Borana Weaves IPO subscribed 55 times on Day 3: Check GMP, price band and other details
Borana Weaves' IPO witnessed an overwhelming response, being subscribed 55.11 times on its final day, driven by strong retail and non-institutional investor demand. The IPO price was fixed between Rs 205 and Rs 216 per share. The Surat-based textile company plans to use the IPO proceeds for expansion and working capital needs, with a tentative listing date of May 27.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Borana Weaves IPO price band
Borana Weaves IPO key dates and book running lead managers
About Borana Weaves
The initial public offering (IPO) of Borana Weaves, which opened for subscription on Tuesday, has been subscribed 55.11 times on the third and final day of the bidding process.As of 11:51 AM, the issue had received bids for 20,33,32,305 shares, representing a 55.11 times subscription. The highest demand was driven by the retail investors subscribing to the issue by 122.74 times, followed by the non-institutional investors (NIIs), who subscribed the issue by 116.02 times. The qualified institutional buyers (QIBs) subscribed 2.12 times to the issue.The GMP of Borana Weaves is currently Rs 54-55 in the unlisted markets, which indicates a premium of 25% over the issue price.The IPO is priced between Rs 205 and Rs 216 per share, with a minimum lot size of 69 shares for retail investors. At the upper end of the price band, the minimum investment required by retail applicants is Rs 14,904. The bidding window will remain open until Thursday, May 22.Beeline Capital Advisors is the sole book-running lead manager, while KFin Technologies is acting as the registrar for the issue. The shares are proposed to be listed on both BSE and NSE, with a tentative listing date of May 27.Established in 2020, Borana Weaves is a Surat-based textile company specialising in unbleached synthetic grey fabric and polyester textured yarn (PTY yarn). It serves various sectors such as fashion, traditional textiles, home décor, and technical textiles. The company operates three manufacturing units equipped with advanced technology, including 700 water jet looms, enabling robust production capacity.The proceeds from the IPO are planned to be used for establishing a new grey fabric manufacturing unit in Surat, addressing additional working capital requirements, and supporting general corporate purposes.On the financial front, Borana Weaves reported a strong performance for the nine-month period ending December 2024, with revenues of Rs 215.71 crore and net profit of Rs 29.31 crore. The company's robust growth, along with improving sector sentiment, has driven optimism around the IPO.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
20 minutes ago
- Business Standard
Jubilant gets $600 mn boost from Goldman for Coca-Cola India stake buy
By Megawati Wijaya and PR Sanjai Goldman Sachs Asset Management has provided $600 million to partially fund the equity investment needed by Indian conglomerate Jubilant Bhartia Group for its purchase of a 40 per cent stake in The Coca-Cola Co.'s bottling unit in India, according to people familiar with the matter. Goldman Sachs Asset Management's hybrid fund financed this equity portion by subscribing to the convertible preference shares issued by the group, said the people, who asked not to be named discussing a private matter. The fund — which is part of the investment bank's private credit strategy — sits between traditional debt and equity, and is usually longer in tenure. Convertible preference shares is one of the many ways companies can raise capital to fund their operations and expansion. They can choose to do so because it enables them to avoid taking on debt, while limiting the potential dilution of selling additional common stock. Goldman Sachs and Jubilant Bhartia declined to comment. Coca-Cola in December announced that Jubilant Bhartia will acquire a minority stake in Hindustan Coca-Cola Holdings Pvt., the parent company of the soft drink maker's largest bottler in India called Hindustan Coca-Cola Beverages Pvt. The total acquisition cost is $1.5 billion, the people said. The pizza-to-pharmaceuticals conglomerate will fund the remaining $900 million required for the acquisition with $600 million of equity and $300 million in debt, the people added. Two subsidiaries of the group — Jubilant BevCo and Jubilant Beverages — recently issued rupee-denominated bonds totaling $658 million-equivalent to fund the deal, Bloomberg News reported. Jubilant Bhartia's purchase of a stake in the beverage giant joins a series of foreign firms looking to divest part of their shareholding in local arms. In December, the Indian unit of South Korea-based LG Electronics Inc. filed for an initial public offering, seeking to tap investors in the South Asian country's booming market. Earlier last year, British American Tobacco Plc raised $2 billion selling shares in its Indian partner.
Business Standard
21 minutes ago
- Business Standard
CRR at 3% seen as new normal, RBI says it's sufficient for liquidity
The cut in CRR would release primary liquidity of about Rs 2.5 lakh crore to the banking system by December 2025 Mumbai Listen to This Article The Reserve Bank of India (RBI) has decided to cut the cash reserve ratio (CRR) requirement of banks by 100 basis points (bps) to 3 per cent of net demand and time liabilities (NDTL) and this could be the new normal. It will be done in a staggered manner — with effect from the fortnights beginning September 6, October 4, November 1 and November 29. The cut in CRR is set to release primary liquidity of about Rs 2.5 trillion into the banking system by December 2025. Historically, CRR — the amount of cash that banks need to keep with
Time of India
30 minutes ago
- Time of India
PNB cuts lending rate in line with RBI policy
Hours after RBI's jumbo rate cut, state-owned Punjab National Bank (PNB) on Friday announced up to 50 basis points reduction in lending rate, a move which will help existing and new borrowers. Other banks are also expected to make similar announcements soon. "Great News for Our Valued Customers! Punjab National Bank Makes Your EMIs More Affordable! Following the repo rate cut (6.00% - 5.50%), Punjab National Bank has reduced its RLLR by 50 bps, effective from June 9, 2025," PNB said in a post on X. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The price of dental implants may surprise you Dental Implants | Search Ads Search Now With the reduction in the benchmark repo-linked benchmark lending rates (RBLR), the home loan of the bank will start from 7.45 per cent while vehicle loans from 7.8 per cent per annum. Earlier in the day, the Reserve Bank of India (RBI) cut interest rates by a larger-than-expected 50 basis points, and unexpectedly reduced the cash reserve ratio for banks to make available more money to lend in a bid to boost the economy. Live Events The RBI's six-member monetary policy committee, headed by Governor Sanjay Malhotra and consisting of three external members, voted five to one to lower the benchmark repurchase or repo rate by 50 basis points to 5.5 per cent. It also cut the cash reserve ratio by 100 basis points to 3 per cent, adding Rs 2.5 lakh crore to already surplus liquidity in the banking system. With the latest reduction, the RBI has now cut interest rates by a total of 100 basis points in 2025, starting with a quarter-point reduction in February -- the first cut since May 2020 -- and another similar-sized cut in April. The central bank, at the same time, changed its monetary policy stance from 'accommodative' to 'neutral', meaning rates could increase or decrease in future depending on incoming data, with Malhotra stating that it may have limited space for further easing.
