Sai Silks gets Sebi nod for IPO; eyes to raise up to ₹1,200 cr

Market


Sai Silk, a ethnic apparel retailer, has received nod from capital markets regulator Securities and Exchange Board of India to raise about Rs. 1200 crore through its initial public offering (IPO).

As per the draft red herring prospectus (DRHP), the IPO comprises a fresh issue of equity shares worth Rs. 600 crore and an offer for sale of 18,048,440 equity shares by promoters and promoter group entities.

Sai Silk filed preliminary IPO papers with Sebi in July, got its observation letter on November 7, an update with the market regulator showed on Tuesday.

The net proceeds of the fresh issue will be used for setting-up of 25 new stores, two warehouses, to support working capital requirements, payment of debt and for general corporate purposes.

Sai Silks operating through its four store – Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall.

The company currently operates 50 stores in four major South Indian states – Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.

The book running lead managers (BRLMs) to the IPO are Motilal Oswal Investment Advisors Limited, Edelweiss Financial Services Limited and HDFC Bank Limited.

The equity shares are proposed to be listed on BSE and NSE.

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