Borana Weaves IPO is a book-built issue worth ₹144.89 crore. The IPO consists entirely of a fresh issue of 67.08 lakh shares. The IPO opens for subscription on May 20, 2025, and will close on May 22, 2025. Allotment is expected to be finalised on May 23, 2025, with tentative listing on BSE and NSE scheduled for May 27, 2025.
The IPO is priced in a band of ₹205 – ₹216 per share. Retail investors must apply for a minimum of 1 lot comprising 69 shares, requiring an investment of ₹14,904 at the cutoff price. sNII investors are required to apply for at least 14 lots (966 shares), amounting to ₹2,08,656. For bNII, the minimum application size is 68 lots (4,692 shares), amounting to ₹10,13,472.
Beeline Capital Advisors Pvt Ltd is the book-running lead manager for this issue, while KFIN Technologies Limited is the registrar.
For detailed financials, company background, and risk factors, investors are advised to refer to the Borana Weaves IPO RHP.
Industry Outlook
- India’s textile industry is a global leader, with exports exceeding USD 44 billion in FY 2022, contributing 15% to India’s total export earnings and 4.6% to global textile trade.
- The synthetic fabric segment has shown a CAGR of 5.19% from FY 2019 to FY 2024, driven by rising demand, product diversity, and government support like the Production Linked Incentive (PLI) scheme.
- The industry is embracing innovations in weaving, dyeing, and finishing, enhancing efficiency, sustainability, and product quality—especially in synthetic grey fabric and polyester yarn.
- Despite growth, the sector faces hurdles such as raw material price volatility, environmental compliance, and regional concentration risks, particularly in Gujarat.
Borana Weaves IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Establish a new manufacturing unit (Proposed Unit 4) in Surat, Gujarat, to enhance production capabilities for synthetic grey fabric using advanced machinery such as texturizing, warping, and water jet looms.
- Allocate funds to meet incremental working capital requirements, supporting operational scalability and smoother supply chain management.
- Address strategic and operational needs including administrative expenses, brand building, and potential business development initiatives.
- Leverage the IPO to improve visibility, brand image, and create a public market for the company’s equity shares, facilitating future growth opportunities.
About Borana Weaves Limited
Borana Weaves Limited was originally incorporated as Borana Weaves Private Limited on October 28, 2020, under the Companies Act, 2013. It was subsequently converted into a public limited company and renamed Borana Weaves Limited on September 24, 2024.
The company is engaged in the manufacturing of unbleached synthetic grey fabric, a foundational material used in dyeing, printing, and finishing processes across industries such as fashion, home décor, and technical textiles. It also manufactures polyester textured yarn (PTY Yarn), derived from polyester oriented yarn (POY Yarn), which is a key raw material in its operations.
Borana Weaves operates three manufacturing units in Surat, Gujarat, and is in the process of establishing a fourth unit to expand its production capacity. The company’s operations are strategically located in the textile hub of South Gujarat, enabling efficient access to suppliers and customers.
With a focus on quality, scalability, and innovation, Borana Weaves aims to strengthen its position in the synthetic textile segment and cater to growing domestic and international demand.
How To Check the Allotment Status of the Borana Weaves IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Borana Weaves IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Borana Weaves IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Borana Weaves IPO
Registered office: Plot No. AA/34, B 16/16, Hojiwala Industrial Estate, SUSML, Sachin, Surat, Gujarat, India – 394230.
