Sai Silks to open IPO on September 20

Sai Silks (Kalamandir) Limited will open its initial public offering of equity shares on September 20 and the anchor investor bidding date is September 18. The IPO comprises a fresh issue of shares and an offer for sale and closes on September 22. 

The price band for Sai Silks’ IPO has been set at Rs 210 to Rs 222 per equity share with a face value of Rs 2 each, the business announced in a press release. The floor price is 105 times and the cap price is 111 times the face value of the equity shares. 
 
The business plans to use the proceeds raised through the fresh issue for funding 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. 

The offer for sale portion of the IPO includes a number of promoters selling shares. Nagakanaka Durga Prasad Chalavadi will sell up to 6,409,345 equity shares and Jhansi Rani Chalavadi will sell up to 7,949,520 equity shares among others. Bids in the IPO can be made for a minimum of 67 equity shares and shares will thereafter be sold in multiples of 67. 
 
Sai Silks counts itself amongst the top 10 retailers of ethnic apparel, particularly sarees, in South India. The business retails through its four store formats tailored to different demographics: Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall.