Sai Silks files DRHP with SEBI for Rs 1,200 crore IPO
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Sai Silks (Kalamandir) has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise as much as Rs 1,200 crore through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth Rs 600 crore and an offer for the sale of up to 18,048,440 equity shares by promoters and promoter group entities. The equity shares are proposed to be listed on BSE and NSE.
The net proceeds of the fresh issue will be used for establishing 25 new stores, setting up two warehouses, supporting working capital requirements, payment of debt, and general corporate purposes. Motilal Oswal Investment Advisors, Edelweiss Financial Services, and HDFC Bank are the book-running lead managers to the issue.
Sai Silks is one of the leading retailers of ethnic apparel, particularly sarees, in south India. Through its four store formats -- Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall -- the company offers products to various segments of the market that include premium ethnic fashion, ethnic fashion for middle income, and value fashion.
