Sai Silks (Kalamandir) IPO subscribed 33%

Published on Sep 21, 2023 17:26

The initial public offer (IPO) of Sai Silks (Kalamandir) received bids for 1,27,49,966 shares as against 3,84,86,309 shares on offer, according to stock exchange data at 17:00 IST on Thursday (21 September 2023). The issue was subscribed 0.33 times.

The issue opened for bidding on Wednesday (20 September 2023) and it will close on Friday (22 September 2023). The price band of the IPO is fixed at Rs 210-222 per share. An investor can bid for a minimum of 67 equity shares.

The IPO consists of a fresh issue of Rs 600 crore and an offer-for-sale of up to 2,70,72,000 shares by its existing promoters.

Out of the proceeds from the fresh issue, Rs 125.08 crore will be used for setting up 30 new stores, Rs 25.40 crore towards setting up of 2 warehouses, Rs 280.07 crore towards funding working capital requirement, Rs 50 crore towards repayment or prepayment of certain borrowings and the balance towards general corporate purposes.

Ahead of the IPO, Sai Silks (Kalamandir) on Monday, 18 September 2023 raised Rs 360.29 crore from anchor investors. The board allotted 1.62 crore shares at Rs 222 each to 26 anchor investors.

Sai Silks (Kalamandir) (SSK) engaged in retails textile products such as sarees, women`s wear, men`s wear and kids wear. SSK, through its four store formats including Kalamandir, VaraMahalakshmi Silks, Mandir and KLM Fashion Mall, offers its products to various segments of the market including premium ethnic fashion, ethnic fashion for middle income and value-fashion, with a variety of products across different price points, thereby catering to customers across all the market segments.

The company reported a consolidated net profit of Rs 97.59 crore and net sales of Rs 1,351.47 crore for the twelve months ended on 31 March 2023.