Sai Silks Kalamandir’s IPO subscribed just 7% on the first day
Sai Silks Kalamandir’s public issue has subscribed just 7% on the first day of bidding, September 20. The company received bids for 26.23 lakh equity shares against an offer size of 3.84 crore shares, as per data available on the exchanges.
Retail investors and high net-worth individuals have bought 12% and 3% shares of their reserved portion, respectively. However, qualified institutional buyers (QIBs) have bid for just 9,112 shares against their reservation of 1.06 crore shares.
The company aims to raise Rs 1,201 crore through its public issue, comprising a fresh issue of Rs 600 crore and an offer-for-sale (OFS) of Rs 601 crore by the promoter group. The price band for the offer has been fixed at Rs 210-222 per share.
The retailer of ethnic apparel has mopped up Rs 360.3 crore from several anchor investors at the upper price band on September 18. The net fresh issue proceeds will be used mainly for setting up new stores, building warehouses and working capital requirements.
The company has a network of 54 outlets in Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.
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