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    Sebi approves IPOs of Saraswati Saree and Kross Ltd

    Synopsis

    Sebi approves IPOs for Saraswati Saree Depot and Kross Ltd. Saraswati's offer includes fresh shares, OFS by Dulhani promoters. Kross Ltd's Rs 500 crore IPO comprises a fresh equity issue of Rs 250 crore and an offer for sale of Rs 250 crore.

    Kross, Saraswati Saree Depot get Sebi's go ahead to float IPOAgencies
    Capital markets regulator Sebi has approved the IPOs of Saraswati Saree Depot and Kross Ltd, paving the way for the launch of their issues anytime soon.

    The public offer of Saraswati Saree Depot includes a fresh issue of 72.45 lakh shares and an offer for sale (OFS) of 35.5 lakh shares. Under the OFS, promoters Tejas Dulhani, Amar Dulhani, Shevakram Dulhani, Sujandas Dulhani, Tushar Dulhani and Nikhil Dulhani will offload shares.

    The offer is being made through the book building process where 75% of the issue is reserved for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors.

    Saraswati Saree Depot is a key player in the sarees wholesale (B2B) segment and its origin into the sarees business dates back to 1966.

    It is also engaged in the wholesale business of other women’s apparel wear such as kurtis, dress materials, blouse pieces, lehengas, bottoms, etc.

    On an average, more than 90% of the company's total revenues are generated from sale of sarees. In FY23, it had served over 15,000 unique customers and the product catalogue consists of more than 3,00,000 different SKUs.

    Unistone Capital is the book running lead manager to the issue, while Bigshare Services is the registrar.

    Meanwhile, Kross Ltd's Rs 500 crore IPO comprises a fresh equity issue of Rs 250 crore and an offer for sale of Rs 250 crore.

    The Jamshedpur-based company proposes to utilise the net proceeds towards funding of capital expenditure, repayment of debt, working capital requirements and general corporate purposes.

    As of FY23, the company's revenue from operations stood at Rs 489 crore with a profit after tax (PAT) at Rs 31 crore.

    Equirus Capital is the sole book running lead manager to the issue.


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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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