Borana Weaves IPO Allotment Today: A Step-By-Step Guide To Check Status Online, Know Latest GMP
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Borana Weaves IPO allotment is today, May 23, after a 147.85 times subscription. Check status on Kfin Technologies' portal or NSE's website. IPO price: Rs 216/share.
Borana Weaves IPO Allotment Today: The allotment of the Borana Weaves IPO, which closed on May 22 with a whopping 147.85 times subscription, is scheduled to be finalised today, May 23, in the evening. Once finalised, investors will start getting bank debit messages. They can also check the IPO allotment status online on registrar Kfin Technologies Ltd's portal as well as on the websites of BSE and NSE.
The IPO, which was open for public subscription between May 20 and May 22, received a 147.85 times subscription garnering bids for 54,54,99,303 shares as against 36,89,457 shares on offer. The retail and NII participation stood at 200.50 times and 237.41 times, respectively. Its qualified institutional buyer (QIB) category got a 85.53 times subscription.
The price of the IPO was fixed at Rs 216 per share.
The IPO allotment is expected to take place today, May 23, in the evening. Once allotted, investors can check the allotment status by following these steps:
Step 2: Select company name by choosing 'Borana Weaves Ltd'.
According to market observers, unlisted shares of Borana Weaves Ltd are currently trading at Rs 256 apiece, which is an 18.52 premium (GMP) over the IPO price of Rs 216. Its listing is scheduled to take place on May 27 on both NSE and BSE.
The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price.
Borana Weaves IPO: More Details
The Borana Weaves IPO is entirely a fresh issue of 67.08 lakh shares. Its price has been fixed at Rs 216 per share.
For investors, the minimum lot size for an application is 69. The minimum amount of investment required by retail investors Rs 14,145. The minimum lot size investment for small NII is 14 lots (966 shares) amounting to Rs 2,08,656. For big NII, the minimum is 68 lots (4,692 shares) is Rs 10,13,472.
Proceeds from the IPO will be utilised to finance the cost of setting up a new manufacturing unit to expand capabilities to produce grey fabric at Surat, Gujarat, funding incremental working capital requirements, and for general corporate purposes.
'Over the past few years, we have grown our manufacturing capabilities in the synthetic textile segment. The proceeds from the IPO will support the expansion of our production infrastructure and help us address our working capital needs. This step aligns with our long-term strategy of scaling operations while maintaining focus on product quality and operational efficiency," Borana Weaves' Chairman and MD Mangilal Ambalal Borana said.
Incorporated in 2020, Borana Weaves engaged in the production of unbleached synthetic grey fabric. This fabric serves as a fundamental material for further processing, such as dyeing and printing, in various industries, including fashion, traditional textiles, home decor, and interior design.
Beeline Capital Advisors is the book running lead manager and KFin Technologies is the registrar to the issue.
Most analysts gave a 'subscribe for long-term' call for the IPO, and also for the listing gains.
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