Saraswati Saree Depot sets price band

New Delhi: Saraswati Saree Depot Ltd, a key player in the sarees wholesale (B2B) segment, on Wednesday, said it has fixed a price band of Rs 152-160 per share for its Rs 160 crore Initial Public Offering (IPO). The initial share sale will open for public subscription on August 12 and conclude on August 14 and the bidding for anchor investors will open for a day on August 9, the company announced. The IPO comprises a fresh issue of up to 65 lakh equity shares and an Offer for Sale (OFS) of 35 lakh equity shares by the promoter group. At the upper end of the price band, the IPO size is pegged at Rs 160 crore. The company proposes to utilise the net proceeds from the fresh issue towards funding working capital requirements and general corporate purposes.