Borana Weaves IPO Day 2: Check GMP, Subscription Status, Price Band, And Key Details

The initial public offering (IPO) of Borana Weaves has received an excellent response and was heavily oversubscribed on its first day on Tuesday.

The Borana Weaves IPO has entered its second day of bidding on Wednesday.

What Does Borana Weaves Do?

Borana Weaves is a manufacturing company which produces unbleached synthetic grey fabric and is headquartered in Gujarat. The firm also manufactures polyester textured yarn.

On the first day of bidding the Borana Weaves IPO was subscribed 8.53 times in total, led by heavy demand.

Borana Weaves IPO Subscription Status

At 1:06 pm, the Borana Weaves IPO has been oversubscribed 19.12 so far on Wednesday, which is the second day of the bidding process. The IPO received bids for 7.05 crore equity shares as against 36.89 lakh shares on the offer as per NSE data at the time.

According to NSE data, the public issue was subscribed 54.51 times in the retail category, 1.62 times in the Qualified Institutional Buyers (QIBs) category, and 30.52 times in the Non Institutional Investors (NII) category.

Borana Weaves IPO GMP

The shares of Borana Weaves have gained considerable traction in the unlisted market with a strong grey market premium (GMP).

The Borana Weaves IPO GMP today is Rs 56 per share. This means that in the grey market, Borana Weaves shares are trading higher than their issue price.

The equity shares are trading at Rs 272 apiece in the grey market, a premium of 25.93% to the IPO price of Rs 216 per share.

Borana Weaves IPO Key Details

The company plans to raise Rs 144.89 crore from the IPO which is completely a fresh issue of 67.08 lakh equity shares.

The lot size of the IPO is 69 shares and the minimum investment amount that is required by retail investors is Rs 14,145.

The book-running lead manager of the IPO is Beeline Capital Advisors Pvt Ltd and Kfin Technologies is the IPO registrar.

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