New Delhi, Jul 22 (PTI) The initial public offering of Shree Balaji Mala, a contract manufacturer and wholesaler of cotton sarees, was fully subscribed on the first day of bidding on Wednesday, ending the session with a 3.04 times subscription.
The Rs 18.9-crore SME initial public offering (IPO) received bids for 54.76 lakh equity shares against 18 lakh shares on offer, as per data available with the BSE.
The strongest demand came from individual investors, whose portion was subscribed 5.22 times, and the non-institutional investor category garnered 1.99 times subscription.
However, the portion reserved for the qualified institutional buyers (QIBs) did not see any participation so far.
On Tuesday, Shree Balaji Mala raised nearly Rs 5.35 crore from
anchor investors.
The IPO will conclude on July 24, and the company’s shares are proposed to be listed on the BSE SME platform.
The price band for the issue has been fixed at Rs 66-70 per share.
The Kolkata-based company’s share sale is entirely a fresh issue of up to 27 lakh equity shares.
The net proceeds from the IPO will be utilised for meeting the company’s working capital requirements and general corporate purposes.
On the financial front, the company’s revenue from operations stood at Rs 211.97 crore and profit after tax of Rs 5.85 crore in FY26.
Incorporated in 2005, Shree Balaji (Mala) Textiles is engaged in the manufacturing and wholesale distribution of high-quality cotton sarees in the country’s B2B cotton saree segment. It markets its products under the brand name “Mala Saree”.
GYR Capital Advisors Pvt Ltd is the sole book-running lead manager for the IPO. PTI HG HVA
