Borana Weaves IPO: Latest GMP, Listing Date, and What to Expect on Debut Day

Surat-based textile manufacturer Borana Weaves Ltd. is set to launch its Rs 144.89 crore initial public offering (IPO) on May 20, with early signs of strong investor interest. According to sources tracking the grey market, the company’s shares are commanding a premium of Rs 55, suggesting a potential listing price of Rs 271—about 26% higher than the upper end of the IPO price band.

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IPO details and timeline

The IPO, which closes on May 22, is a book-built issue priced between Rs 205 and Rs 216 per share. It comprises a fresh issue of 67.08 lakh equity shares. The offering is expected to list on both the BSE and NSE, with allotment likely to be finalised by May 23, credit of shares by May 26, and trading to commence on May 27.

Retail investors can apply for a minimum lot of 69 shares, amounting to Rs 14,904 at the upper price band. The IPO allocation has been structured with 75% reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and the remaining 10% for retail participants.

Deployment of proceeds

Borana Weaves revealed that it plans to use the proceeds to set up a fourth manufacturing unit in Surat, aimed at expanding its capacity for producing synthetic grey fabric, a key raw material for sectors including fashion, home furnishing, and industrial textiles. A portion of the funds will also be allocated for working capital needs and general corporate purposes, the company revealed. 

About Borana Weaves

Established in Surat, Borana Weaves specializes in the production of unbleached synthetic grey fabric. The company already operates three production units equipped with modern weaving and processing machinery. Its clientele spans across industries that depend on synthetic fabric as a base material for a wide array of applications.