Sai Silks (Kalamandir) Limited IPO (Sai Silks (Kalamandir) IPO) Detail
By Dilip Suthar
Sai Silks (Kalamandir) IPO is a book built issue of Rs 1,201.00 crores. The issue is a combination of fresh issue of 2.7 crore shares aggregating to Rs 600.00 crores and offer for sale of 2.71 crore shares aggregating to Rs 601.00 crores.
Sai Silks (Kalamandir) IPO bidding started from September 20, 2023 and ended on September 22, 2023. The allotment for Sai Silks (Kalamandir) IPO was finalized on Wednesday, September 27, 2023. The shares got listed on BSE, NSE on September 27, 2023.
Sai Silks (Kalamandir) IPO price band is set at ₹210 to ₹222 per share. The minimum lot size for an application is 67 Shares. The minimum amount of investment required by retail investors is ₹14,874. The minimum lot size investment for sNII is 14 lots (938 shares), amounting to ₹208,236, and for bNII, it is 68 lots (4,556 shares), amounting to ₹1,011,432.
Motilal Oswal Investment Advisors Limited, Hdfc Bank Limited and Nuvama Wealth Management Limited are the book running lead managers of the Sai Silks (Kalamandir) IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.
Refer to Sai Silks (Kalamandir) IPO RHP for detailed information.
Sai Silks (Kalamandir) IPO Details
| IPO Date | September 20, 2023 to September 22, 2023 |
| Listing Date | September 27, 2023 |
| Face Value | ₹2 per share |
| Price Band | ₹210 to ₹222 per share |
| Lot Size | 67 Shares |
| Total Issue Size | 54,099,027 shares (aggregating up to ₹1,201.00 Cr) |
| Fresh Issue | 27,027,027 shares (aggregating up to ₹600.00 Cr) |
| Offer for Sale | 27,072,000 shares of ₹2 (aggregating up to ₹601.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 126,339,085 |
| Share holding post issue | 153,366,112 |
Sai Silks (Kalamandir) IPO Reservation
Sai Silks (Kalamandir) IPO a total of 54,099,027 shares are offered. QIB: 10,819,807 (20.00%), RII: 18,934,659 (35.00%), NII: 8,114,854 (15.00%).
| Anchor Investor Shares Offered | 16,229,707 (30.00%) |
| QIB Shares Offered | 10,819,807 (20.00%) |
| NII (HNI) Shares Offered | 8,114,854 (15.00%) |
| Retail Shares Offered | 18,934,659 (35.00%) |
| Total Shares Offered | 54,099,027 (100%) |
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Sai Silks (Kalamandir) IPO Timeline (Tentative Schedule)
Sai Silks (Kalamandir) IPO opens on September 20, 2023, and closes on September 22, 2023.
| IPO Open Date | Wednesday, September 20, 2023 |
| IPO Close Date | Friday, September 22, 2023 |
| Basis of Allotment | Wednesday, September 27, 2023 |
| Initiation of Refunds | Friday, September 29, 2023 |
| Credit of Shares to Demat | Tuesday, October 3, 2023 |
| Listing Date | Wednesday, September 27, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 22, 2023 |
Sai Silks (Kalamandir) IPO Lot Size
Investors can bid for a minimum of 67 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 67 | ₹14,874 |
| Retail (Max) | 13 | 871 | ₹193,362 |
| S-HNI (Min) | 14 | 938 | ₹208,236 |
| S-HNI (Max) | 67 | 4,489 | ₹996,558 |
| B-HNI (Min) | 68 | 4,556 | ₹1,011,432 |
| Lot Size Calculator | |||
Sai Silks (Kalamandir) IPO Promoter Holding
The promoters of the company are Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi.
| Share Holding Pre Issue | 95.23% |
| Share Holding Post Issue | 60.80% |
Sai Silks (Kalamandir) IPO Anchor Investors Details
Sai Silks (Kalamandir) IPO raises Rs 360.30 crore from anchor investors. Sai Silks (Kalamandir) IPO Anchor bid date is September 18, 2023. Sai Silks (Kalamandir) IPO Anchor Investors list
| Bid Date | September 18, 2023 |
| Shares Offered | 16,229,707 |
| Anchor Portion Size (In Cr.) | 360.30 |
| Anchor lock-in period end date for 50% shares (30 Days) | November 10, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | February 7, 2024 |
Sai Silks (Kalamandir) IPO Timeline (Tentative Schedule)
Sai Silks (Kalamandir) IPO opens on September 20, 2023, and closes on September 22, 2023.
