Borana Weaves IPO receives 29 times subscription on Day 2. Check GMP, other details

After impressively sailing through on Day 1 of the bidding process, the initial public offering (IPO) of Borana Weaves attracted an overall subscription of 29.3 times on the second day of the issue opening.

The highest interest was seen from the retail investors, who subscribed to the issue by 76.78 times, followed by the non-institutional investors (NIIs), who subscribed to the issue by 52.89 times. The qualified institutional buyers (QIBs) also displayed a strong participation, subscribing to the issue by 1.76 times.

Borana Weaves GMP

The latest grey market premium (GMP) for Borana Weaves IPO stands at approximately Rs 53, suggesting a potential listing gain of 24% over the issue price.

Borana Weaves IPO price band

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 Wednesday, May 22.

Borana Weaves IPO key dates and book running lead managers

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.

Also read: The Leela Hotels fixes price band at Rs 413-435 for upcoming IPO. Check details

About Borana Weaves

Established in 2020, Borana Weaves is a Surat-based textile company specializing 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.

Borana Weaves financial performance

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.

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