Saraswati Saree Depot IPO Launches Today

Saraswati Saree Depot Limited has officially launched its initial public offering (IPO) today, making waves in the Indian stock market. The IPO will be open for subscription from August 12 to August 14, 2024, allowing investors to grab shares in this women’s apparel company.

The company has set the price range for its shares between ₹152 and ₹160 each. They aim to raise a total of ₹160.01 crore from this offer, with ₹104 crore coming from new shares.

As of 12:03 PM on the first day of bidding, the IPO has already been oversubscribed by 1.07 times. Excitingly, the retail portion has been booked 2.05 times, and the Non-Institutional Investor (NII) segment has seen even more demand, getting subscribed 2.35 times.

In the grey market, shares of Saraswati Saree Depot are reportedly trading at a premium of ₹34. This indicates investor interest ahead of the listing on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

The company plans to allocate shares on August 16, 2024, with an expected listing date of August 20, 2024, in accordance with the T+3 listing rules.

Akriti Mehrotra, a research analyst at StoxBox, sees this IPO as a unique investment opportunity, highlighting the company’s solid growth and strategic plans in inventory management and e-commerce expansion.

Additionally, Ventura Securities has shared a positive outlook, pointing out that Saraswati Saree Depot has consistently shown growth in sales and profitability over the years, making this IPO an attractive choice for investors.