Sai Silks IPO To Open For Subscription Tomorrow; Check GMP, Issue Price, Important Dates, Lot Size Here

The initial public offering (IPO) of Ethnic apparel retailer Sai Silks Kalamandir Ltd will open for subscription tomorrow (September 20). The three-day IPO of Sai Silks Kalamandir will close for bidding on September 22. The company has set the price band of Sai Silks IPO in between Rs 210 and Rs 222 per share. The ethnic apparel retailer is looking to raise Rs 1,201 crore from the public issue.

The offer comprises a fresh issuance of shares worth Rs 600 crore by the company and an offer-for-sale (OFS) of 2,70,72,000 equity shares by the promoter group.

Ahead of the IPO launch, the Andhra Pradesh-based company raised Rs 360.3 crore from anchor investors on Monday (September 18).

Nagakanaka Durga Prasad Chalavadi-founded company said that out of the total allocation of shares to anchor investors, 1,17,24,694 shares were allocated to 8 domestic mutual funds via a total of 16 schemes.

The company intends to utilize net fresh issue proceeds for setting up new stores, and warehouses, and for working capital requirements. Sai Silks is also expected to repay its Rs 50 crore debts via issue proceeds.
Sai Silks IPO Lot Size:

Investors are allowed to bid for a minimum of one lot of 67 equity shares and in multiples thereof. The minimum amount of investment required by retail investors is Rs 14,874. The minimum lot size investment for sNII is 14 lots, and for B-HNI is 68 lots.

Sai Silks IPO Important Dates:

Issue opens on September 20.
Issue closes on September 22
Sai Silks IPO share allotment is expected on September 27, while its shares are likely to make the stock market debut on October 4.

Sai Silks IPO GMP:

According to market observers, the grey market premium of Sai Silks was zero as of Monday. This indicates that the grey market is expecting no listing gain from the public issue.