Sai Silks Rs 1,201-crore IPO subscribed 4.40 times on last day of bidding

The Initial Public Offering (IPO) of ethnic apparel retailer Sai Silks (Kalamandir) was subscribed 4.40 times on the last day of bidding on Friday.

The Rs 1,201 crore-initial share sale received bids for 16,94,58,544 shares against 3,84,86,309 shares on offer, according to data available with the NSE.

The quota for Qualified Institutional Buyers (QIBs) received 12.35 times subscription while the quota for non-institutional investors was subscribed 2.47 times. The category for Retail Individual Investors (RIIs) was subscribed 88 per cent.

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

Price range for the offer was Rs 210-222 a share.

The IPO of Sai Silks (Kalamandir) was subscribed 33 per cent on the second day of offer on Thursday.

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.

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.

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