Phone: +91 98984 26338
E-mail: info@boranagroup.in
Borana Weaves IPO Reservation
|
Investor Category |
Shares Offered |
|
Anchor Investor Shares Offered |
30,18,543 (45.00%) |
|
QIB Shares Offered |
20,12,457 (30.00%) |
|
NII (HNI) Shares Offered |
10,06,200 (15.00%) |
|
bNII > ₹10L |
6,70,800 (10.00%) |
|
sNII < ₹10L |
3,35,400 (5.00%) |
|
Retail Shares Offered |
6,70,800 (10.00%) |
|
Total Shares Offered |
67,08,000 (100%) |
Borana Weaves IPO Anchor Investors Details
|
Bid Date |
May 19, 2025 |
|
Shares Offered |
30,18,543 |
|
Anchor Portion Size (In Cr.) |
65.2 |
|
Anchor lock-in period end date for 50% shares (30 Days) |
June 22, 2025 |
|
Anchor lock-in period end date for remaining shares (90 Days) |
August 21, 2025 |
Borana Weaves IPO Lot Size
|
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 |
4,623 |
₹9,98,568 |
|
B-HNI (Min) |
68 |
4,692 |
₹10,13,472 |
Borana Weaves IPO Promoter Holding
The promoters of the company are Mangilal Ambalal Borana, Ankur Mangilal Borana, Rajkumar Mangilal Borana, Dhwani Ankur Borana, Mangilal Ambalal Borana HUF, Ankur Mangilal Borana HUF, Rajkumar Mangilal HUF and Borana Filaments Private Limited.
|
Share Holding Pre-Issue |
87.19% |
|
Share Holding Post Issue |
- |
Key Performance Indicators for Borana Weaves IPO
As of March 31, 2024, the market capitalisation of Borana Weaves is ₹575.54
crore. Here are the KPIs of Borana Weaves:
|
KPI |
Value |
|
EBITDA Margin (%) |
20.68 |
|
PAT Margin (%) |
11.85 |
|
Return on Equity (%) |
49.45 |
|
Return on Capital Employed (%) |
27.42 |
Price Metrics
|
Metric |
Pre-IPO |
Post-IPO |
|
EPS (₹) |
11.83 |
14.66 |
|
P/E (x) |
18.26 |
14.73 |
Note: The Pre IPO EPS is calculated based on pre-issue shareholding as of the date of RHP and the latest FY earnings as of March 31, 2024, that is available in RHP.
The post-issue EPS is calculated based on the post-issue shareholding and annualised FY earnings of December 31, 2024, that are available in RHP.
Borana Weaves IPO Prospectus
Borana Weaves IPO Registrar and Lead Managers
Borana Weaves IPO Lead Managers
- Beeline Capital Advisors Private Limited
Registrar for Borana Weaves IPO
KFIN Technologies Limited
- Contact Number: 18003094001
- Email Address: ipo@KFINtech.com
Borana Weaves IPO Registrar
Financial Performance of Borana Weaves Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 | Year ending on March 31, 2022 |
|---|---|---|---|
| Growth in Revenue (%) | 47.01 | 219.84 | – |
| Gross Profit Margin (%) | 38.47 | 36.28 | 27.95 |
| EBITDA Margin (%) | 20.68 | 19.25 | 12.22 |
| PAT Margin (%) | 11.85 | 12.04 | 4.25 |
| Return on Capital Employed (RoCE) (%) | 27.42 | 34.93 | 12.23 |
| Return on Equity (RoE) (%) | 49.45 | 67.61 | 99.45 |
| Net Working Capital Days (Days) | 61 | 66 | 98 |
Know before investing
Strengths
8Revenue grew at a CAGR of 116.84% from FY 2022 to FY 2024, showcasing strong business momentum.
All manufacturing units are located in Surat, Gujarat, India’s textile hub, ensuring supply chain efficiency.
Specialises in unbleached synthetic grey fabric and PTY yarn, catering to diverse textile applications.
Setting up a new manufacturing unit (Proposed Unit 4) to significantly boost production capacity.
Led by industry veterans with deep domain knowledge and operational expertise.
Benefits from state subsidies and schemes like PLI, aiding cost efficiency and competitiveness.
PAT margin of 13.85% as of December 31, 2024, reflecting healthy financial performance.
Operates in a steadily expanding synthetic textile segment with rising domestic and export demand.
Risks
8Over 98% of revenue and all manufacturing units are concentrated in Gujarat, exposing the company to regional risks.
Incorporated in 2020, the company has a short track record, which may affect investor confidence.
No long-term contracts with customers; any order cancellations could impact revenue.
Heavy reliance on a few suppliers for POY yarn without long-term agreements.
Delays or failures in obtaining environmental and operational approvals could disrupt operations.
Business requires significant working capital; any shortfall may affect operations.
Employee turnover has been high, which may impact productivity and continuity.
The proposed expansion project is yet to begin; delays or cost overruns could affect returns.
