Saree retailer Sai Silks gets Sebi nod for IPO
The largest retailer of ethnical vesture, Sai Silks (Kalamandir), has entered Sebi’s go- ahead to raise finances through an original public immolation (IPO). Sai Silks, with saree as its main product, operates via four store formats, including Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall.
As per the draft red herring prospectus (DRHP), the IPO comprises a fresh issue of equity shares adding up to Rs 600 crore and an offer for 18,048,440 the trade of equity shares by promoters and protagonist group realities. The request sources estimate the issue size to be at Rs1,200 crore. This would be India’s first IPO by a saree company.
The company will use the IPO proceeds towards backing capital expenditure for setting- up of 25 new stores, two storages, financing working capital conditions of the company, prepayment orpre-payment, in full or part, of certain borrowings profited by the company and general commercial purposes.
Promoted by Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi, Hyderabad- grounded Sai Silks (Kalamandir) offers one of the widest portfolios of saree stock keeping units (SKUs) among women’s vesture brands in India. It also offers a different range of products which includes colorful types ofultra-premium and ultraexpensive sarees suitable for marriages, party wear and tear, as well as occasional and diurnal wear and tear, lehengas, men’s ethnical wear and tear, children’s ethnical wear and tear and value fashion products comprising wear and tear and western wear and tear.
The book- running lead directors (BRLMs) to the IPO are Motilal Oswal Investment counsels, Edelweiss Financial Services NSE-0.25% and HDFC Bank NSE-1.03%. Shares of the company are proposed to list on both BSE and NSE.
About Sai Silks Kalamandir Ltd.
Sai Silks KalamandirLtd. is a Hyderabad grounded company that began its retail trip in 2005 and readdressed the fashion merchandising assiduity in India with 4 major brands, videlicet Kalamandir, Kancheepuram Varamahalakshmi Silks, Mandir, KLM Fashion boardwalk.
Kalamandir :A complete family store with apparels for women, men and kiddies. A one- stop shop for the whole family.
Kancheepuram Varamahalakshmi Silks with a flagship store at Kancheepuram, Kancheepuram Varamahalakshmi silks is the largest store in Kancheepuram with a wide collection of silk sarees direct from needlewomen and multiple designs. Mandir is an exclusive sarees store with exquisitely designed silks sarees and lehengas. KLM Fashion boardwalk A one of a kind of boardwalk with a value format and a great experience for men, women and kiddies with a wide variety of choices.
” R” An Exchange with a culled collection just for you. It has it footstep hold in 4 major countries of South India i.e., Andhra Pradesh, Telangana, Karnataka and Tamil Nadu with 30 stores retail space further than 4 lac sq ft with a wide range of choices for the whole family.
Sai Silks Kalamandir Ltd. has a CSR Division Called Kala mandir Foundation, Serving the most and giving back to society through 4 major orders 1. Environment 2. Society weal 3. Healthcare 4. Education. Sai Silks have been awarded by colorful Retail Forums both public and transnational for breaking conceptions in the traditional retail request and growing exponentially at the same time and satisfying multiple consumers.