Sai Silks IPO Oversubscribed 4.4 Times on Final Day of Bidding
Sai Silks Kalamandir’s IPO was oversubscribed 4.4 times on the final day of bidding, September 22. Qualified institutional buyers and high networth individuals supported the issue on closing day, bidding 12.35 times and 2.47 times the allotted quota, respectively. Retail investors seem to be less excited about the offer, buying 88 percent shares of the reserved portion.
The IPO comprises a fresh issuance of shares worth Rs 600 crore and an offer-for-sale of shares worth Rs 601 crore by promoters. The net fresh issue proceeds will be utilised by the company mainly for the setting up of 30 new stores, two warehouses, working capital requirements and repaying debts.
The trading in its equity shares will commence with effect from October 4, as per the IPO schedule.
Analysts said that Sai Silks shares traded at around 5 percent premium over the upper price band in the grey market.
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