Strong Debut! Borana Weaves shares list at ₹243, a premium of 12.5% over IPO price
Borana Weaves IPO listing: Shares of Borana Weaves IPO made a strong debut on the bourses on Tuesday, May 27, as they listed at ₹ 243 on NSE and BSE, a premium of 12.5 per cent over the issue price of ₹ 216.
The IPO, valued at 144.89 crore, was open for subscription from May 20 to May 22.
The IPO concluded on an exceptional note, receiving bids amounting to 147.85 times the shares on offer over the three-day bidding period. A total of 54.54 crore shares were bid for, compared to the 36.89 lakh shares available. The retail investor portion was subscribed 200.50 times, while the non-institutional investor (NII) category saw a subscription of 237.41 times. Meanwhile, the Qualified institutional buyers (QIBs) portion was booked 85.53 times.
Borana Weaves IPO was a completely fresh issue comprising 67 lakh shares, with no offer-for-sale component. The minimum application size was set at 69 shares, requiring a minimum investment of ₹ 14,145 from retail investors.
Borana Weaves aims to utilise the proceeds from its IPO for various goals, such as funding the setup of a new manufacturing facility to increase its grey fabric production capacity in Surat, Gujarat, India; supplying extra working capital; and addressing general corporate requirements.
Borana Weaves IPO allocated not less than 75 per cent of the public issue for Qualified Institutional Buyers (QIBs), while Non-Institutional Investors (NIIs) were allotted up to 15 per cent. The remaining 10 per cent of the offer was earmarked for retail individual investors.
Beeline Capital Advisors Pvt Ltd is the book-running lead manager of the Borana Weaves IPO, while Kfin Technologies Limited is the registrar for the issue.
Incorporated in 2020, Borana Weaves Limited is a textile manufacturing company based in Surat, Gujarat, specialising in the production of unbleached synthetic grey fabric. This fabric serves as a foundational material for further processing such as dyeing and printing, making it suitable for a wide range of industries including fashion, traditional and technical textiles, home décor, and interior design.
Apart from producing grey fabric, Borana Weaves also manufactures polyester textured yarn (PTY Yarn), which is created by heating polyester oriented yarn (POY Yarn), the key raw material in grey fabric manufacturing. The company runs three manufacturing units in Surat, Gujarat, all outfitted with modern textile production technologies such as texturizing, warping, water jet looms, and textile folding.
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