The SEBI approves Sai Silks Kalamandir’s IPO of $1,200 crore
- ByStartupStory | November 16, 2022
Sai Silks Kalamandir (SSKL) has received approval from SEBI to raise $1,200 crore through an IPO. Draft red herring prospectus (DRHP), which the company filed in July.
The fresh issue’s net proceeds will be used for general corporate purposes, working capital needs, debt repayment, the opening of 25 new stores, and the construction of two warehouses. The company reported FY22 revenue of 1,129 crores, a net profit of 58 crores, and a return on equity of 21%. A milestone of 50 stores was recently attained by the business.
Brand-new issue and OFS
According to the DRHP, the IPO consists of an offer-for-sale (OFS) of up to 18,048,440 equity shares by the promoters and promoter group businesses, as well as a fresh equity issue of 600 crore rupees.
About Sai Silks Kalamandir
The group is the umbrella organization for four well-known and reputable brands: Kalamandir, Kancheepuram Varamahalakshmi Silks, Brand Mandir, and KLM Fashion Mall. Telangana, Karnataka, Andhra Pradesh, and Tamil Nadu are the four states where the stores are located. Beginning in 2005 with a single store with a 3,213 square foot retail space, the group has grown to include 46 stores as of October 21 and has a total retail space of over 6,00,000 square feet. SSKL has established itself as the flag bearer of Indian fashion in just 17 years with 4 distinct brands that cater to all societal segments, touching all price points in fashion, a plethora of options, myriad ranges, unbeatable prices, and guaranteed quality. SSKL also has a strong online presence with millions of happy customers and a devoted following.
On August 10, 2005, the group business was launched as a partnership firm with partners Mr. Chalavadi Naga Kanaka Durga Prasad and Mrs. Chalavadi Jhansi Rani under the name and brand ‘Sai Silks.’ With the name and designation “Sai Silks (Kalamandir) Private Limited,” the partnership firm was transformed into a private limited company in the year 2008; it was later transformed into a public company and received a new certificate of incorporation from the ROC, Andhra Pradesh, on May 21, 2009.
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