Borana Weaves IPO Day 2: Issue subscribed 29.46 times; retail category sees 77x subscription

The ₹144.89-crore initial share sale received bids for 10,87,07,430 shares against 36,89,457 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) fetched 77.16 times subscription while the quota for non-institutional investors received 53.07 times subscription. The portion for Qualified Institutional Buyers (QIBs) got subscribed 1.76 times.

The Initial Public Offer (IPO) of up to 67,08,000 equity shares has a price range of ₹205-216 per share.

Beeline Capital Advisors is the book running lead manager to the offer.

The share sale is open for three days, i.e., from May 20 to May 22. The number of shares that have been put on the block is 36,89,457. The lot size, which means the minimum bid quantity, is 69 shares. The shares of the Borana Weaves are to be listed on the exchanges on May 27, 2025.

The company has reserved 75% shares in the IPO for large investors like banks, mutual funds and foreign institutional investors which fall under the category of Qualified Institutional Buyers (QIBs), 10% shares in the IPO are set aside for the retail investors and 15% are reserved for non-institutional investors.

The company will use the proceeds from the IPO to finance the cost of establishing a new manufacturing unit to expand its production capabilities, funding incremental working capital requirements and for general corporate purposes.

Borana Weaves Limited is a manufacturer of unbleached synthetic grey fabric based in Surat, Gujarat. The company's unbleached synthetic grey fabric is often widely used as a base for further processing (including dyeing and printing) in industries such as fashion, traditional textiles, technical textiles, home decor, interior design, etc.

The company also manufactures polyester textured yarn (“PTY Yarn”), which is produced by heating polyester-oriented yarn (“POY Yarn”), our raw material used in the production of grey fabric.