Sai Silks (Kalamandir) shares listed at 4% premium over IPO price on bourses today. The share debuted at Rs 231 on the NSE, as compared to the issue price of Rs 222. The investors have made a profit of Rs 9 per share as the scrip gave merely 4% return to investors on the listing.
“In the long term, the company has the potential to grow its business, given its strong brand presence, expanding footprint, and focus on online sales. However, investors should be aware of the risks associated with the company, such as the competitive nature of the industry and the impact of economic downturns on consumer spending. Thus, cautious investors may consider exiting their position, but investors with a long-term view may hold it by keeping a stoploss,” said Shivani Nyati, Head of Wealth, Swastika Investmart.
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Sai Silks (Kalamandir) IPO opened for public subscription on Wednesday, September 20, 2023 and closed on Friday, September 22, 2023. The IPO comprised fresh issue of equity shares worth up to Rs 600 crore and an Offer for Sale (OFS) component of up to 2.70 crore equity shares by promoters and promoter entities, according to the Red Herring Prospectus (RHP). The price band for its public issue was at Rs 210-222 per equity share of face value Rs 2 each.
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IPO was subscribed 4.47 times. The portion for non-institutional investors received a 2.54-time subscription, and the Retail Individual Investors (RIIs) quota was subscribed 0.91 times. The GMP of Sai Silks IPO rose 3.6% ahead of its debut on the bourses.
Incorporated in 2005, Sai Silks (Kalamandir) provides ethnic apparel and value-fashion products. The company offer a range of ethnic fashion products catering to different market segments, including premium, middle-income, and value-fashion customers, with options at various price points. The company is amongst the top 10 retailers of ethnic apparel, particularly sarees, in south India in terms of revenues and profit after tax in Fiscal 2020, 2021 and 2022. Sai Silks operate through their four store formats, i.e., Kalamandir, VaraMahalakshmi Silks, Mandir and KLM Fashion Mall.
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