Textile company Borana Weaves Limited has set a price band of ₹205–₹216 per share for its upcoming Initial Public Offering (IPO). The IPO will open for public subscription on May 20 and close on May 22.
Anchor investors can place their bids a day earlier, on May 19. The company aims to raise ₹144.89 crore through this IPO. The entire IPO consists of fresh equity shares.
The issue includes 67.08 lakh fresh equity shares. At the upper end of the price band, the total value of the IPO will be ₹144.89 crore.
From the funds raised, ₹71.35 crore will be used to set up a new manufacturing unit in Gujarat to boost the production of grey fabric. Additionally, ₹26.5 crore will go towards meeting working capital needs.
Here is the complete IPO timeline
Investors can subscribe to Borana Weaves’ IPO from May 20 to May 22. Share allotment will take place on May 23. Refunds and credit of shares to demat accounts will begin on May 26. The company’s shares are expected to be listed on the stock exchanges on May 27.
About the Company
Borana Weaves Limited is based in Surat. It manufactures unbleached synthetic grey fabric, which is used as a base material for dyeing, printing, and other processes in industries like fashion, traditional textiles, home décor, and interior design.
The company also makes polyester textured yarn by heating polyester-oriented yarn, which is a key input in producing grey fabric.
Currently, Borana Weaves operates three manufacturing facilities in Gujarat. Together, these units can produce up to 233.28 million metres of grey fabric and polyester textured yarn annually.
Recent Performance Trends
In the nine months ending December 2024, the company reported revenue of ₹211.61 crore and a net profit of ₹29.31 crore.
For the full financial year 2023–24, revenue rose to ₹199.06 crore from ₹135.40 crore in the previous year. Net profit also grew from ₹16.30 crore to ₹23.59 crore during this period.
