Advertisement
Canada markets open in 6 hours 22 minutes

  • S&P/TSX

    21,953.80
    +78.01 (+0.36%)
     

  • S&P 500

    5,509.01
    +33.92 (+0.62%)
     

  • DOW

    39,331.85
    +162.33 (+0.41%)
     

  • CAD/USD

    0.7312
    +0.0001 (+0.02%)
     

  • CRUDE OIL

    83.33
    +0.52 (+0.63%)
     

  • Bitcoin CAD

    83,298.41
    -2,410.39 (-2.81%)
     

  • CMC Crypto 200

    1,312.63
    -22.28 (-1.67%)
     

  • GOLD FUTURES

    2,350.40
    +17.00 (+0.73%)
     

  • RUSSELL 2000

    2,033.87
    +3.81 (+0.19%)
     

  • 10-Yr Bond

    4.4360
    -0.0430 (-0.96%)
     

  • NASDAQ futures

    20,243.00
    -12.25 (-0.06%)
     

  • VOLATILITY

    12.03
    0.00 (0.00%)
     

  • FTSE

    8,121.20
    0.00 (0.00%)
     

  • NIKKEI 225

    40,580.76
    +506.07 (+1.26%)
     

  • CAD/EUR

    0.6798
    -0.0002 (-0.03%)
     

Sai Silks Kalamandir raises Rs 360 crore ahead of IPO launch

Investing.com
·2 min read

Andhra Pradesh-based ethnic apparel retailer, Sai Silks Kalamandir, raised Rs 360.3 crore ($48.5 million) from 26 anchor investors on Monday, a day before the planned launch of its initial public offering (IPO). The company allocated 1.63 crore (1 crore = 10 million) equity shares to the anchor investors at Rs 222 per share, the upper end of the price band, according to information released on the BSE website.

Among the investors are global marquee entities such as Societe Generale (OTC:SCGLY), Citigroup (NYSE:C) Global Markets Mauritius, HSBC and BNP Paribas (OTC:BNPQY) Arbitrage. Domestic mutual funds including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee and Whiteoak Capital also participated in the anchor book. Of the total equity shares allocated to anchor investors, 1.17 crore shares were assigned to eight domestic mutual funds through a total of 16 schemes.

The company's IPO is set to open for public subscription from September 20-22. With a price band of Rs 210-222 per share, the IPO is expected to fetch about Rs 1,201 crore ($161.7 million). The offer comprises a fresh issue of Rs 600 crore worth of shares by the company and an offer-for-sale (OFS) of up to 2.70 crore equity shares by promoters and promoter entities.

Founded by Prasad Chalavadi in 2005, Sai Silks Kalamandir operates four store formats -- Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall. As of July 31, 2023, the company had a network of 54 stores across four major South Indian states -- Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. The equity shares of the company will be listed on the BSE and NSE.

ADVERTISEMENT

The proceeds from the net fresh issue will be used to set up 30 new stores at a cost of Rs 125.08 crore, two warehouses with a spend of Rs 25.4 crore and to meet working capital requirements amounting to Rs 280.07 crore. Additionally, the company plans to repay its Rs 50 crore debts via issue proceeds.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Related Articles

Sai Silks Kalamandir raises Rs 360 crore ahead of IPO launch

Alteryx stock jumps following Morgan Stanley upgrade amid challenging year

BMO Financial Group exits indirect auto lending to focus on core strengths