Saraswati Saree Depot shares jump 25 pc in debut trade

New Delhi, Aug 20 (PTI) Shares of Saraswati Saree Depot Ltd on Tuesday listed at a premium of 25 per cent against the issue price of Rs 160.

The stock made its debut at Rs 200, registering a jump of 25 per cent from the issue price on the BSE. It later zoomed 31.21 per cent to Rs 209.95.

At the NSE, shares of of the firm listed at Rs 194, up 21.25 per cent.

The company’s market valuation stood at Rs 831.40 crore.

The initial public offer of Saraswati Saree Depot, a key player in the saree wholesale segment, got subscribed a whopping 107.39 times on the last day of subscription on Wednesday.

The Rs 160-crore initial share sale had price range for the offer at Rs 152-160 per share.

The company proposes to utilise the net proceeds from the fresh issue towards funding working capital requirements and general corporate purposes.

The Kolhapur-based company, whose origin in the sarees business dates back to the year 1966, is also engaged in the wholesale business of women’s apparel such as kurtis, dress materials, blouse pieces, lehengas, and bottoms.

The company sources sarees from different manufacturers across India and has developed relationships in hubs like Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata, and Bengaluru.

Saraswati Saree Depot operates from two stores at Kolhapur and Ulhasnagar in Maharashtra.