A new lisiting today; Saraswati Saree Depot. It got listed on the BSE at Rs.200 v/s IPO price of Rs.160 and went on to hit the 5% UC at Rs.209.95.

The IPO had a lot of fancy; It was subscribed 107.39x, with HNIs taking the lion’s portion at 358.47x, followed by institutional investors at 64.12x and retail too was pretty big at 61.59x.

Saraswati Saree Depot is a Kolhapur head-quartered wholesaler of sarees and women ethnic wear, with sarees accounting for 90% of Rs. 611 cr revenue. Company is a B2B player, supplying to 13,000 retailers, mainly in Maharashtra (79% of revenue) and Karnataka (17%). It operates out of just 2 stores in Kolhapur and Ulhasnagar, Maharashtra.

Our IPO Analysis conclusion - Saraswati Saree Depot’s small size of operations and lack of any competitive moat makes the IPO unexciting. Hence, no harm skipping the IPO.