PNN
Mumbai (Maharashtra) [India], May 16: Borana Weaves Limited, ("Borana", The Company) specializing in the production of unbleached synthetic grey fabric, proposes to open its Initial Public Offering on Tuesday, May 20, 2025 whereas, the anchor bidding will open on Monday, May 19, 2025 and the bid/ issue will close on Thursday, May 22, 2025. The Company aims to raise Rs 144.89 Crore and list its Equity Shares on the main board platforms of BSE Limited and National Stock Exchange of India Limited.
The issue size is up to 67,08,000 Equity Shares with a price band of Rs 205 - Rs 216 per Equity Share and face value of Rs 10 each.
Equity Share Allocation
* Qualified Institutional Buyer - Not less than 75% of the Issue
* Non-Institutional Investors - Not more than 15% of the Issue
* Retail Individual Investors - Not more than 10% of the Issue
The net proceeds from the IPO will be utilized to finance the cost of establishing a new manufacturing unit to expand its production capabilities to produce grey fabric at Surat, Gujarat, India ("Proposed Unit 4"), funding incremental working capital requirements, and for general corporate purposes.
The Company has appointed Beeline Capital Advisors Private Limited as the Book Running Lead Managers to the Issue and KFIN Technologies Limited as the Registrar to the Issue.
Mr. Mangilal Ambalal Borana, Chairman and Managing Director of Borana Weaves Limited expressed, "The launch of our Initial Public Offering marks a significant milestone for Borana Weaves Limited. Over the past few years, we have grown our manufacturing capabilities in the synthetic textile segment. The proceeds from the IPO will support the expansion of our production infrastructure and help us address our working capital needs. This step aligns with our long-term strategy of scaling operations while maintaining focus on product quality and operational efficiency. We look forward to continuing our growth journey with greater capacity and enhanced operational resilience."
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