Ethnic apparel retailer <keyword id="1544918" type="General" weightage="20" keywordseo="Sai-Silks" source="Orion">Sai Silks</keyword> (<keyword id="49238" type="General" weightage="20" keywordseo="kalamandir" source="Orion">Kalamandir</keyword>) Limited has received capital markets regulator Sebi's go-ahead 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-sale of up to 18,048,440 equity shares by promoters and promoter group entities, according to the draft red herring prospectus (DRHP). The company, which filed preliminary IPO papers with the markets watchdog in July, obtained its observation letter on November 7, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi's parlance, obtaining its observation letter implies a go-ahead to float an IPO. The net proceeds of the fresh issue will be used for setting up 25 new stores, and two warehouses, to support working capital requirements, payment of debt and general corporate purposes. As per market sources, the issue size is expected to be Rs 1,200 crore. <keyword id="4330304" type="General" weightage="20" keywordseo="Motilal-Oswal-Investment-Advisors" source="Orion">Motilal Oswal Investment Advisors</keyword>, <keyword id="6364901" type="General" weightage="20" keywordseo="Edelweiss-Financial-Services" source="Orion">Edelweiss Financial Services</keyword> and HDFC Bank are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and National Stock Exchange (India) Limited. Through its four store formats -- Kalamandir, <keyword id="14528574" type="General" weightage="20" keywordseo="varamahalakshmi-silks" source="Orion">VaraMahalakshmi Silks</keyword>, Mandir, and KLM Fashion Mall -- Sai Silks offers products to various segments of the market that include premium ethnic fashion, ethnic fashion for middle income and value fashion. The company currently operates 50 stores in four major south Indian states -- Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. Meanwhile, one more company, KFin Technologies, has secured Sebi's approval to float an IPO. Financial services platform KFin Technologies had filed preliminary IPO papers with Sebi on March 31 and obtained its letter on November 7. Going by draft papers, the Rs 2,400-crore IPO is entirely an offer-for-sale by promoter General Atlantic Singapore Fund Pte. Ltd. The company will not receive any proceeds from the offer as all of it will go to the promoter-selling shareholder. KFin is majority owned by funds managed by General Atlantic, a leading global private equity investor, which holds a 74.94 per cent stake in the company. Last year, Kotak Mahindra Bank acquired a 9.98 per cent stake in the company. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-lists-at-a-2-discount-amid-volatile-market-conditions/articleshow/95523776.cms">Fusion Micro Finance lists at a 2% discount amid volatile market conditions</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-open-marginally-lower-tracking-mixed-cues-from-global-markets/articleshow/95524441.cms">Sensex, Nifty50 open marginally lower tracking mixed cues from global markets</a>

Sai Silks gets Sebi nod to float IPO; eyes to raise up to Rs 1,200 crore

<ul><li>The market cap of the company is at ₹3,528 crore, as per BSE.</li><li>The ₹1,201 crore public issue was subscribed 4.4 times the shares on offer.</li><li>The net proceeds will be used for capex, working capital needs, debt payment and more. </li></ul><keyword id="5176486" type="General" weightage="20" keywordseo="sai-silks-kalamandir" source="Orion">Sai Silks Kalamandir</keyword>’s stock debuted on the bourses at a 3.5% premium, in line with grey market expectations. The stock listed at ₹230 as compared to its IPO price of ₹222 per equity share. In the trading session, the stock gains to end up with listing gains of 10%. The market cap of the company was at ₹3,528 crore, according to Bombay Stock Exchange on listing. The ₹1,201 crore public issue was subscribed 4.4 times the shares on offer. The issue received good interest from qualified institutional buyers (QIBs) even as its retail portion was not fully subscribed. The issue had fixed a price band of ₹210-222 per share for its initial share sale. Here are the listing gains of the last few market debuts <table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing gains </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Samhi Hotels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EMS Ltd </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32.58% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">R R Kabel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jupiter Life Line Hospitals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">46% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rishabh Instruments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ratnaveer Precision Engineering </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">37% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vishnu Prakash R Punglia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">47% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aeroflex </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">83% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pyramid Technoplast </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Supply Chain </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBFC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">43% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Concord Biotech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The issue consists of a fresh issue of equity shares worth up to ₹600 crore and an Offer for Sale (OFS) component of up to 2.7 crore equity shares by promoters and promoter entities. It will use the net proceeds towards capital expenditure to establish 30 additional stores and two warehouses. It will also use funds for working capital needs, debt payment and other general corporate purposes. The company is promoted by Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi. They along with other promoter group entities sold shares as a part of the public issue. The company has a network of 54 stores in four major south Indian states -- Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. It has four store formats -- <keyword id="49238" type="General" weightage="80" keywordseo="kalamandir" source="Orion">Kalamandir</keyword>, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall. Its listed peers include <keyword id="4509405" type="General" weightage="80" keywordseo="vedant-fashions" source="Orion">Vedant Fashions</keyword>, Go Fashion (India), Aditya Birla Fashion and Retail, Trent and Shoppers Stop. For the financial year ended March 2023, SSKL reported a total revenue of ₹1,351 crore with a net profit of ₹97.6 crore. “Sai Silk (Kalamandir) is a leading apparel retail brand in India with a scalable model, which is well positioned to leverage growth in the ethnic and value-fashion apparel industry in India with a track record of growth, profitability, and unit economics with an efficient operating model,” said a research report by Anand Rathi. At the upper price band, the company was valued at P/E of 33x and market cap of ₹3,404 crore post issue of equity shares and return on net worth of 24.56%, said the research firm, which gave it a subscribe for long-term rating to the IPO.

