Ethnic clothing retailer Sai Silks (Kalamandir) announced on Monday that it has raised more than Rs 360 crore from anchor investors, days before the start of its Initial Public Offering (IPO).
According to a circular posted on the BSE website, the company has allocated 1.63 crore equity shares to 26 funds at Rs 222 a share, which is also the upper end of the pricing range. The business raised Rs 360.30 crore at this price.
The circular included a number of the anchor investors, including Citigroup, BNP Paribas Arbitrage, Societe Generale, SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Kotak MF, UTI MF, Aditya Birla Sun Life MF, and WhiteOak MF.
Out of 1.63 crore equity shares allocated to anchor investors, 1.17 crore equity shares were allocated to eight domestic mutual funds through a total of 16 schemes.
The public subscription period for the issue, which has a price range of Rs 210–222 per share, will start on 20 September and end on 22 September. The IPO will sell for approximately Rs 1,201 crore at the top of the pricing range.
The offer consists of a fresh issuance for Rs 600 crore and an equal amount of equity shares offered-for-sale (OFS) by the promoters and promoter businesses, totalling up to 2.70 crore shares.
In 2005, techie-turned-entrepreneur Prasad Chalavadi established the Hyderabad-based business. It has four different store types: Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall.
As of 31 July, 2023, the business operated a network of 54 outlets in four significant south Indian states: Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu. The equity shares of the company will be listed on NSE and BSE.
