Borana Weaves IPO: A Looming Opportunity in Textile Expansion

Borana Weaves, a key player in the textile manufacturing sector, has set the price band for its forthcoming Rs 145-crore initial public offering (IPO) at Rs 205-216 per share. The offering opens to public investors on May 20, with anchor investors allowed to place bids starting May 19.

The IPO, entirely a fresh issue totaling up to 67.08 lakh equity shares, will close on May 22. At the price band's upper limit, Borana Weaves anticipates raising approximately Rs 144.89 crore. Investors can place bids starting from a minimum of 69 shares and in multiples thereafter.

Proceeds from the IPO are earmarked for setting up a new manufacturing unit in Surat, Gujarat, to enhance the production of grey fabric and meet incremental working capital requirements. Chairman and MD Mangilal Ambalal Borana emphasized the strategic importance of this expansion to strengthen operations and quality. The shares will be listed on both the BSE and NSE, with Beeline Capital Advisors and KFin Technologies managing the issue.

(With inputs from agencies.)