Ethnic wear business Sai Silks (Kalamandir) has raised more than Rs 360 crore from anchor investors ahead of its initial public offering. The business allotted 1.63 crore equity shares before its IPO launched on September 20.
Sai Silks allotted the 1.63 crore equity shares to 26 funds, priced at Rs 222 per share, India Retailing reported. The business was able to sell the shares at the upper end of the price band and raised Rs 360.3 crore. Anchor investors include Aditya Birla Sun Life MF, Citigroup, BNP Paribas Arbitrage, Societe Generale, ICICI Prudential MF, and HDFC MF among others.
Sai Silk’s IPO closes on September 22, the business announced in a press release. The business plans to use the proceeds raised through the IPO to fund the capital expenditure towards setting-up 30 new Sai Silks stores. The total raised will also go towards funding expenditure for setting-up two warehouses, funding company working capital requirements, and repayment or pre-payment, in full or part, of certain borrowings availed by the business.
Sai Silks retails its ethnic wear through four store formats: Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall. As of July this year, the business counts 54 brick-and-mortar stores located across the southern states of Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu.
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