Sai Silks Secures Rs 360 Crore From Anchor Investors Before IPO
Ethnic apparel retailer Sai Silks (Kalamandir) announced on September 18, 2023, that it has successfully garnered more than Rs 360 crore from anchor investors just days before its upcoming initial public offering (IPO). The company allotted 1.63 crore equity shares to 26 funds at a per share price of Rs 222, which coincides with the upper limit of the price range, as outlined in a circular posted on the BSE website.
At this offer price, the company successfully raised a total of Rs 360.30 crore. Notably, prominent financial institutions such as Citigroup, BNP Paribas Arbitrage, Societe Generale, SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Kotak MF, UTI MF, Aditya Birla Sun Life MF, and WhiteOak MF participated as anchor investors, as indicated in the circular.
Of the 1.63 crore equity shares designated for anchor investors, 1.17 crore equity shares were allocated to eight domestic mutual funds via a total of 16 schemes.
The IPO, with a pricing range set at Rs 210-222 per share, is scheduled to open for public subscription on September 20 and will conclude on September 22. At the upper end of this price range, the IPO is projected to generate approximately Rs 1,201 crore.
The IPO offer comprises freshly issued shares of Rs 600 crore and an equivalent Offer For Sale (OFS) segment, featuring up to 2.70 crore equity shares offered by the company’s promoters and promoter entities.
Founded in 2005 by Prasad Chalavadi, a former technologist turned entrepreneur, Sai Silks is headquartered in Hyderabad.