| IPO Open Date | Wednesday, September 20, 2023 |
| IPO Close Date | Friday, September 22, 2023 |
| Basis of Allotment | Wednesday, September 27, 2023 |
| Initiation of Refunds | Friday, September 29, 2023 |
| Credit of Shares to Demat | Tuesday, October 3, 2023 |
| Listing Date | Wednesday, September 27, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 22, 2023 |
Sai Silks (Kalamandir) IPO Lot Size
Investors can bid for a minimum of 67 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 67 | ₹14,874 |
| Retail (Max) | 13 | 871 | ₹193,362 |
| S-HNI (Min) | 14 | 938 | ₹208,236 |
| S-HNI (Max) | 67 | 4,489 | ₹996,558 |
| B-HNI (Min) | 68 | 4,556 | ₹1,011,432 |
| Lot Size Calculator | |||
Sai Silks (Kalamandir) IPO Promoter Holding
The promoters of the company are Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi.
| Share Holding Pre Issue | 95.23% |
| Share Holding Post Issue | 60.80% |
About Sai Silks (Kalamandir) Limited
Incorporated in 2005, Sai Silks (Kalamandir) Limited provides ethnic apparel and value-fashion products.
Inspired by India's vibrant culture, traditions, and heritage, the company offers a diverse range of products which includes various types of ultra-premium and premium sarees suitable for weddings, party wear, 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.
Sai Silks has four different format stores:
- Kalamandir: Here it offers contemporary ethnic fashion for the middle income, this includes varieties of sarees, such as Tusser, Silk, Kota, Kora, Khadi, Georgette, Cotton, and Matka.
- VaraMahalakshmi Silks: Here it offers premium ethnic silk sarees and handlooms targeting wedding and occasional wear, such as Banarasi, Patola, Kota, Kanchipuram, Paithani, and Organza, Kuppadam, with a focus on handlooms such as Kacheepuram silk sarees.
- Mandir: Here it offers ultra-premium designer sarees targeting high net worth individuals, such as designer sarees such as Banarasi, Patola, Ikat, Kanchipuram, Paithani, Organza, and Kuppadam.
- KLM Fashion Mall: Here it offers value fashion at affordable price points, such as fusion wear, sarees for daily wear, and western wear for women, men, and children.
The company also offers its products through e-commerce channels which comprises its website sskl.co.in and other online e-commerce marketplaces.
As of July 31, 2023, the company has over 54 stores in four south Indian states namely Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, with an aggregate area of approximately 603,414 square feet. The company recorded Rs. 13,514.69 million, Rs. 11,293.23 million, and Rs. 6,772.48 million in revenue from operations in the fiscal 2023, 2022, and 2021 respectively.
Company Financials
| Period Ended | 31 Mar 2020 | 31 Mar 2021 | 31 Mar 2022 | 31 Mar 2023 |
| Assets | 692.76 | 665.42 | 842.49 | 1,220.45 |
| Revenue | 1,178.62 | 679.10 | 1,133.02 | 1,358.92 |
| Profit After Tax | 42.10 | 5.13 | 57.69 | 97.59 |
| Net Worth | 231.51 | 242.99 | 300.66 | 397.33 |
| Reserves and Surplus | 208.05 | 218.93 | 276.60 | 373.27 |
| Total Borrowing | 164.70 | 217.22 | 260.49 | 345.50 |
Key Performance Indicator
Sai Silks (Kalamandir) IPO Market Cap is Rs 3404.73 Cr and P/E (x) is 27.37.
| KPI | Values |
|---|---|
| P/E (x) | 27.37 |
| Post P/E (x) | 34.91 |
| Market Cap (₹ Cr.) | 3404.73 |
| ROE | 27.96% |
| ROCE | 23.55% |
| Debt/Equity | 0.87 |
| EPS (Rs) | 8.11 |
| RoNW | 24.56% |
Objects of the Issue (Sai Silks (Kalamandir) IPO Objectives)
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
- Funding capital expenditure towards setting up 30 new stores.
- Funding capital expenditure towards setting-up of two warehouses.
- Funding the working capital requirements of the company.
- Repayment or pre-payment, in full or part, of certain borrowings availed by the company.
- General corporate purposes.
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