New Delhi: Saraswati Saree Depot Ltd made an impressive debut in the stock market, with shares surging by 25% over the issue price of ₹160 on its first day of trading. The stock opened at ₹200 on the BSE and continued to climb, reaching a high of ₹209.95, marking a 31.21% increase. On the NSE, the shares were trading at ₹194, reflecting a 21.25% gain.
The company's IPO, which was heavily subscribed at 107.39 times, raised ₹160 crore. The proceeds are intended to be used for working capital and general corporate purposes. Saraswati Saree Depot, a well-established player in the wholesale saree market since 1966, also deals in a variety of women's clothing items. The company sources its products from various regions across India and has a significant presence in Maharashtra with stores in Kolhapur and Ulhasnagar.
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