Borana Weaves IPO: GMP, Listing Price, Probable Listing Date-Details Here

Surat-based textile manufacturer Borana Weaves Ltd. is gearing up to open its initial public offering (IPO) on May 20, with a total issue size of Rs 144.89 crore. 

Borana Weaves IPO: GMP

As per market trackers, the offering has already sparked interest in the grey market, where its shares are trading at a Rs 55 premium—indicating a potential listing price of Rs 271, which is around 26% above the IPO’s upper price band.

Borana Weaves IPO: Price Band and other details

The public issue will close on May 22 and follows a book-building format, with shares priced in a band of Rs 205 to Rs 216 apiece. The IPO consists solely of a fresh issue of approximately 67.08 lakh equity shares.

Post-closure, the basis of allotment is expected to be finalised by May 23, with share credits to investors’ demat accounts by May 26. The company is targeting a listing on both the BSE and NSE on May 27, as per market watchers. 

Retail investors can participate with a minimum bid of 69 shares, which translates to Rs 14,904 at the upper band. The IPO is structured with 75% of shares earmarked for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors.

Also Read: Borana Weaves IPO: Latest GMP, Listing Date, and What to Expect on Debut Day | Republic World

Use of funds

The proceeds from the IPO will primarily be used to set up a fourth manufacturing facility in Surat. This new plant will enhance Borana Weaves' production of synthetic grey fabric, a vital raw material used across fashion, home furnishings, and industrial textile segments.

In addition to the expansion, the funds will also be deployed to meet working capital requirements and other corporate purposes, according to the company’s filing.

Company overview

Founded in Surat, Borana Weaves Ltd. is a prominent player in the synthetic textile space, focusing on the manufacture of unbleached synthetic grey fabric. The company already runs three manufacturing units, outfitted with modern weaving and processing equipment. Its products cater to a diverse range of industries that rely on synthetic fabric as a foundational input.