Sebi gives Sai Silks go ahead for IPO
Ethnic wear brand Sai Silks (Kalamandir) Limited the go ahead by the Securities and Exchange Board of India to launch its planned initial public offering. The business could raise up to Rs 1,200 crore through the IPO to enable it to open more stores across India.
Sai Silks had filed its draft IPO papers in July this year and received an observation letter from Sebi on November 7, which Sebi announced on November 15, the Press Trust of India reported. An observation letter amounts to a go ahead for the IPO.
The issue size of the IPO is expected to total around Rs 1,200 crore, sources told ET Bureau. The business will issue fresh equity shares worth Rs 600 crore and include an offer for sale of 180 lakh shares, according to Sai Silks’ draft red herring prospectus for the IPO.
Sai Silks aims to open 25 new stores as well as two new warehouses and plans to use part of the funds from its IPO to fund this development. The business also plans to use funds from its IPO to put towards supporting its working capital requirements, paying off debt, and for general corporate purposes.
Sai Silks retails its ethnic wear via four store formats: Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Hall. The business has a store total of 50 outlets spread across Telangana, Andhra Pradesh, Karnataka, and Tamil Nadu.
Copyright © 2023 FashionNetwork.com All rights reserved.