Saree Retailer Sai Silks Kalamandir Files For IPO

Sai Silks files draft red herring prospectus for IPO.

<div class="paragraphs"><p>Colorful Saree (Sari) background (Source: istock photo)</p><h2><br></h2></div>
Colorful Saree (Sari) background (Source: istock photo)

Sai Silks (Kalamandir) Ltd., a retailer of sarees, filed a draft red herring prospectus for an initial public offering.

The IPO comprises a fresh issue of up to Rs 600 crore and an offer for sale for up to 1.8 crore of equity shares, according to its filing.

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

Sai Silks, promoted by Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi, is a retailer of ethnic apparel, particularly sarees, in south India.

The operator of Kalamandir retail stores proposes to utilise the net proceeds of the fresh Issue to set up of 25 new outlets, capital expenditure towards setting up of two warehouses, working capital requirements, repayment or pre-payment of debt in full or part, and general corporate purposes.