te Sai Silks fixes IPO price band at Rs 210-222/share | Zee Business

Sai Silks fixes IPO price band at Rs 210-222/share

Ethnic apparel retailer Sai Silks (Kalamandir) Ltd on Thursday said it has fixed a price band of Rs 210-222 per share for its Rs 1,201 crore initial share sale, which will open for public subscription on September 20.

Sai Silks fixes IPO price band at Rs 210-222/share
At the upper end of the price band, the IPO will fetch about Rs 1,201 crore. Image Source: Freepik

Ethnic apparel retailer Sai Silks (Kalamandir) Ltd on Thursday said it has fixed a price band of Rs 210-222 per share for its Rs 1,201 crore initial share sale, which will open for public subscription on September 20.

At the upper end of the price band, the IPO will fetch about Rs 1,201 crore.

The bidding for the anchor investors will open on September 18. Investors can bid for a minimum of 67 equity shares and in multiples of 67 equity shares thereafter, the company said.

TRENDING NOW

The offer of Sai Silks (Kalamandir) Ltd (SSKL) comprises a fresh issue of equity shares worth up to Rs 600 crore and an Offer for Sale (OFS) component of up to 2.70 crore equity shares by promoters and promoter entities.

Under the OFS, Nagakanaka Durga Prasad Chalavadi, Jhansi Rani Chalavadi, Dhanalakshmi Perumalla, Doodeswara Kanaka Durgarao Chalavadi, Kalyan Srinivas Annam, Subash Chandra Mohan Annam and Venkata Rajesh Annam will be selling shares.

The Hyderabad-based saree retailer's initial public offering (IPO) will conclude on September 22.

Half of the public issue size has been reserved for qualified institutional buyers (QIB), 15 per cent for non-institutional investors, and the remaining 35 per cent for retail investors. Out of the QIB portion, up to 60 per cent of the portion is set aside for anchor investors.

SSKL is promoted by Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi.

Motilal Oswal Investment Advisors Ltd, HDFC Bank Ltd and Nuvama Wealth Management Ltd (formerly known as Edelweiss Securities Ltd) are the book-running lead managers to the issue.

It has four store formats -- Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall.

As of July 31, 2023, the company had a network of 54 stores in four major south Indian states -- Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.

For the financial year ended March 2023, SSKL reported a total revenue of Rs 1,351 crore with a net profit of Rs 97.6 crore.

The equity shares of the company will be listed on the BSE and NSE.

 

Written By: PTI
Updated: Thu, Sep 14, 2023
04:35 pm
New Delhi, PTI
RELATED NEWS
HDFC Securities initiates buy on this apparel stock; did you invest in its IPO? HDFC Securities initiates buy on this apparel stock; did you invest in its IPO?
Sai Silks IPO: Apparel retailer gets Sebi nod to go public; plans to raise Rs 1,200 crore Sai Silks IPO: Apparel retailer gets Sebi nod to go public; plans to raise Rs 1,200 crore

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x