Sai Silks (Kalamandir) IPO
Sai Silks (Kalamandir) IPO — date, price band, lot size & details 2023
Sai Silks (Kalamandir) listed on 27 Sep 2023 at ₹231, 4.1% above the ₹222 issue price.
Sai Silks (Kalamandir) sells ethnic apparel, mainly sarees, and value fashion through store formats such as Kalamandir, VaraMahalakshmi Silks, Mandir and KLM Fashion Mall. It ran 54 stores in four south Indian states on 31 July 2023.
Stock price
Sai Silks (Kalamandir) is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 20 Sep 2023
- Close 22 Sep 2023
- Allotment 27 Sep 2023
- Refund/credit 29 Sep 2023
- Listing 27 Sep 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 20 to 22 Sep, 2023 |
|---|---|
| Price Band | ₹210 – ₹222 |
| Face Value | ₹2 |
| Lot Size | 67 Shares |
| Issue Size | ₹1201 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | Bigshare Services Private Limited |
| Min Investment | ₹ 14,874 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 67 shares at the ₹222 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 67 | ₹14,874 |
| Retail (max) | 13 | 871 | ₹1,93,362 |
| S-HNI (min) | 14 | 938 | ₹2,08,236 |
| S-HNI (max) | 67 | 4,489 | ₹9,96,558 |
| B-HNI (min) | 68 | 4,556 | ₹10,11,432 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 679.10 crore in FY2021 to Rs 1,358.92 crore in FY2023.
- 02Profit after tax rose from Rs 5.13 crore in FY2021 to Rs 97.59 crore in FY2023.
- 03Rs 600.00 crore of the issue was fresh capital, including Rs 125.08 crore for 30 new stores.
- 04The pre-issue P/E was 28.76 at the upper band of Rs 222, based on EPS of Rs 7.72.
- 05It runs 4 store formats that cover premium, middle income and value buyers.
Risks · 5
- 01Rs 601.00 crore of the Rs 1,201 crore issue was offer for sale by the promoter group.
- 02All 54 stores are in four south Indian states, so the business is regionally concentrated.
- 03Total borrowing rose from Rs 217.22 crore on 31 March 2021 to Rs 345.50 crore on 31 March 2023.
- 04Stores and warehouses are leased, and sales depend on wedding and festival seasons. The source puts the PAT margin at 7.22%.
- 05Promoters and the promoter group held 95.24% before the issue and 60.8% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Sai Silks (Kalamandir) offer document.
| Metric | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|
| Assets | 1,220.45 | 842.49 | 665.42 |
| Total Income | 1,358.92 | 1,133.02 | 679.10 |
| Profit After Tax | 97.59 | 57.69 | 5.13 |
| NET Worth | 397.33 | 300.66 | 242.99 |
| Reserves and Surplus | 373.27 | 276.60 | 218.93 |
| Total Borrowing | 345.50 | 260.49 | 217.22 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Sai Silks (Kalamandir) RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Sai Silks (Kalamandir) IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹7.72 | ₹6.36 |
| P/E Ratio (x) | 28.76 | 34.91 |
| Market Cap at Offer Price (₹ Cr) | ₹2,806.34 | ₹3,406.44 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹222 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹566.24 Cr of the issue is earmarked to named objects.
About the company
Its range covers ultra-premium and premium sarees for weddings, parties, occasions and daily wear, lehengas, men's and children's ethnic wear, and value fashion such as fusion and western wear.
It runs four store formats: Kalamandir for middle income ethnic fashion, VaraMahalakshmi Silks for premium silk and handloom sarees, Mandir for ultra-premium designer sarees, and KLM Fashion Mall for value fashion. On 31 July 2023 it ran 54 stores in Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.
The IPO was Rs 1,201 crore, with Rs 600.00 crore of fresh issue and Rs 601.00 crore of offer for sale by promoters and promoter group members. Rs 280.07 crore was planned for working capital and Rs 125.08 crore for 30 new stores.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Nuvama Wealth Management Ltd.
42 issues handledBest listing: Gandhar Oil Refinery (India) (+76.3%). Weakest: ACME Solar Holdings (-13.1%).
Motilal Oswal Investment Advisors
58 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: R K Swamy (-13.2%).
HDFC Bank Limited
21 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Paytm (-9.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Sai Silks (Kalamandir)?
The current Grey Market Premium is ₹13, or 6% over the issue price.
What is the Sai Silks (Kalamandir) IPO price band?
₹210 to ₹222, on a face value of ₹2.
When is the allotment?
The basis of allotment is 27 September 2023, with listing on 27 September 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Bigshare Services Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
