Borana Weaves' IPO Soars with 148.78 Times Oversubscription

Borana Weaves Limited, a textile manufacturer specializing in unbleached synthetic grey fabric, has concluded its Initial Public Offering (IPO) with an impressive subscription rate of 148.78 times. The IPO attracted a wide array of investors, including Qualified Institutional Buyers subscribing 87.21 times, Non-Institutional Investors at 237.42 times, and Retail Individual Investors at 200.53 times. The company successfully raised approximately Rs11,856.62 crore through this offering.

Beeline Capital Advisors Private Limited served as the Book Running Lead Managers for the issue, with KFIN Technologies Limited acting as the Registrar to the Issue. Borana Weaves Limited, based in Surat, plays a vital role in the textile supply chain. Their production of unbleached synthetic grey fabric is essential for industries such as fashion, traditional textiles, and home decor.

With operations commencing in 2021, Borana Weaves has expanded to three manufacturing units in Surat. The growth of the Indian synthetic textile industry, backed by a 3.7% expected expansion in the global end-use market for man-made fibers by 2025, offers substantial opportunities for both domestic consumption and exports. In the financial year of 2024, Borana Weaves achieved a revenue of Rs 19,905.56 lakhs, marking a rapid increase reflecting their strategic growth in the textile sector.

(With inputs from agencies.)