Sai Silks Kalamandir IPO Opens Today, Subscribed 3% in First 2 Hours

20 Sep 2023 , 12:13 PM

The Rs 1200 crore initial public offer (IPO) of Sai Silks Kalamandir Ltd opened for subscription today, September 20, 2023. The issue will be available for subscription till September 22. Investors can apply for 67 shares at a price band of Rs 210-222 per share. Click here to subscribe the IPO.

In the first two hours of trading, the issue was subscribed only 3%, receiving bids for 12,31,192 equity shares out of 3,84,86,309 shares available for subscription. The retail portion subscribed for 6% and Non Institutional Investors’ portion received only 1% subscription.

Sai Silks is a leading retailer of women’s ethnic wear, especially sarees. It offers products to various segments of the market through its four store formats — Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall.

The company plans to use the proceeds from the IPO to expand its network of stores in South India and maintain its position as a market leader in women ethnic wear.

For the financial year ended March 2023, the company’s revenues grew 20% year-on-year (YoY) to Rs 1351 crore, while net profit jumped 69% YoY to Rs 97.6 crore.

Motilal Oswal Investment Advisors, HDFC Bank and Nuvama Wealth Management are the book-running lead managers to the IPO.