Breaking News: Sai Silks Kalamandir IPO Launches on September 20th!

Date : 14/09/2023
Read: 3 mins

Sai Silks Kalamandir IPO is all set to debut on September 20, 2023. Curious to know more about the issue size, price band, and other key details? Read this article to find out!

Sai Silks (Kalamandir) is all set to make its debut on the stock market with its initial public offering (IPO) opening for public subscription on September 20. The Hyderabad-based ethnic wear brand has been providing value-fashion products for women, men, and children since 2005. The IPO comprises a fresh issuance of shares worth Rs 600 crore and an offer for-sale of 2.7 crore equity shares by the promoter group. The company is yet to reveal the price range for the IPO, which will conclude on September 22. Read this article to know more about the available information.

Highlights:

Prominent ethnic apparel retailer in South India
Has 54 stores across South India
Growth plans: New stores, warehouses, debt repayment
Stellar FY23 performance: Profit and margin gains

Also Read: Here’s What You Need to Know About KFin Technologies and Sai Silks’ Upcoming IPOs

Investors, consider Sai Silk's IPO. It boasts a strong retail presence in southern India and impressive FY23 growth with a 69.2% profit increase. The expansion plans and debt repayment show a commitment to future growth. However, exercise caution as the price range is yet to be revealed.

Key features of the IPO include:

Based on the publicly available information, key features of the IPO include the following:

Shareholders selling their stake include Jhansi Rani Chalavadi, Nagakanaka Durga Prasad Chalavadi, Doodeswara Kanaka Durgarao Chalavadi, Dhanalakshmi Perumalla, Kalyan Srinivas Annam, Venkata Rajesh Annam, Subash Chandra Mohan Annam.
Sai Silk is an ethnic apparel retailer that provides a diverse range of products for women, men and children.
The company has a network of 54 stores in Karnataka, Telangana, Andhra Pradesh, and Tamil Nadu as of July 2023.
IPO price range to be announced soon; issue closes on September 22.
Anchor book opens for subscription on September 18.
Allocation: 50% QIB, 15% HNI, 35% retail; up to 60% of QIB for anchor investors.
The company plans to use the net fresh issue proceeds for setting up warehouses, new stores, and meeting working capital requirements. They also aim to repay debts.
The company is amongst the top 10 ethnic apparel retailer in south India by revenue.
In FY23, SSKL recorded a net profit of Rs 97.6 crore, with a 69.2% YoY increase, and revenue from operations of Rs 1,351.5 crore, a 19.7% YoY increase.
EBITDA in FY23 was Rs 212.5 crore, with a margin expansion of 394 bps at 15.72% compared to the previous year.
HDFC Bank, Motilal Oswal Investment Advisors, and Nuvama Wealth Management are the merchant bankers for the offer, and Bigshare Services is the registrar to the issue.