Sai Silks Kalamandir’s stock gains after debut, ends with 10% listing gains

<ul><li>The issue received good interest from QIBs even as its retail portion was not fully subscribed.</li><li>It consists of a fresh issue of ₹600 crore and OFS of up to 2.7 crore equity shares.</li><li>The net proceeds will be used for capex, working capital needs, debt payment and more. </li></ul><keyword id="5176486" type="General" weightage="20" keywordseo="sai-silks-kalamandir" source="Orion">Sai Silks Kalamandir</keyword>’s ₹1,201 crore public issue was subscribed 4.4 times the shares on offer on the last day, on Friday. The issue received good interest from qualified institutional buyers (QIBs) even as its retail portion was not fully subscribed. The issue had fixed a price band of ₹210-222 per share for its initial share sale. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of times subscribed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QIBs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.35 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.47 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.88 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.4 </td></tr></tbody></table> Source: BSE The issue consists of a fresh issue of equity shares worth up to ₹600 crore and an Offer for Sale (OFS) component of up to 2.7 crore equity shares by promoters and promoter entities. It intends to use the net proceeds towards capex to establish 30 additional stores and two warehouses, along with working capital needs, debt payment and general corporate purposes. The company is promoted by Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi. They along with other promoter group entities sold shares as a part of the public issue. The company has a network of 54 stores in four major south Indian states -- <keyword id="37102" type="General" weightage="50" keywordseo="andhra-pradesh" source="Orion">Andhra Pradesh</keyword>, Telangana, Karnataka and Tamil Nadu. It has four store formats -- <keyword id="49238" type="General" weightage="100" keywordseo="kalamandir" source="Orion">Kalamandir</keyword>, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall. Its listed peers include <keyword id="4509405" type="General" weightage="50" keywordseo="vedant-fashions" source="Orion">Vedant Fashions</keyword>, Go Fashion (India), Aditya Birla Fashion and Retail, Trent and Shoppers Stop. For the financial year ended March 2023, SSKL reported a total revenue of ₹1,351 crore with a net profit of ₹97.6 crore. “Sai Silk (Kalamandir) is a leading apparel retail brand in India with a scalable model, which is well positioned to leverage growth in the ethnic and value-fashion apparel industry in India with a track record of growth, profitability, and unit economics with an efficient operating model,” said a research report by Anand Rathi. At the upper price band company is valuing at P/E of 33x with a market cap of ₹3,404 crore post issue of equity shares and return on net worth of 24.56%, said the research firm, which gave it a subscribe for long-term rating to the IPO.

Hyderabad-based ethnic retailer Sai Silks Kalamandir IPO subscribed 4.4x

New Delhi, Ethnic apparel retailer <keyword id="1544918" type="General" weightage="100" keywordseo="sai-silks" source="Orion">Sai Silks</keyword> (Kalamandir) Ltd on Thursday said it has fixed a price band of Rs 210-222 per share for its Rs 1,201 crore initial share sale, which will open for public subscription on September 20. At the upper end of the price band, the IPO will fetch about Rs 1,201 crore. The bidding for the anchor investors will open on September 18. Investors can bid for a minimum of 67 equity shares and in multiples of 67 equity shares thereafter, the company said. The offer of Sai Silks (Kalamandir) Ltd (SSKL) comprises a fresh issue of equity shares worth up to Rs 600 crore and an Offer for Sale (OFS) component of up to 2.70 crore equity shares by promoters and promoter entities. 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 shares. The Hyderabad-based saree retailer's initial public offering (IPO) will conclude on September 22. 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. 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. 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 ended March 2023, SSKL reported a total revenue of Rs 1,351 crore with a net profit of Rs 97.6 crore. The equity shares of the company will be listed on the BSE and NSE.

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Sai Silks gets Sebi nod to float IPO; eyes to raise up to Rs 1,200 crore

PTI

Sai Silks Kalamandir’s stock gains after debut, ends with 10% listing gains

BI India Bureau

Hyderabad-based ethnic retailer Sai Silks Kalamandir IPO subscribed 4.4x

BI India Bureau

Hyderabad based apparel retailer Sai Silks Kalamandir fixes IPO price band at Rs 210-222/share

PTI