Sai Silks (Kalamandir) Limited has a draft red herring prospectus (DRHP)with SEBI to raise funds of Rs 1,200 crore through an initial public offering (IPO). Fresh issue of equity shares worth Rs 600 crore and an offer for sale of up to 18,048,440 equity shares by promoters and their group of entities. The fund will be used for 25 new stores, two warehouses, working capital requirements, debt payments, and other corporate purposes. The size of the issue will be expected to be Rs 1,200 crore.

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The lead managers to the issue are booking advisors named Motilal Oswal Investment Advisors, Edelweiss Financial Service and HDFC Bank. Sai Silks is India’s Ethnic wear manufacturer company in south India in terms of revenue and profit after tax in the financial year 2019, 2020, and 2021.

Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall are the four stores where the company offers products to various segments. Until 31 May 2022, the company plans to open 46 stores in four South Indian states, Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu.