Borana Weaves Limited (“Borana” or “The Company”), a leading manufacturer of unbleached synthetic grey fabric, is set to launch its Initial Public Offering (IPO), marking a significant step in its growth journey. The IPO is scheduled to open on Tuesday, May 20, 2025, with anchor bidding commencing a day earlier on Monday, May 19, 2025. The issue will close on Thursday, May 22, 2025. Through this offering, the Company aims to raise ₹144.89 Crore and list its Equity Shares on the main board platforms of BSE Limited and the National Stock Exchange of India Limited.
The issue comprises up to 67,08,000 Equity Shares, with a price band of ₹205 – ₹216 per Equity Share and a face value of ₹10 each.
Equity Share Allocation
- Qualified Institutional Buyers – Not less than 75% of the Issue
- Non-Institutional Investors – Not more than 15% of the Issue
- Retail Individual Investors – Not more than 10% of the Issue
The net proceeds from the IPO will be used to establish a new manufacturing unit in Surat, Gujarat (“Proposed Unit 4”) to expand production capabilities, support incremental working capital needs, and meet general corporate expenses. Beeline Capital Advisors Private Limited has been appointed as the Book Running Lead Manager, and KFIN Technologies Limited will serve as the Registrar to the Issue.
Mr. Mangilal Ambalal Borana, Chairman and Managing Director of Borana Weaves Limited, stated, “The launch of our Initial Public Offering marks a significant milestone for Borana Weaves Limited. Over the past few years, we have grown our manufacturing capabilities in the synthetic textile segment. The proceeds from the IPO will support the expansion of our production infrastructure and help us address our working capital needs. This step aligns with our long-term strategy of scaling operations while maintaining focus on product quality and operational efficiency. We look forward to continuing our growth journey with greater capacity and enhanced operational resilience.”
Borana Weaves Limited is a textile manufacturer headquartered in Surat, specializing in the production of unbleached synthetic grey fabric. This base fabric is essential for downstream applications such as dyeing and printing, serving industries like fashion, traditional textiles, technical textiles, home décor, and interior design. Its adaptability makes it a vital component in the textile value chain.
Since beginning operations in 2021, the Company has expanded to three manufacturing units in Surat, equipped with 15 texturizing machines, 6 warping machines, 700 water jet looms, and 10 folding machines.
With the global end-use market for man-made fibers expected to grow by 3.7% by 2025, India’s synthetic textile sector stands to benefit. Borana’s core customer base—primarily wholesalers in Gujarat—has played a crucial role in its growth. The Company’s strategic presence in Surat has enabled strong regional connections and efficient delivery to its clientele.
In FY24, Borana reported a revenue of ₹19,905.56 lakhs, EBITDA of ₹4,117.31 lakhs, and PAT of ₹2,358.64 lakhs.
As of December 31, 2024, it recorded a revenue of ₹21,161.52 lakhs, EBITDA of ₹4,603.16 lakhs, and PAT of ₹2,930.63 lakhs.
