Sai Silks plans IPO

28 July 2022, Mumbai:

Apparel business Sai Silks (Kalamandir) plans to soon launch an initial public offer worth Rs 1,000 crore-Rs 1,200 crores.

The funds will be raised through a share sale model under the leadership of Motilal Oswal Financial, Edelweiss, and HDFC Bank. Proceedings from the IPO will be used by the Hyderabad-based apparel business to expand its operations.

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Currently having 45 brick and mortar stores in South India, Sai Silks (Kalamandir)’s flagship brand is Kalamandir and has retail outlets in states including Karnataka, Telangana, and Andhra Pradesh.

Specializing in women’s ethnic wear, which contributes around 80 percent of its total sales, the business had earlier planned to launch an IPO in 2013 but deferred the plan.

Its business in the second half of the 2022 financial year is expected to grow steadily thanks to consumers’ festive spending, says CARE Ratings. In 2020 fiscal, Sai Silks’ operating revenues surged by 13 percent to total Rs 1,177 crore before dropping to Rs 679 crore in the pandemic-stricken 2021 financial year.

(Fashion Network report)

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