Sai Silks sets Rs 210-222 per share price band for Rs 1,201 crore IPO

Ethnic attire retailer Sai Silks (Kalamandir) on Thursday fastened a worth band of Rs 210-222 per share for its Rs 1,201 crore-initial share sale, which opens on September 20.

On the higher finish of the value band, the Preliminary Public Providing (IPO) will fetch about Rs 1,201 crore.

The Hyderabad-based firm was based by Prasad Chalavadi, a techie turned entrepreneur in 2005.

The provide consists of Rs 600 crore of recent concern and an equal quantity of Provide For Sale (OFS) by way of which the promoter household will divest 30 per cent of their 95.5 per cent shareholding, Chalavadi informed PTI.

The remaining 4.5 per cent of the bootstrapped ethnic retailer of premium and mid-income girls’s put on primarily sarees, are with the staff, he added.

At Rs 210 a share worth band, the ground worth 105 occasions and the cap worth is 111 occasions the face worth of the shares.

The OFS includes promoters and a number of the employers promoting as much as 2.70 crore fairness shares.

The promoting promoters are Nagakanaka Durga Prasad Chalavadi, Jhansi Rani Chalavadi, Dhanalakshmi Perumalla, Doodeswara Kanaka Durgarao Chalavadi, Kalyan Srinivas Annam, Subash Chandra Mohan Annam and Venkata Rajesh Annam.

Publish concern, the promoters will maintain 60 per cent of fairness within the firm, which has 54 showrooms throughout Telangana, Andhra Pradesh, Karnataka and Tamil Nadu.

Chalavadi mentioned a portion of the IPO proceeds shall be used to open 30 extra shops in Tamil Nadu, which is its focus market now. Every retailer on common will contain round Rs 2.5 crore of capex, resulting in an outgo of Rs 125 crore.

Half of the difficulty has been reserved for certified institutional consumers, 15 per cent for non-institutional traders, and the remaining 35 per cent for retail traders. Out of the QIB portion, as much as 60 per cent of the portion is put aside for anchor traders.

In fiscal 2023, Sai Silks reported revenues of Rs 1,351 crore with a web revenue of Rs 97.6 crore.

(Solely the headline and movie of this report could have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)

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