoters of the Company
The Promoters of the company are Mahesh Dulhani, Rajesh Dulhani Shankar Dulhani, and Vinod Dulhani. The Promoters collectively hold an aggregate of 14,067,500 Equity Shares equivalent to 42.50% of the issued, subscribed, and paid-up pre-offer Equity Share capital of the Company.
IPO details
| IPO Date | August 12, 2024 to August 14, 2024 |
| Listing Date | Tuesday, August 20, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹152 to ₹160 per share |
| Lot Size | 90 Shares |
| Total Issue Size | 10,000,800 shares (aggregating up to ₹160.01 Cr) |
| Fresh Issue | 6,499,800 shares (aggregating up to ₹104.00 Cr) |
| Offer for Sale | 3,501,000 shares of ₹10 (aggregating up to ₹56.02 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 90 | ₹14,400 |
| Retail (Max) | 13 | 1170 | ₹187,200 |
| S-HNI (Min) | 14 | 1,260 | ₹201,600 |
| S-HNI (Max) | 69 | 6,210 | ₹993,600 |
| B-HNI (Min) | 70 | 6,300 | ₹1,008,000 |
Allotment Schedule
| Basis of Allotment | Friday, August 16, 2024 |
| Initiation of Refunds | Monday, August 19, 2024 |
| The credit of Shares to Demat | Monday, August 19, 2024 |
| Listing Date | Tuesday, August 20, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 14, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
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