Sai Silks (Kalamandir) IPO Subscribed 7% On Day 1
The IPO has been subscribed 0.07 times, or 7%, as of 5 p.m. on Wednesday
Sai Silks (Kalamandir) Ltd. launched its initial public offering on Sept. 20.
The ethnic apparel provider plans to raise Rs 1,201 crore via a fresh issue and an offer for sale.
The issue will comprise a fresh issue of 2.70 crore equity shares worth up to Rs 600 crore and an offer for sale that will offload 2.7 crore equity shares worth up to Rs 601 crore. The price band is fixed between Rs 210 and Rs 222 per share.
Out of the total IPO size, 50% is reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 35% is to be allotted to retail individual investors.
Sai Silks (Kalamandir) Ltd. raised Rs 360.3 crore from anchor investors ahead of its initial public offering, which is set to open on Sept. 20.
The ethnic apparel retailer has allotted nearly 1.62 crore shares at Rs 222 per share to 26 anchor investors.
The investors included SBI Multicap Fund, ICICI Prudential Flexicap Fund, Kotak Smallcap Fund, HSBC Consumption Fund, Abakkus Growth Fund, and Eastspring Investments India Consumer Equity Open Ltd., among others.
Issue Details
Issue opens: Sept. 20.
Issue closes: Sept. 22
Total Offer Size: Rs 1,201 crore.
Fresh issue size: Rs 600 crore.
Offer for sale size: Rs 601 crore.
Face value: Rs 2 apiece.
Fixed price band: Rs 210–222 per share.
Minimum lot size: 67 shares.
Listing: NSE, BSE.
Business
Incorporated in 2005, Sai Silks (Kalamandir) provides ethnic apparel and value-fashion products. According to a Technopak report, the company is among the top 10 retailers of ethnic apparel, particularly sarees, in south India in terms of revenues and profit after tax in Fiscal 2020, 2021, and 2022.
The company operates through four store formats, i.e., Kalamandir, VaraMahalakshmi Silks, Mandir and KLM Fashion Mall
With a variety of items at various price points, the company caters to customers in all market categories, including those in premium ethnic fashion, ethnic fashion for middle-class consumers, and value fashion.
The company leverages its 54-store network to focus on spreading India’s vibrant culture, traditions, and heritage by offering a diverse range of products, which include various types of ultra-premium and premium sarees suitable for weddings, 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 for women, men and children.
Subscription Status: Day 1
The IPO has been subscribed 0.07 times, or 7%, as of 5 p.m. on Wednesday.
Institutional investors: Zero
Non-institutional investors: 0.03 times or 3%
Retail investors: 0.12 times or 12%.
