Sai Silks gets SEBI's nod to raise Rs 1,200 crore via IPO
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Sai Silks (Kalamandir) has received the Securities and Exchange Board of India’s (SEBI) approval to raise Rs 1,200 crore through an initial public offering (IPO). The equity shares will be listed on the BSE and NSE. The company, which filed preliminary IPO papers with the markets watchdog in July, obtained its observation letter on November 7, 2022.
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.
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