Comments
Ethnic apparel retailer Sai Silks Kalamandir has set a price band of Rs. 210-222 per share for its initial public offering.
The IPO comprises a fresh issuance of shares worth Rs. 600 crore by the company and an offer-for-sale of 2.71 crore equity shares by the promoter group.
At the upper end of the price band, the total issue size comes in at Rs. 1,200 crore.
The offer opens for subscription between September 20-22.
Also Read | Sai Silks Kalamandir to allocate 4.76% of shares to Employee Trust
Fresh issue proceeds will be used for setting-up of 30 new stores at a cost of Rs. 125 crore, two warehouses with an investment of Rs. 25 crore, and working capital requirements of Rs 280 crore. The company will also repay its Rs. 50 crore debt.
With a network of 54 stores in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu as of July 2023, the company offers a diverse range of products including ultra-premium and premium sarees, lehengas, and men and children’s ethnic wear.
In FY23, the company posted net profit of Rs. 98 crore, up 69 per cent, backed by strong operating performance. Revenue from operations increased by 20 per cent to Rs. 1,351.5 crore.
On the operating front, EBITDA in FY23 surged by 60 per cent YoY to Rs. 212 crore with margin expansion of 394 bps at 16 per cent Y-O-Y.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.