The initial public offer of Borana Weaves received bids for 3,14,63,862 shares as against 36,89,457 shares on offer, according to stock exchange data at 17:00 IST on 20 May 2025. The issue was subscribed 8.53 times.
The issue opened for bidding on 20 May 2025 and it will close on 22 May 2025. The price band of the IPO is fixed between Rs 205 and 216 per share. An investor can bid for a minimum of 69 equity shares and in multiples thereof.
Out of the proceeds from the fresh issue, Rs 71.35 crore will be used to finance the cost of establishing a new manufacturing Unit to expand its production capabilities to produce grey fabric at Surat, Rs 26.50 crore to fund incremental working capital requirement and the balance towards general corporate purposes.
Ahead of the IPO, Borana Weaves on Monday, 19 May 2025, raised Rs 65.20 crore from anchor investors. The board allotted 30,18,543 shares at Rs 216 each to 11 anchor investors.
Borana Weaves (Borana) is a textile manufacturer based in Surat, specializing 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, technical textiles, home décor, and interior design. In addition to grey fabric, Borana also manufactures polyester textured yarn.
As of December 31, 2024, the company had a total of 15 texturizing machines, 6 warping machines, 700 water jet looms, and 10 folding machines active at its three units.
The firm reported a consolidated net profit of Rs 29.31 crore and revenue from operations of Rs 211.62 crore for the nine months ended on 31 December 2024.