New Delhi, May 27 (HS): Shares of Borona Weaves, a manufacturer of unbleached synthetic grey fabric, had a successful debut on the stock market today, pleasing IPO investors. The shares were initially priced at ₹216 and opened at ₹243 on the BSE and NSE, marking a 12.50% premium. Following strong buying interest, the shares surged to ₹255.10, generating an approximate profit of 18.10% for IPO investors on the first trading day.

The IPO raised ₹144.89 crores and was open for subscription from May 20 to May 22, witnessing an impressive overall subscription rate of 147.85 times. The Qualified Institutional Buyers’ portion was subscribed 85.53 times, Non-Institutional Investors’ portion 237.41 times, and retail investors’ portion 200.50 times. The IPO involved issuing 6.708 million new shares with a face value of ₹10. Funds raised will be allocated for a new manufacturing unit, working capital, and corporate purposes. Financially, Borona Weaves reported a net profit of ₹1.80 crores in FY 2021-22, increasing to ₹23.59 crores in 2023-24, with a revenue growth rate of over 117% year-on-year during this period.

Hindusthan Samachar / Jun Sarkar