Sai Silks' Rs 1,201-crore offer to open on Sept 20

Mumbai: The ₹1,201-crore initial public offering of Sai Silks (Kalamandir) will open for public subscription on September 20. The price band of the offer has been fixed at Rs 210 to ₹222 per share. Bids can be made for a minimum of 67 shares and in multiples of 67 shares thereafter. The IPO comprises a fresh issue of shares aggregating up to ₹600 crore and an offer for sale of up to 2,71 crore shares by existing shareholders.

The company proposes to utilise the proceeds from the fresh issue towards funding capital expenditure towards setting up 30 new stores, repayment of certain borrowings, and general corporate purposes.

As of July 31, 2023, it operated 54 stores in Andhra Pradesh, Telangana, Karnataka and Tamil Nadu, with an aggregate area of approximately 6,03,414 square feet. For the financial year ended March 31, 2023, SSKL reported a total revenue of ₹1,351 crore with a net profit of ₹97.6 crore.