Sai Silks (Kalamandir) Limited IPO Closed

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IPO date 20th – 22nd Sep 2023
Listing date 04 Oct 2023
Type
Price range 210 – 222
Minimum order quantity 67
(D)RHP View

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Incorporated in 2005, Sai Silks (Kalamandir) Limited is amongst the top 10 retailers of ethnic apparel, particularly sarees, in south India in terms of revenues and profit.

Founded by their Managing Director, Nagakanaka Durga Prasad Chalavadi a first-generation entrepreneur, The company commenced operations through their first ‘Kalamandir’ store in 2005 at Hyderabad, Telangana with a store size of 3,213 square feet and has over the years expanded to 54 stores in four south Indian states, i.e., Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, with an aggregate area of approximately 603,414 square feet, as of July 31, 2023. As of July 31, 2023, their average store size, calculated on the basis of their operating stores, is 10,390 square feet for its Kalamandir format stores, 3,310 square feet for Mandir format stores, 6,099 square feet for VaraMahalakshmi format stores, and 18,400 square feet for KLM Fashion Mall format stores.

Through four store formats, i.e., Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall, they offer products to various segments of the market that include premium ethnic fashion, ethnic fashion for middle-income and value-fashion, with a variety of products across different price points, thereby catering to customers across all market segments with a focus on spreading India’s vibrant culture, traditions and heritage by offering a diverse range of products which includes various types of ultra-premium and premium sarees suitable for weddings, party wear, as well as occasional and daily wear; lehengas, men’s ethnic wear, children’s ethnic wear and value fashion products comprising fusion wear and western wear for women, men and children.

As of July 31, 2023, the company’s customer base exceeded over 5.98 million customers in India.

Objects of the issue and proceeds utilization:

The Rs. 1201 crore public offer of Sai Silk Kalamandir Limited IPO comprises a fresh equity issue worth 600 crores and OFS worth 601 crores.

Purpose Proceeds (₹ crores)
Funding capital expenditure towards setting-up of 30 new stores 125.1
Funding capital expenditure towards setting-up of two warehouses 25.4
Funding working capital requirements of the Company 280
Repayment or pre-payment, in full or part, of certain borrowings availed by the Company 50
General corporate purposes Balance

Financial information and other valuation metrics (₹ crores)

Financial Year Total Assets Total Revenue Profit After Tax EPS EBITDA
March 31, 2021 665.42 679.09 5.13 0.43 62.36
March 31, 2022 842.48 1133.01 57.68 4.79 133.04
March 31, 2023 1220.45 1358.92 97.58 8.11 212.53

IPO Schedule

Issue Period 20th September to 22nd September 2023
Deadline for accepting UPI mandate Until 5 PM on the issue closing day
Finalization of Allotment 27th September 2023
Initiation of Refunds 29th September 2023
Credit of Shares 3rd October 2023
Date of Listing 4th October 2023
Mandate end date 7th October 2023
Anchor Investors Lock-In End Date 22nd October 2023

How to apply to the Sai Silks (Kalamandir) Limited IPO?

You can apply for the Sai Silks (Kalamandir) Limited IPO using any supported UPI app by following two steps:

  • Enter your bid on Kite
  • Accept the UPI mandate on your phone

On acceptance of the mandate, the bid amount will get blocked in your bank account. Click here to learn more.

How to check the allotment status for Sai Silks (Kalamandir) Limited IPO?

You can check the allotment status for the Sai Silks (Kalamandir) Limited IPO on the website of the Registrar and Transfer agent. Alternatively, you can also check the allotment status on the NSE website.