Telangana-based ethnic apparel retailer Sai Silks Kalamandir to launch IPO on September 20
Sai Silks Kalamandir, a Telangana-based ethnic apparel retailer, has announced that it will launch its maiden public offering (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 promoter group.
The price band for the offer will be announced by the company soon. The anchor book, a part of QIB, will be opened for subscription for a day on September 18, a day before the issue opening.
Half of the public issue size has been reserved for qualified institutional buyers (QIB), 15 percent for high net worth individuals (HNIs), and the remainder 35 percent for retail investors. Of the QIB, up to 60 percent portion is set aside for anchor investors.
Sai Silks Kalamandir is one of the top 10 retailers of ethnic apparel, particularly sarees, in south India in terms of revenues and net profit in FY22. The company has a network of 54 stores in Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.
The company plans to use the net proceeds from the IPO to set up 30 new stores, two warehouses, and for working capital requirements. It will also repay its debts.
Motilal Oswal Investment Advisors, HDFC Bank, and Nuvama Wealth Management are the merchant bankers for the offer, while Bigshare Services is the registrar to the issue.
The IPO is the ninth one to be launched in September. Other IPOs launched in September include Signature Global, Yatra Online, Zaggle Prepaid Ocean Services, SAMHI Hotels, R R Kabel, EMS, Jupiter Life Line Hospitals, and Ratnaveer Precision Engineering.
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