Sai Silks (Kalamandir) Limited (SSKL), one of the largest retailers of ethnic apparel, particularly sarees, in South India has filed a draft red herring prospectus (DRHP) with SEBI for an initial public offering (IPO). The size of the Fresh Issue is up to Rs. 600 crore. The size of Offer for Sale is up to 18,048,440 equity shares.
Hyderbad-based SSKL proposes to utilise the Net Proceeds of the Fresh Issue (Rs. 600 crore) towards Funding capital expenditure towards setting-up of 25 new stores; Funding capital expenditure towards setting-up of two warehouses; Funding working capital requirements of the Company; Repayment or pre-payment, in full or part, of certain borrowings availed by the Company; and General corporate purposes.
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, once offered through the Red Herring Prospectus, are proposed to be listed on BSE and NSE.
SSKL, promoted by Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi, is one of the largest retailers of ethnic apparel, particularly sarees, in south India in terms of revenues and profit after tax in Fiscal 2019, 2020 and 2021, as per a Technopak Report. Through its four store formats; i.e., Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall, SSKL offers products to various segments of the market that include premium ethnic fashion, ethnic fashion for middle income and value-fashion. As of May 31, 2022, it operated 46 stores in four major south Indian states, i.e., Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.
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