Sai Silks' IPO with fresh issue of Rs 600 cr subscribed 7% on first day

The Initial Public Offering (IPO) of ethnic apparel retailer Sai Silks (Kalamandir) was subscribed 7 per cent on the first day of offer on Wednesday.

The IPO received bids for 26,16,752 shares against 3,84,86,309 shares on offer, as per data available with the NSE.

The category for Retail Individual Investors (RIIs) was subscribed 12 per cent and that of non-institutional investors received 3 per cent subscription.

The public issue has a fresh issue of up to Rs 600 crore and an offer for sale of up to 2.70 crore equity shares.

The price range for the offer is Rs 210-222 a share.

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

On Monday, Sai Silks said it has raised over Rs 360 crore from anchor investors.

The Hyderabad-based company was founded by Prasad Chalavadi, a techie turned entrepreneur in 2005.

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

Motilal Oswal Investment Advisors, HDFC Bank and Nuvama Wealth Management are the managers to the offer.

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.

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