Borana Weaves IPO - Listing Performance & Details

Borana Weaves Limited was incorporated as Borana Weaves Private Limited on October 28, 2020 and converted to a public limited company in July 2024. It is headquartered in Surat, Gujarat, and works in the textile manufacturing sector.

The company manufactures unbleached synthetic grey fabric, used as a base material for further processing such as dyeing and printing across industries including fashion, traditional textiles, technical textiles, and home decor, and also produces polyester textured yarn (PTY). It operates three manufacturing units in Surat with high-speed water jet looms, managing the production process from POY to PTY, including warping, sizing, and weaving. As of December 31, 2024, the company had 15 texturizing machines, 6 warping machines, 700 water jet looms, and 10 folding machines across its units, with a combined capacity of around 23 crore metres a year. Mangilal Ambalal Borana is the Chairman and Managing Director.

Revenue from operations rose from Rs 42.36 crore in FY22 to Rs 135.4 crore in FY23 to Rs 199.1 crore in FY24, while profit after tax rose from Rs 1.8 crore to Rs 16.3 crore to Rs 23.59 crore over the same period. The IPO was a mainboard, book-built issue entirely comprising a fresh issue of up to 67,08,000 equity shares of face value Rs 10 each, at a price band of Rs 205 to Rs 216 per share, aggregating to about Rs 144.89 crore, listed on the BSE and NSE. As per the RHP, net proceeds were proposed to be used for setting up a new manufacturing unit for texturizing and weaving activities in Surat, and general corporate purposes.