Sai Silks Kalamandir IPO: Issue subscribed 12% on day 2 so far; retail portion booked 19%

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Also Read: Sai Silks Kalamandir IPO: Sai Silks IPO subscribed 7% on day 1; retail portion booked 12% Sai Silks IPO comprises a fresh issuance of ₹600 crore worth of shares and an offer for sale (OFS) of up to 2.70 crore equity shares by promoter and promter group. The company intends to use the net proceeds from the offering to finance capital expenditures for the establishment of 30 additional stores and two warehouses, as well as for working capital needs, debt repayment, and general corporate purposes. Motilal Oswal Investment Advisors Ltd, HDFC Bank Ltd, Nuvama Wealth Management Ltd are the book running lead managers to the offer.

Bigshare Services Private Ltd is the offer's registrar. Also Read: Sai Silks Kalamandir IPO: Sai Silks IPO raises ₹360.30 crore from anchor investors; details here In the year 2005, Sai Silk was incorporated. They rank among South India's top 10 ethnic clothing merchants in terms of revenue and profit after tax for the fiscal years FY21, FY22, and FY23.

Lehengas, men's ethnic wear, children's ethnic wear, as well as value fashion products that include fusion wear and western wear for women, men, and children are just a few of the products that Sai Silk offers. These products are suitable for weddings, parties, as well as occasional and daily wear. Sai Silks Kalamandir IPO share allotment will tentatively take place on Wednesday, September 27.

Those allotted shares will get them in their Demat accounts on Tuesday, October 3. The refund process for those who did not get shares will begin on Friday, September 29. Sai Silks IPO shares will be listed on NSE and BSE on Wednesday, October 4.