Borana Weaves IPO opens for subscription with healthy GMP. Should you bid?
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Borana Weaves IPO: Should you subscribe?
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Borana Weaves, a Surat-based textile manufacturer, has launched its initial public offering (IPO) today, aiming to raise nearly Rs 145 crore through a fresh issue of 67.08 lakh shares. Borana Weaves IPO 's GMP stood at Rs 55, indicating an estimated premium of 26%.The IPO is entirely a fresh issue, meaning all funds raised will directly benefit the company. Borana Weaves plans to use the proceeds to establish a new manufacturing unit in Surat, Gujarat, enhancing its production capabilities in grey fabric. Additionally, the funds will be used for meeting incremental working capital requirements and general corporate purposes.Beeline Capital Advisors is the book-running lead manager for this issue, while Kfin Technologies is the registrar.The IPO, which opens for subscription on May 20 and closes on May 22, is being offered at a price band of Rs 205 to Rs 216 per share. The allotment of shares is expected to be finalized on May 23 with refunds to be initiated on May 26. The shares are expected to be credited to the successful bidders' demat accounts on the same day and the stock is scheduled to list on BSE and NSE on May 27.Investors can bid for a minimum of 69 shares and in multiples thereof. Retail investors can apply for a maximum of 13 lots, which amounts to 897 shares, with a total investment of Rs 1.93 lakh at the upper price band.Analysts advise investors to subscribe to the issue for long term as the company's shift to water jet loom could benefit with highyields further capitalizing its top and bottom lines"On valuation parse, based on annualised FY25, it is seeking PE of 14.7 times, FY24 earnings PE stands at 24.4 times and post issue market cap comes at Rs 575 crore with this the issue is fully priced. We recommend the issue can be considered as Subscribe for Long Term," said Anand Rathi.Founded in 2020, Borana Weaves specializes in manufacturing unbleached synthetic grey fabric, which serves as a base for dyeing, printing, and other textile processing.The company also produces polyester textured yarn (PTY Yarn), which is widely used in the textile industry. Borana Weaves operates three manufacturing units in Surat, equipped with state-of-the-art machinery, including 15 texturizing machines, six warping machines, 700 water jet looms, and 10 folding machines.As of December 2024, the company reported a revenue of Rs 215.71 crore and a net profit of Rs 29.31 crore.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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