Aug 12, 2024
By: Sourabh Jain
Credit: Saraswati Saree Depot
Kolhapur-based Saraswati Saree Depot’s initial public offering (IPO) is now open and will close on Thursday, August 14.
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Saraswati Saree Depot has fixed a price band of ₹152-₹160 per share for its public issue.
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Saraswati Saree Depot is a Kolhapur-based manufacturer and wholesaler of women’s apparel such as sarees, kurtis, dress material and more.
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Saraswati Saree Depot is looking to raise ₹160.01 crore from the current IPO. This includes a fresh issue of ₹104 crore and an offer for sale (OFS) component of ₹56.02 crore.
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Investors can bid for a minimum of 90 shares and in multiples of 90 shares thereafter.
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The company, founded in 1996 currently sells its apparel in regions such as Maharashtra, Goa, Karnataka, and Tamil Nadu. The company’s catalogue includes more than 3 lakh products and it has 314 employees.
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The company’s income was ₹612.58 crore in FY24, up from ₹603.52 crore in FY23. The company reported a profit of ₹29.53 crore in FY24, up from ₹22.97 crore profit reported in FY23.
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Over 90 percent of the company’s revenues come from the sale of sarees. A decrease in demand for sarees or any issues with production will have an adverse impact on the company.
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The funds from the issue will be used for funding the working capital requirements of the company and for general corporate purposes.
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