Sai Silks Saree Retailers to launch IPO soon, gets nod from SEBI

16 Nov 2022 , 02:49 PM

Sai Silks (Kalamandir) is one of the largest retailers of ethnic apparel. The company has received a nod to float an initial public offer (IPO) in the market to raise funds. As per the Draft Red Herring Prospectus (DRHP), it will likely to raise Rs 1,200 crore.

The IPO will comprise a fresh issue of Rs 600 crore and an offer for the sale of 18,048,440 equity shares by promoters and promoter group entities. Sai Silks will use the net proceeds from the fresh issue to set up 25 new stores, and two warehouses, payment of debt and other working capital requirements.

Sai Silks currently has 46 stores across South India in Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. It offers a diverse range of products including premium sarees suitable for weddings, and party wear, as well as occasional and daily wear, lehengas, men’s ethnic wear, children’s ethnic wear and value fashion products comprising fusion wear and western wear.

The Book Running Lead Managers (BRLMs) of the IPO are Motilal Oswal Investment Advisors, Edelweiss Financial Services and HDFC Bank.
 
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