Sai Silks (Kalamandir) proposes to utilise the net proceeds from the Fresh Issue.

The IPO of Sai Silks (Kalamanadir) comprises a Fresh Issue of equity shares aggregating up to Rs. 600 crore and an Offer for Sale of up to 18,048,440 equity shares by promoters and promoter group entities. 

Sai Silks (Kalamandir) Limited, one of the largest retailers of ethnic apparel, particularly sarees, in South India in terms of revenues and profit after tax, has received capital markets regulator SEBI’s go-ahead to raise funds through an initial public offering (IPO). 

The IPO of Sai Silks (Kalamanadir) comprises a Fresh Issue of equity shares aggregating up to Rs. 600 crore and an Offer for Sale of up to 18,048,440 equity shares by promoters and promoter group entities. 

It is set to be India’s first saree focused player to go public and market sources pegged the issue size to be about Rs. 1200 crore.

Sai Silks (Kalamandir) proposes to utilise the net proceeds from the Fresh Issue towards setting-up of 25 new stores and two warehouses, supporting working capital requirements, repayment or pre-payment of certain borrowings and general corporate purposes.