Sai Silks (Kalamandir) Limited IPO to open on September 20, 2023

  • Price Band fixed at ₹ 210 to ₹ 222 per Equity Share of face value of ₹ 2 each;
  • The Floor Price is 105 times and the Cap Price is 111 times the face value of the Equity Shares;
  • Bid/ Offer will open on Wednesday, September 20, 2023 and close on Friday, September 22, 2023. The Anchor Investor Bidding Date shall be Monday September 18, 2023
  • Bids can be made for a minimum of 67 Equity Shares and in multiples of 67 Equity Shares


Ahmedabad, Sept 15:  Sai Silks (Kalamandir) IPO is a main-board IPO of 54,099,027 equity shares of the face value of ₹2 aggregating up to ₹1,201.00 Crores. The issue is priced at ₹210 to ₹222 per share. The minimum order quantity is 67 Shares.

The IPO opens on September 20, 2023, and closes on September 22, 2023.

Big share Services Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Sai Silks (Kalamandir) IPO opens for subscription on September 20, 2023 and closes on September 22, 2023. The allotment for the Sai Silks (Kalamandir) IPO is expected to be finalized on Wednesday, September 27, 2023. Sai Silks (Kalamandir) IPO will list on BSE, NSE with tentative listing date fixed as Wednesday, October 4, 2023.

Sai Silks (Kalamandir) IPO price band is set at ₹210 to ₹222 per share. The minimum lot size for an application is 67 Shares. The minimum amount of investment required by retail investors is ₹14,874. The minimum lot size investment for sNII is 14 lots (938 shares), amounting to ₹208,236, and for bNII, it is 68 lots (4,556 shares), amounting to ₹1,011,432.

Incorporated in 2005, Sai Silks (Kalamandir) Limited provides ethnic apparel and value-fashion products.

The  group primarily sells sarees under the brand names “Kalamandir,” “Mandir,” “Kancheepuram Varamahalakshmi Silks,” and “KLM Fashion Mall.” The emphasis is on ethnic clothing for women. Nonetheless, due to our extensive network in South India, the firm also caters to Men’s and Children’s clothing through the brands “Kalamandir” and “KLM.”

Inspired by India’s vibrant culture, traditions, and heritage, the company offers a diverse range of products which includes various types of ultra-premium and premium sarees suitable for weddings, party wear, occasional and daily wear, lehengas, men’s ethnic wear, children’s ethnic wear and value fashion products comprising fusion wear and western wear for women, men and children.

Net proceeds from the issue are intended to be used by the company towards the funding of the following objects:

  1. Funding capital expenditure towards setting up 25 new stores.
  2. Funding capital expenditure towards setting-up of two warehouses.
  3. Funding the working capital requirements of the company.
  4. Repayment or pre-payment, in full or part, of certain borrowings availed by the company.
  5. General corporate purposes.

One of the most prominent clothing merchants in South India is Sai Silks (Kalamandir) Limited, which offers both affordable fashion and ethnic clothing. The group manages four well-known and reputable brands: Kalamandir, Kancheepuram Varamahalakshmi Silks, Brand Mandir, and KLM Fashion Mall. The stores are spread over four south Indian states: Telangana, Karnataka, Andhra Pradesh, and Tamil Nadu. In 2005, the group started its first store in a 3213-square-foot retail space. However, as of January 2023, it has grown to 53 stores with more than 6,00,000 square feet of retail space. With the support of innovative entrepreneurs, the group can improve efficiency across the whole value chain by leveraging supply chain and customer data. The group has an annual turnover of INR 1000 CR+ (FY 22E) and employs around 6000 people.

Prasad Chalavadi, Founder and Managing Director Sai Silk Ltd, Bharadwaj Rachamadugu, Senior Vice President, Sai Silk Ltd  and KVLN Sharma CFO were present in Ahmedabad to brief the media about their IPO.

Note: Investors must read all the details of the company from official sources before investing in any company.