Borana Weaves is a rising name in the textile industry, known for developing grey fabric. The company was founded in 2020 and is based in Surat, Gujarat. In FY22, it generated revenue of ₹42 crores, and within two years, its revenue increased fivefold to ₹199 crores in FY24. Moreover, the profits increased 13x from ₹1.8 crore to crores to ₹23 crores.
Now, the company, with a return on equity (ROE) of nearly 49%, has rolled out its ₹145 crore IPO with a fresh issue of 67.08 lakh equity shares to raise funds for building its fourth unit.
The Borana Weaves IPO is live from May 20 to May 22, 2025, and the allotment process is expected to be finalised by May 23, 2025.
Borana Weaves IPO Details
The bidding for Borana Weaves IPO will close on May 22, 2025. Investors can place bids starting from a lot size of 69 shares and multiples thereafter at the price band of ₹205 to ₹216 per share, each having a face value of ₹10.
Moreover, the company recently confirmed the allotment of 30,18,543 equity shares to 11 anchor investors (Pink Oal Global Fund, Innovative Vision Fund, Aarth EIF Growth Fund, Saint Capital Fund, Nexus Equity Growth Fund, and Sunrise Investment Trust) at ₹216 per share.
Important IPO Timeline
Here is the list of important dates:
| IPO Open Date | May 20, 2025 |
| IPO Close Date | May 22, 2025 |
| Allotment Date (Tentative) | May 23, 2025 |
| Initiation of Refunds | May 26, 2025 |
| Credit of Shares to Demat | May 26, 2025 |
| Listing Date (Tentative) | May 27, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 22, 2025 |
Key IPO Details
Here is the table of key initial public offering details:
| Face Value | ₹10 per share |
| Issue Price Brand | ₹205 to ₹216 per share |
| Lot Size | 69 Shares |
| Total Issue Size | 67,08,000 shares
(aggregating up to ₹144.89 Cr) |
| Fresh Issue | 67,08,000 shares
(aggregating up to ₹144.89 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing at | BSE, NSE |
| Share Holding Pre-issue | 1,99,37,295 shares |
| Share Holding Post Issue | 2,66,45,295 shares |
Lot Size Of Borana Weaves IPO
Here is the table of lot sizes for each category of investors:
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 69 | ₹14,904 |
| Retail (Max) | 13 | 897 | ₹1,93,752 |
| S-HNI (Min) | 14 | 966 | ₹2,08,656 |
| S-HNI (Max) | 67 | 4623 | ₹9,98,568 |
| B-HNI (Min) | 68 | 4692 | ₹10,13,472 |
Borana Weaves IPO Subscription Details
The Borana Weaves IPO has already been oversubscribed in the various quotas:
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ Cr.) |
| Anchor Investors | 1 | 30,18,543 | 30,18,543 | 65.201 |
| Qualified Institutions | 1.54 | 20,12,457 | 30,95,754 | 66.868 |
| Non-Institutional Buyers | 9.48 | 10,06,200 | 95,37,939 | 206.019 |
| bNII (bids above ₹10L) | 7.35 | 6,70,800 | 49,30,326 | 106.495 |
| sNII (bids below ₹10L) | 13.74 | 3,35,400 | 46,07,613 | 99.524 |
| Retail Investors | 22.66 | 6,70,800 | 1,51,99,665 | 328.313 |
| Total | 7.54 | 36,89,457 | 2,78,33,358 | 601.201 |
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Borana Weaves IPO Review
As mentioned earlier, the company has shown remarkable growth in the last two years. As of FY2024, it had robust earnings before interest, tax, depreciation, and amortisation (EBITDA) of 20% and a net profit margin of 12%.
However, Borana operates in the highly commoditised grey fabric market, where products are undifferentiated and price-sensitive. A small ₹2 price cut from a competitor can lead to immediate customer churn. To stay competitive, Borana relies on operational efficiency and cost control.
Additionally, with 98% of revenue and 90% of suppliers concentrated in Gujarat, Borana faces regional risk without long-term contracts, making it vulnerable to demand shifts or policy changes.
Key Company Financials
| Period Ended | 31 Dec 2024
(Crores) |
31 Mar 2024
(Crores) |
31 Mar 2023
(Crores) |
31 Mar 2022
(Crores) |
| Assets | 149.67 | 137.05 | 74.98 | 31.9 |
| Revenue | 215.71 | 199.6 | 135.53 | 42.36 |
| Profit After Tax | 29.31 | 23.59 | 16.3 | 1.8 |
| Net Worth | 76.55 | 47.39 | 24.11 | 1.81 |
| Reserves and Surplus | 56.87 | 47.66 | 24.07 | 1.8 |
| Total Borrowing | 54.03 | 69.1 | 38.89 | 27.31 |
Investing in the stock market is subject to market risk; investors are advised to conduct thorough research before making any investment decision.
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