Sai Silks Listing: Shares list at 4% premium over issue price

Sai Silks (Kalamandir) Ltd Listing Sai Silks Share Price NSE, BSE: Shares of Sai Silks (Kalamandir) Ltd made a decent debut on the bourse on Wednesday i.e. September 27. The scrip debuted at a premium of 4 per cent on the National Stock Exchange (NSE) against the issue price of Rs 222. On the NSE, it began the trade at Rs 231, up 4 per cent from the issue price.

The scrip listed at Rs 230.10, a gain of 3.64 per cent on the BSE. It further climbed 9.84 per cent to Rs 243.85 later in the trade.
 
The company's market valuation was at Rs 3,719.13 crore in morning deals.

The Initial Public Offering (IPO) of Sai Silks (Kalamandir) was subscribed 4.40 times on the last day of bidding on Friday.

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The Rs 1,201 crore initial share sale had a fresh issue of up to Rs 600 crore and an offer for sale of up to 2.70 crore equity shares.
The price range for the offer was Rs 210-222 a share.

The Hyderabad-based company was founded by Prasad Chalavadi, a techie turned entrepreneur in 2005.

It has four store formats -- Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall.

As of July 31, 2023, the company had a network of 54 stores in four major south Indian states -- Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.

With PTI intp[us