Draft documents are submitted by Saraswati Saree Depot for an initial public offering

 Draft documents are submitted by Saraswati Saree Depot for an initial public offering

IPO for Saraswati Saree Depot: The IPO consists of an offer-for-sale (OFS) of 35.55 lakh shares by the promoter's name group and a fresh issue of 72.45 lakh equity shares.

Saraswati Saree Depot, situated in Maharashtra, has submitted preliminary paperwork to market watchdog Sebi in order to earn money through an initial public offering (IPO).

The initial public offering (IPO) consists of a fresh issue of 72.45 lakh equity shares and a promoter group offer-for-sale (OFS) of 35.55 lakh shares.

The promoter group, which sells shares in the OFS, consists of Tejas Dulhani, Amar Dulhani, Shevakram Dulhani, Sujandas Dulhani, Tushar Dulhani, and Nikhil Dulhani.

Net fresh offering proceeds will be used by the saree distributor primarily for general corporate needs and working capital requirements.

Although it also engages in the wholesale industry of other women's clothing wear, such as kurtis, dress materials, blouse pieces, lehengas, and bottoms, the sale of sarees accounts for more than 90% of its revenue.

Over 15,000 distinct customers were served during the fiscal year that concluded in March of FY23, and the company's product catalog contains more than 3,00,000 unique SKUs (stock keeping units).

The ethnic wear apparel company's fiscal FY23 saw sales reach Rs 600 crore, with operating revenue increasing to Rs 601.9 crore from Rs 549.6 crore in FY22. Over the same time period, net profit rose from Rs 12.3 crore to Rs 22.97 crore.

The issue's merchant banker has been named as Unistone Capital, and the registrar is Bigshare Services.