New Delhi, May 20 -- Borana Weaves IPO has experienced an exceptional response on its first day of bidding, with retail investors driving the issue to be fully subscribed within just a few hours after it opened. The textile manufacturer's initial public offering consists entirely of a new issue of up to 67.08 lakh equity shares, according to the red herring prospectus. Borana Weaves IPO price band is set between Rs.205 and Rs.216 per share, aimed at raising Rs.145 crore.

The funds raised from the IPO will be used to cover the expenses of establishing a new manufacturing unit to enhance the production of grey fabric in Surat, Gujarat, as well as to meet additional working capital needs and for general corporate purposes.

Reports indicate...