Sai Silks IPO to open for public subscription on September 20
时间:2024-09-29 02:04:34 阅读(143)
Ethnic apparel retailer Sai Silks (Kalamandir) Ltd on Wednesday said its initial share sale will open for public subscription on September 20.
The bidding for the anchor investors will open on September 18.
Under the OFS, Nagakanaka Durga Prasad Chalavadi, Jhansi Rani Chalavadi, Dhanalakshmi Perumalla, Doodeswara Kanaka Durgarao Chalavadi, Kalyan Srinivas Annam, Subash Chandra Mohan Annam and Venkata Rajesh Annam will be selling the shares.
The Hyderabad-based saree retailer is yet to announce the price band for the Initial Public Offering (IPO), which will conclude on September 22.
Sai Silks has revised its OFS size from 1.80 crore equity shares to 2.70 crore equity shares.
Half of the public issue size has been reserved for Qualified Institutional Buyers (QIB), 15 per cent for non-institutional investors, and the remaining 35 per cent for retail investors. Out of the QIB portion, up to 60 per cent of the portion is set aside for anchor investors.
Proceeds from the fresh issue worth up to Rs 125 crore will be used for funding capital expenditure towards setting up 30 new stores and up to Rs 25 crore for setting up two warehouses.
Also, the company plans to infuse up to Rs 280 crore for funding the working capital requirements and up to Rs 50 crore for repayment or pre-payment, in full or part, of certain borrowings availed by the firm.
The remaining funds will be used towards general corporate purposes. SSKL is promoted by Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi.
Motilal Oswal Investment Advisors Ltd, HDFC Bank Ltd and Nuvama Wealth Management Ltd (formerly known as Edelweiss Securities Ltd) are the book-running lead managers to the issue.
The equity shares of the company will be listed on the BSE and NSE.
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.
For the financial year that ended March 2023, SSKL reported a total revenue of Rs 1,351 crore with a net profit of Rs 97.6 crore.
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