Saraswati Saree Depot's Stock Surges Over 31% on Debut
Shares of Saraswati Saree Depot Ltd experienced a remarkable debut, surging over 31% from their issue price of Rs 160. The initial public offering was subscribed 107.39 times, highlighting strong investor interest. The firm plans to utilize proceeds for working capital and corporate purposes.
- Country:
- India
Shares of Saraswati Saree Depot Ltd ended Tuesday with a premium of over 31 percent against the issue price of Rs 160.
The stock made its debut at Rs 200 on the BSE, registering a 25 percent jump from the issue price, and later hit the upper circuit limit at Rs 209.95, up 31.21 percent.
On the NSE, shares listed at Rs 194, up 21.25 percent, ending the day at Rs 203.70, up 27.31 percent. The market valuation stood at Rs 831.40 crore.
Volume-wise, 10.27 lakh shares traded on the BSE and 40.90 lakh shares on the NSE. The initial public offer, subscribed 107.39 times, was priced between Rs 152-160 per share.
Proceeds are intended for working capital and general corporate purposes. The Kolhapur-based firm, established in 1966, also deals in women's apparel, sourcing sarees from key hubs across India.
(With inputs from agencies.)
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