Mumbai: The initial public offering (IPO) of Borana Weaves is witnessing a massive response from the market, with Day 2 of bidding pushing the subscription level to over 14 times the shares on offer. This Rs 144.89 crore book-built issue, which opened for subscription on Tuesday, May 20, is set to close on Thursday, May 22, 2025. Backed by strong retail interest and a rising grey market premium (GMP), investor enthusiasm shows no signs of slowing.

Retail Investors Steal the Show

As per data from the NSE, Borana Weaves received bids for 5.22 crore shares against an offer size of just 36.89 lakh shares, resulting in a 14.17x oversubscription by 11:15 AM on May 21. Retail investors, in particular, are driving the surge—oversubscribing their reserved category by a whopping 41.30x. Non-Institutional Investors (NIIs) weren’t far behind at 21.25x, while Qualified Institutional Buyers (QIBs) came in at 1.59x.

Price Band, Lot Size, and Investment Range

Priced in the range of Rs 205–216 per share, Borana Weaves’ IPO is entirely a fresh issue of equity shares—with no offer-for-sale (OFS) component. The lot size has been fixed at 69 shares, requiring a minimum investment of Rs 14,904 at the upper band. Retail investors can apply for up to 13 lots (897 shares), amounting to Rs 1,93,752.

Grey Market Premium Paints a Bullish Picture

Unofficial sources report Borana Weaves' unlisted shares trading at Rs 272 in the grey market, translating to a GMP of Rs 56—a premium of 25.93% over the upper end of the IPO price. This early momentum is stoking speculation of a strong listing on both the BSE and NSE.

Key Dates and Listing Timeline

Post-subscription, the basis of allotment will likely be finalized on Friday, May 23, with shares credited to demat accounts by Monday, May 26. The company is expected to make its stock market debut on Tuesday, May 27, 2025.

Objective Behind the IPO

Proceeds from the IPO will fund the setup of a new manufacturing facility in Surat, Gujarat, for producing grey fabric. Funds will also be used for working capital needs and general corporate purposes.

A Stitch in Time: About Borana Weaves

Operating in the textile segment, Borana Weaves specializes in unbleached synthetic grey fabric, a key raw material in fashion and home décor. It also produces polyester textured yarn (PTY), enhancing its backward integration and supply efficiency.