Last day to subscribe Sai Silks Kalamandir IPO; check details here

22 Sep 2023 , 12:36 PM

Sai Silks Kalamandir’s Initial Public Offering (IPO) became available for subscription on Wednesday, September 20, and is scheduled to conclude today, September 22. Notably, the IPO gained significant traction, with a subscription rate of 33% recorded on the second day of its availability. Interested investors can access the subscription link.

By 12:30 PM on the third day, the Sai Silks IPO witness 77% subscription:

– Retail investors showed substantial interest, with their portion being oversubscribed at 38%.

– Non-Institutional Investors (NII) demonstrated even stronger enthusiasm, subscribing at an impressive rate of 77%.

– Qualified Institutional Buyers (QIB) exhibited notable interest, with their portion being oversubscribed by 1.54 times.

The IPO comprises a fresh issuance of shares valued at Rs 600 crore, in addition to an Offer for Sale (OFS) encompassing up to 2.70 crore equity shares by the promoter and promoter group.

The company has outlined its strategic utilization of the net proceeds generated from this offering. These funds will be directed towards financing capital expenditures, including the establishment of 30 new stores and the construction of two warehouses. Additionally, the funds will be allocated to meet working capital requirements, debt repayment, and general corporate purposes.

Handling the book running responsibilities for this IPO are Motilal Oswal Investment Advisors Ltd, HDFC Bank Ltd, and Nuvama Wealth Management Ltd. Bigshare Services Private Ltd is designated as the registrar for this offering.