Ethnic apparel retailer Sai Silks Kalamandir to launch IPO on September 20
Sai Silks Kalamandir, an ethnic apparel retailer, is launching its IPO on September 20. The IPO comprises a fresh issuance of shares worth Rs 600 crore and an offer-for-sale (OFS) of 2,70,72,000 equity shares by the promoter group. The total issue size is Rs 1,200 crore.
The IPO will be open for subscription between September 20-22. Retail investors can subscribe to 35% of the issue, while qualified institutional buyers and non-institutional investors can subscribe to 50% and 15% of the issue, respectively.
The proceeds from the IPO will be used to set up 30 new stores, construct two warehouses, and meet working capital requirements.
The company has a network of 54 stores in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu. It offers a diverse range of products, including ultra-premium and premium sarees, lehengas, and men and children’s ethnic wear.
In FY23, the company posted net profit of Rs 97.6 crore, up 69.2% on-year. Revenue from operations increased by 19.7% YoY to Rs 1,351.5 crore.
The IPO is expected to be well-received by investors, given the strong growth prospects of the ethnic apparel market.
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